ITAT Judgments - Page 653

Expenses incurred to earn agricultural income cannot be allowed as expenditure in computing the business income

Kancor Flavors & Extracts Ltd. Vs Dcit (ITAT Cochin)

If there was a surplus of agricultural income in the hands of the assessee for these impugned assessment years, there would have been no question of claiming expenses by way of deduction or question of allowing the same as deduction in computing the business income of the assessee company. The expenses relating to agricultural operations ...

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AO can make adjustments to the book profits for computation of MAT, if book of Accounts are not as per schedule VI of the companies Act

DDIT Vs. M/s. Bombay Diamond Co. Ltd. (ITAT Mumbai)

Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of DCIT v. Bombay Diamonds Co. Ltd. (ITA no. 7488/Mum/07) held that if the books of accounts of the taxpayer which are not prepared in accordance with part II and part III of schedule VI to the Companies Act, 1956, the Assessing Officer (AO) can make adjustment in th...

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Sale of cruise tickets through the services of an Indian entity on principal to principal basis and at an arms length prices would not be liable to tax in India

DDIT Vs. Star Cruises (India) Travels Services Pvt. Ltd. (ITAT Mumbai)

Mumbai Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. Star Cruises (India) Travels Services Pvt. Ltd [2010-TIOL-04-ITAT-MUM] has held that merely booking of different cruise tour packages for M/s. Star Cruises Management Ltd. (M/s. SMCL) foreign company by the taxpayer cannot per se be decisive for holding that M/s. ...

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Applicability of TDS on Royalty payment to US based Copyright Holder on sale and distribution of cinematographic films on DVD and VCD

Asia vision Home Entertainment Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Asiavision Home Entertainment Pvt. Ltd. v. ACIT has held that royalty paid for the distribution and marketing of cinematographic film on DVD and VCD cannot be considered as royalty paid for TV or radio broadcasting rights and for the purpose of d...

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Internal CUP Method Applies for Interest-Free Loans Made by Indian Company to Foreign Subsidiaries

VVF Limited Vs. Deputy Commissioner of Income Tax (ITAT Mumbai)

The Mumbai Tribunal disallowed the claim of the taxpayer in providing interest free loans to its overseas subsidiary. The Tribunal rejected the argument of the tax payer that the loan was extended on account of commercial expediency and out of its own fund (i.e. interest free)....

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No adjustments Arms Length Price (ALP) required when difference between ALP determined by assessee and by AO varies not more than 5 per cent

Electrobug Technologies Ltd. Vs ACIT (ITAT Delhi)

When the nature of transaction is such that the arm's length price can be determined by applying only one of the most appropriate methods and it need not to be determined by applying 2 or more methods, in such a situation even the price determined by applying only one of the most appropriate methods will become the arithmetical mean price...

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Assessment demands does not get stayed or vacated on filing of application before

ACIT Vs. Leonie M. Almeida (ITAT Mumbai)

Settlement Commission has jurisdiction over assessee only when it decides to proceed with the application and admits application under section 245D(1). In respect of demand raised in the assessment made before the admission of application for settlement under section 245D(1), the Assessing Officer is entitled to levy the interest under se...

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Expenditure on improvement of Capital Expenditure needs to be supported by evidence

Ramendra Vikram Singh Vs ITO (ITAT Lucknow)

We have-considered the rival submissions and perused the material on record. So far as facts are concerned, the undisputed facts are that assessees inherited in the co-ownership a Bunglow No.2, Faizabad Road, Opposite to IT College, Lucknow. This was sold by these assessees vide sale deed dated 20.11.2003. Apparent consideration is declar...

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If Interest on original loan not allowable then Interest on second loan for repayment of original loan also not allowable

K. S. Kamalakannan Vs ACIT (ITAT Chennai)

When the interest payable on the original loan is not allowable u/s 24(1)(vi), then the interest paid or payable on the second loan for repayment of original loan is also not allowable....

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Before due date simply refers and means that not after the expiry of due date

K. K. S. K. Leather Processors (P.) Ltd. Vs ITO (ITAT Chennai)

We have considered the rival contentions, relevant record and various decisions relied upon by both the parties. The undisputed factual position emerging out of the record is that in the case of first assessee in ITA Nos.826 & 827/09 the return of income for the assessment year 2003-04 was filed on due date but the return of income for...

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July 2020