ITAT Judgments - Page 4

No deduction for payment for discharge of outstanding loan liability

Perfect Thread Mills Ltd Vs. DCIT (ITAT Mumbai)

Since there was no diversion of sale proceeds by overriding title, but on the contrary, there was only a mere application of the sale proceeds realised on sale of plots towards the discharge of outstanding loan liability of assessee thus...

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Expense to get finance for normal business operations was revenue expense

DCIT Vs. Indus Towers Ltd. (ITAT Delhi)

The expense incurred for getting the finance for normal business operations does not provide any enduring benefit to the assessee as such, the one-time loan processing fees was revenue expenditure allowable to assessee....

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Assessee can raise issue of jurisdiction U/s. 153C during appellate proceedings

Assistant Commissioner of Income-Tax Vs Smt. Pallavi Ravi (ITAT Bangalore)

Assessee was not precluded from raising the issue of jurisdiction under section 153C, merely because it did not object to the same during assessment proceedings and participating therein, as the issue was purely a legal issue and could be raised at any time in the course of appellate proceedings....

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Section 234E Fees for each purchased flat justified for delay in and for non-filing of Form 26QB

M/s. Cornerview Construction & Developments Pvt. Ltd. Vs ACIT (ITAT Mumbai)

M/s. Cornerview Construction & Developments Pvt. Ltd. Vs ACIT (ITAT Mumbai) Now, coming to the primary contention of the learned Authorised Representative that all the transactions relating to purchase of flats should be taken as a single transaction for the purpose of filing the IDS statement and computing fee under section 234E of t...

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Section 54F: ITAT allows Date of possession of new house instead of date of sale agreement / registration

Ayushi Patni Vs DCIT (ITAT Pune)

 Since final consideration was paid and the possession of flat was received within a period of one year prior to the date of transfer of capital asset, then the same should be considered as the date of purchase, so as to allow the benefit of deduction under section 54F to assessee....

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Satellite transmission services provided by USA based company in India cannot be taxed as Royalty

Intelsat Corporation Vs DCIT (ITAT Delhi)

ITAT held that Satellite transmission services provided by USA based company in India could not be brought to tax by treating the same as royalty income and amendment to the Income Tax Act, 1961 with a retrospective or prospective effect, cannot be read in a manner so as to extend the operation to the terms of international treaty....

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Depreciation allowable on non-compete fee (intangible asset)

Piramal Glass Ltd. Vs DCIT (ITAT Mumbai)

Depreciation on non-compete fee was allowable @ 25% by treating it as an intangible asset under Section 32 of Income Tax Act, 1961....

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Addition justified for Receipt of share application money if Genuineness and creditworthiness not proved

M/s. Moira Steel Ltd Vs DCIT (ITAT Indore)

A perusal of financial statement, bank statements and income tax returns of share applicants companies clearly revealed that they had no regular means to invest in the share capital of the assessee company and, therefore, AO was justified in making addition under section 68 on the ground of lack of creditworthiness and genuineness....

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Deduction U/s. 10AA cannot be scale down merely because assessee makes extraordinary profit

SJR Commodities & Consultancies (P) Ltd. Vs ITO (ITAT Mumbai)

Merely because an assessee makes an extraordinary profit, it would not lead to the conclusion that same was organized/arranged for that the onus remains undischarged by AO, except for presence of suspicious circumstances, as such adjustments made by the AO scaling down the deduction under section 10AA, was, therefore, without sanction of ...

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Section 12AA Trust Registration Cancellation justified for Receipt of unaccounted capitation fee by educational trust

M/s. Prathyusha Educational Trust Vs ACIT (ITAT Chennai)

Receipt of capitation fee by educational institution and non-recording thereof by assessee, educational trust, in regular books of account was in total violation of section 13(1)(c) and, therefore, cancellation of registration under section 12AA was justified....

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