Rishabh Mehra

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Mere Change in profit sharing ratio would not change constitution of Partnership firm

DCIT Vs Deepsons Southend (ITAT Delhi) - ITAT Delhi in DCIT Vs Deepsons Southend held that if there is change in the profit sharing ratio of the partnership and all the partners remain same in the new partnership deed then that would not be change in the constitution of the firm so the loss of the firm could be carried forward....

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Continuously selling of product depicts commercial production not trial production

ACIT Vs Phonix Lamps India Ltd. (ITAT Delhi) - ITAT New Delhi held in ACIT Vs Phonix Lamps India Ltd that if the assessee was selling its final product to particular parties continuously and there was no return of the final product. Moreover there was no complaint of any defect in the finished product....

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Under Mercantile method of accounting Loss in business can be booked in the year in which it is determined

Lakshmi Energy & Foods Products Ltd Vs The ACIT (ITAT Chandigarh) - ITAT Chandigarh held in Lakshmi Energy & Foods Products Ltd Vs The ACIT that if the assessee was following mercantile method of accounting and it had booked loss in the assessment year in which the same had been determined then the same should be allowed because the assessee...

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Payment of broken period interest will be allowed as a business expense

Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd (ITAT Mumbai) - 1.ITAT Mumbai held in the case of Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd that the broken period interest paid would be allowed to the assessee after relying the case of the assessee itself in The Hongkong and Shanghai Banking Corporation Ltd V/s DCIT...

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Transfer Pricing: Only functionally comparable companies can be compared for calculating ALP

Acclaris Business Solutions Pvt. Ltd. Vs I.T.O. (ITAT Kolkata) - ITAT held in Acclaris Business Solutions Lvt Ltd. Vs I.T.O that only those companies could be compared for calculating ALP which were functionally similar. Those companies which were not performing similar functions could not be compared for calculating ALP....

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Recent Posts in "Rishabh Mehra"

Mere Change in profit sharing ratio would not change constitution of Partnership firm

DCIT Vs Deepsons Southend (ITAT Delhi)

ITAT Delhi in DCIT Vs Deepsons Southend held that if there is change in the profit sharing ratio of the partnership and all the partners remain same in the new partnership deed then that would not be change in the constitution of the firm so the loss of the firm could be carried forward....

Read More

Continuously selling of product depicts commercial production not trial production

ACIT Vs Phonix Lamps India Ltd. (ITAT Delhi)

ITAT New Delhi held in ACIT Vs Phonix Lamps India Ltd that if the assessee was selling its final product to particular parties continuously and there was no return of the final product. Moreover there was no complaint of any defect in the finished product....

Read More

Under Mercantile method of accounting Loss in business can be booked in the year in which it is determined

Lakshmi Energy & Foods Products Ltd Vs The ACIT (ITAT Chandigarh)

ITAT Chandigarh held in Lakshmi Energy & Foods Products Ltd Vs The ACIT that if the assessee was following mercantile method of accounting and it had booked loss in the assessment year in which the same had been determined then the same should be allowed because the assessee...

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Payment of broken period interest will be allowed as a business expense

Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd (ITAT Mumbai)

1.ITAT Mumbai held in the case of Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd that the broken period interest paid would be allowed to the assessee after relying the case of the assessee itself in The Hongkong and Shanghai Banking Corporation Ltd V/s DCIT...

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Transfer Pricing: Only functionally comparable companies can be compared for calculating ALP

Acclaris Business Solutions Pvt. Ltd. Vs I.T.O. (ITAT Kolkata)

ITAT held in Acclaris Business Solutions Lvt Ltd. Vs I.T.O that only those companies could be compared for calculating ALP which were functionally similar. Those companies which were not performing similar functions could not be compared for calculating ALP....

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For ALP of AMP, Comparable company performing similar function and cost plus method should be adopted

Haier Appliances India Ltd Vs DCIT (ITAT Delhi)

ITAT held in Haier Appliances India Ltd Vs DCIT and Haier Appliances India Ltd Vs ACIT after relying on the case of Sony Ericsson Mobile Communications India Pvt Ltd reported in (2015) 374 ITR 118 (Delhi) that the above transaction of AMP...

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Only Functionally Comparable Company should be compared for applying margin percentage

M/s Goldman Sachs (India) Securities Pvt. Ltd Vs The DCIT (ITAT Mumbai)

ITAT Mumbai held in Goldman Sachs( India) Securities Pvt. Ltd Vs The DCIT that only functionally comparable company should be compared for comparing the margin percentage of the assessee company with comparable company....

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Amendment to sec 9 will not have retrospective effect on tax withholding liability

DCIT Vs Shri Subhotosh Majumder (ITAT Kolkata)

ITAT Kolkata held in the case of DCIT Vs Shri Subhotosh Majumder that the amended law of the deduction of tax at source of services which were to be utilized in India would be taxable in India would not have retrospective effect on the tax liability of withholding taxes....

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Earlier year’s appellate decision could not be applied if facts of current year has changed

Punjab & Sind Dairy Products Pvt Ltd Vs Dy. CIT (ITAT Mumbai)

ITAT Mumbai held in Punjab & Sind Dairy Products Pvt Ltd Vs Dy. CIT that in the case of assessee itself in earlier year, ITAT had rejected the books of accounts on the basis that assessee failed to produce books of accounts as demanded by ITAT....

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Premium paid under Keyman Insurance policy allowable as business expense

M/s F.C. Sondhi & Co.(India) P Ltd Vs The DCIT (ITAT Amritsar), M/s Vishal Tools & Forgings Pvt Ltd Vs The Additional Commissioner of Income Tax

ITAT held in M/s F.C Sondhi & Co.(India) P Ltd Vs The DCIT that the premium paid on the keyman Insurance Policy would be allowed as a business expense because the same had been paid for the growth ...

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