Jagjeet Singh - Page 2

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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No assessment can be made in the hands of non-existing company

M/s PVP Ventures Ltd. Vs DCIT (ITAT Chennai)

In the case of M/s PVP Ventures Ltd. Vs. DCIT Chennai Bench of ITAT have held that assessment could not be made in the hands of non-existing company. ITAT observed that the company, assessed at Hyderabad, has amalgamated into assessee. ...

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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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Assessment of a dissolved company is illegal

Advance India Projects Ltd. Vs ACIT (ITAT Delhi)

In the case of Advance India Projects Ltd. Vs. ACIT Delhi bench of ITAT have held that assessment upon a dissolved company is impermissible as there is no provision in Income-tax Act, 1961 to make an assessment thereupon....

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Section 43(5)(d) applicable only on derivatives trading (future & options) and not on share trading

ACE India Medical Systems Vs ACIT (ITAT Jaipur)

In the case of ACE India Medical Systems Vs. ACIT Jaipur Bench of ITAT held that from the bare reading of the section 43 (5) (d) it is prima facie clear that Section 43(5)(d) is for trading in derivatives not trading of shares....

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Where assessment order was based on inadequate or improper enquiry, CIT can invoke jurisdiction u/s 263

PVS Multiplex (India) Ltd. Vs CIT (ITAT Delhi)

In the case of PVS Multiplex (India) Ltd. Vs. CIT Delhi Bench of ITAT held that CIT can pass order u/s 263 where he can hold that AO did not made adequate inquiry. ITAT observed that there is difference between lack of enquiry and Inadequate Inquiry....

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Electricity duty is not a tax, duty cess or fee, section 43B is not attracted in respect of electricity duty collected by MSEB

ACIT Vs M/s. Maharashtra State Electricity Distribution Co. Ltd. (ITAT Mumbai)

In the case of ACIT Vs. M/s. Maharashtra State Electricity Distribution Co. Ltd. ITAT adjudicated two appeals against the order of CIT (A) who allowed the appeal of assessee in part. Both revenue as well as assessee filed appeal against the order of CIT (A)....

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Initiation of Proceedings u/s 153A not valid if no incriminating material found during search

INTAS pharmaceuticals Ltd. Vs DCIT (ITAT Ahmedabad)

In the case of INTAS pharmaceuticals Ltd. Vs. DCIT Ahmedabad Bench of ITAT have held that initiation of proceedings u/s 153A in absence of any incriminating material found in search conducted after finalization of regular assessments is not sustainable. ...

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Mere Providing stadium with all arrangements for Cricket matches conducted by BCCI is not a business activity carried out u/s 2(15)

M/s Tamil Nadu Cricket Association Vs DDIT (Ex.) (ITAT Chennai)

In the case of M/s Tamil Nadu Cricket Association Vs. DDIT (Ex.) Madras Bench of ITAT have observed the activities carried out by assessee in nature of charitable or business. After detailed examination it was held that assessee did not engaged in any business or commercial activity and hence liable for the exemption u/s 11. ...

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