ITAT Judgments - Page 11

TP adjustment in absence of interest cost for delay in realisation of dues not sustainable

Evonik Degussa India (P.) Ltd. Vs. Deputy Commissioner of Income Tax (OSD) (ITAT Mumbai)

1. Research and development services provider could not be compared to a company and Transfer pricing Adjustment are not sustainable. 2. A concern mainly engaged in sale of chemical compounds could not be considered as a right comparable with that of assessee rendering support services in connection with research and development of certa...

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Non-compete fee is a capital expenditure eligible for depreciation

M/s. India Medtronic Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

Non-compete fee Incurred by IMPL is a capital expenditure which is in the nature of any other business or commercial rights and hence eligible for depreciation under the provisions of the Act. T...

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Medical Illness is reasonable cause for non-appearing on date

Sangeeta Sawhney Vs. ACIT (ITAT Delhi)

Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, we are of the opinion that no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B....

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Bogus share capital: AO cannot ignore document submitted by assessee

Prabhatam Investment Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the present case, the assessee has been able to prove identity of the investors, their creditworthiness and genuineness of the transaction in the matter. Therefore, the authorities below should not have made or confirmed the addition of Rs. 5.75 crores in the hands of the assessee. ...

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Reassessment in absence of fresh material indicating income escapement is invalid

A.C.I.T., Circle-2(1) Vs M/s. BNK E Solution Pvt.Ltd. (ITAT Kolkata)

In absence of fresh material indicating escaped income, the AO cannot assume jurisdiction to reopen already concluded assessment. It was further held that since there was no whisper in reasons recorded, of any tangible material which came to possession of AO subsequent to issue of intimation, therefore, it was an arbitrary exercise of po...

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Every loss of revenue due to AO order cannot be treated as prejudicial to revenue interest

M/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata)

In a major relief to the Ernst & Young Pvt Ltd (EY), the Kolkata bench of the ITAT confirmed the original assessment order passed by the Assessing Officer allowing deduction under sections 10A and 10AA of the Income Tax Act to the Company without set off of loss of taxable unit....

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Section 50C not applicable if sale transaction is not registered with stamp value authorities

Sh. Jastinder Singh Vedi Punjabi Bagh Vs DCIT (ITAT Delhi)

Full value of consideration mentioned in section 48 of the Act may be replaced by the value assessed or adopted by the stamp value authorities or fair market value only if section 50C of the Act applies in this case and which depends on the fact whether the sale transaction was registered by the stamp […]...

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Purchases cannot be treated as bogus merely based on info from sales-tax dept. or non-reply of 133(6) notices or non-production of suppliers

M/s. Geolife Organics Vs ACIT –23(2) (ITAT Mumbai)

Merely relying upon the information from the Sales Tax Department or the fact that parties were not produced the Assessing Officer could not have treated the purchases as bogus and made addition. ...

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Registration u/s 12A cannot be denied to a Trust for mere Fee Collection

Gyaan Vikas Foundation Siliguri Vs C.I.T. (ITAT Kolkata)

There is nothing brought on record to show that the activities of the assessee are driven by profit motive. In these circumstances we are of the view that the conditions for grant of registration u/s 12AA of the Act are duly satisfied as the activities of the assessee are genuine and its objects are also charitable....

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Expense on improvement of leased building not allowable U/s. 37(1) but depreciation can be claimed on the same

MSA Motors Vs. Addl. CIT (ITAT Hyderabad)

Business of the assessee is carried on in the leased property and any expenditure is incurred on the construction of any structure by way of renovation, extension or improvement, then, section 32 will apply and accordingly, the assessee can claim depreciation on the value spent on such improvement or changes in the structure....

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