Jagjeet Singh

Assessee held shares under investment in books, AO in absence of anything contrary can’t held investment as trading

Income Tax - In the case of Shri Vishal Dipak Shah Vs. Addl. CIT Mumbai Bench of ITAT held that Principle of Res judicata does not apply to the income-tax proceedings as each assessment year is a separate and self-contained assessment year. Therefore, the plea of the appellant that he should be allowed a relief on the same lines as he was allowed in t...

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No deduction u/s 54 is allowed where assessee has constructed a house prior to the date of transfer of original house

Income Tax - ACIT Vs. Sagar Nitin Parikh (ITAT Mumbai) In the instant case, the assessee has constructed a house prior to the date of transfer of original house, in which case, the assessee is not entitled to claim deduction u/s 54 of the Act in respect of the cost of new flat....

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Fee levied u/s 234E while processing TDS statement is beyond scope of adjustment provided u/s 200A

Income Tax - G. Indhirani Vs. DCIT (ITAT Chennai) The only issue arises for consideration is with regard to levy of fee under Section 234E of the Income-tax Act, 1961 while processing the statement furnished by the assessees under Section 200A of the Act which was held as unsustainable ...

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On voluntarily disclosure in response to notice u/s 153A before any detection by revenue, immunity from levy of penalty can’t be denied

DCIT Vs Deepak Chaudhary (ITAT Kolkata) - In the case of DCIT Vs. Deepak Chaudhary Kolkata Bench of ITAT have held that the assessee has cumulatively satisfied all the conditions stipulated in Clause 2 of Explanation 5 to Section 271(1)( c) of the Act and hence entitled for immunity from levy of penalty for all the assessment years under ap...

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Transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2)

M/s. Cash Edge India (Pvt.) Ltd. Vs ITO (ITAT Delhi) - In the case of M/s. Cash Edge India (Pvt.) Ltd., vs. ITO Delhi Bench of ITAT have held that transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2) of the Act and, therefore, could not have been added back to the book profits under Section 115JB....

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Reassessment proceedings could not be declared as null and void where AO was prompted by correct information

ITO Vs M/S Jagdamba Optics Pvt. Ltd., (ITAT Delhi) - In the case of ITO Vs. M/S JAGDAMBA OPTICS PVT. LTD. Delhi Bench of ITAT have held that there was existence of correct information which prompted to the AO to proceed to issue notice u/s. 148 of and hence, the reassessment proceedings could not be declared as null and void....

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If business of comparable company & assessee remains unchanged from last year, the company can’t be held incomparable in current year

Eli Lilly & Co. (India) Pvt. Ltd. Vs ACIT (ITAT Delhi) - In the case of Eli Lilly & Co. (India) Pvt. Ltd. Vs. ACIT Delhi bench of ITAT have held that as there is no change in the facts for the instant assessment year, the AO/DRP is directed to include EDCIL (the company excluded by TPO) in the final set of comparable companies....

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Diagnostic Labs to deduct TDS on discount given to hospitals/laboratories U/s. 194H

M/s DDRC SRL Diagnostic P Ltd. Vs ITO (ITAT Mumbai) - In the case of M/s DDRC SRL Diagnostic P Ltd. Vs. ITO Mumbai Bench of ITAT have held that If the hospitals/laboratories act as mere link between the assessee and patients, then the discount given by the assessee would definitely fall under the category of Commission liable for deduction u/s 194H of ...

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Recent Posts in "Jagjeet Singh"

On voluntarily disclosure in response to notice u/s 153A before any detection by revenue, immunity from levy of penalty can’t be denied

DCIT Vs Deepak Chaudhary (ITAT Kolkata)

In the case of DCIT Vs. Deepak Chaudhary Kolkata Bench of ITAT have held that the assessee has cumulatively satisfied all the conditions stipulated in Clause 2 of Explanation 5 to Section 271(1)( c) of the Act and hence entitled for immunity from levy of penalty for all the assessment years under appeal....

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Transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2)

M/s. Cash Edge India (Pvt.) Ltd. Vs ITO (ITAT Delhi)

In the case of M/s. Cash Edge India (Pvt.) Ltd., vs. ITO Delhi Bench of ITAT have held that transfer pricing adjustment is not one of the adjustments contemplated under Explanation 1 Section 115JB(2) of the Act and, therefore, could not have been added back to the book profits under Section 115JB....

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Reassessment proceedings could not be declared as null and void where AO was prompted by correct information

ITO Vs M/S Jagdamba Optics Pvt. Ltd., (ITAT Delhi)

In the case of ITO Vs. M/S JAGDAMBA OPTICS PVT. LTD. Delhi Bench of ITAT have held that there was existence of correct information which prompted to the AO to proceed to issue notice u/s. 148 of and hence, the reassessment proceedings could not be declared as null and void....

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If business of comparable company & assessee remains unchanged from last year, the company can’t be held incomparable in current year

Eli Lilly & Co. (India) Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the case of Eli Lilly & Co. (India) Pvt. Ltd. Vs. ACIT Delhi bench of ITAT have held that as there is no change in the facts for the instant assessment year, the AO/DRP is directed to include EDCIL (the company excluded by TPO) in the final set of comparable companies....

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Diagnostic Labs to deduct TDS on discount given to hospitals/laboratories U/s. 194H

M/s DDRC SRL Diagnostic P Ltd. Vs ITO (ITAT Mumbai)

In the case of M/s DDRC SRL Diagnostic P Ltd. Vs. ITO Mumbai Bench of ITAT have held that If the hospitals/laboratories act as mere link between the assessee and patients, then the discount given by the assessee would definitely fall under the category of Commission liable for deduction u/s 194H of the Act. ...

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If absence of exempt income disallowance u/s 14A not warranted

M/s Chhaganlal Khimji & Co. Vs ACIT (ITAT Mumbai)

In the case of M/s Chhaganlal Khimji & Co. Vs. ACIT Mumbai Bench of ITAT have held that that no disallowance can be made u/s.14A when there is no exempt income. ITAT relied upon the judgments of various courts in coming to the conclusion....

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ITAT remitted the matter to AO where no verification of documents filed under rule 46A was sought

ITO Vs Smt. Manjusha (ITAT Delhi)

The return of income was filed on 31.10.2005 at an income of Rs. 4,04,020/- for AY 2005-06. During the course of assessment proceedings, the AO took note of the fact that the assessee and his wife purchased property at front and rear side of portion at ground floor for a consideration of 40 Lakh each and 3,20,000 was paid as stamp duty o...

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DRP cannot absolve from its duty without going into merits of contention of assessee while deciding comparability

M/s. Equant Solutions India Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the case of M/s. Equant Solutions India Pvt. Ltd. Vs. ACIT Delhi Bench of ITAT remanded back the matter and held that DRP has not met the contention of the assessee in respect of inclusion/exclusion of comparable in its order....

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Transfer Pricing: Revenue can’t adjust operating costs in allowing capacity adjustment

DCIT Vs Claas India Pvt. Ltd. (ITAT Delhi)

In the case of DCIT Vs. Claas India Pvt. Ltd. Delhi Bench of ITAT have denied to approve the method adopted by AO/TPO in allowing capacity adjustments. ITAT further held that once the law enjoins for doing a particular thing in a particular manner alone...

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Foreign exchange gain/loss arising out of revenue transactions is required to be considered as an item of operating revenue/cost

Ameriprise India Pvt. Ltd. Vs ACIT (ITAT Delhi)

In the case of Ameriprise India Pvt. Ltd. Vs. ACIT Delhi Bench of ITAT held that the AO was not justified in considering forex loss as non-operating cost as against the assessee’s claim of operating cost. ITAT further held that the amount of foreign exchange gain/loss arising out of revenue transactions is required to be considered as a...

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