section 143(3) - Page 20

Dividend received by company having PE in Oman is not taxable in India

PCIT Vs Krishak Bharti Cooperative Ltd (Supreme Court of India)

Supreme Court held that dividend received by the Indian company having permanent establishment in Oman is not taxable in India in terms of Article 25 read with Article 8 (bis) of the Omani Tax Laws...

Income Surrendered During Survey Not Taxable at 60% under Section 115BBE

Yogesh Kumar Vs PCIT (ITAT Delhi)

ITAT Delhi quashes revision order, ruling that additional income surrendered during survey proceedings should not be taxed at 60% under Section 115BBE of the Income Tax Act....

No Section 14A Disallowance of Expenditure for Stock-in-Trade Securities

Central Bank of India Vs Assessing Officer National Faceless Appeal Centre (ITAT Mumbai)

ITAT Mumbai grants relief to Central Bank of India, disallowing expenditure under Section 14A for securities held as stock-in-trade, citing the Maxopp Investment Ltd case....

WDV of assets cannot be adjusted by amount of compensation for defective product

DCIT Vs Echjay Industries Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai held that amount of compensation for defective product being capital in nature cannot be adjusted from WDV of the assets....

Consideration paid for testing ability of candidates doesn’t qualify as royalty hence TDS not deductible

CAE Simulation Training P. Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held that consideration paid for testing the ability of candidates do not fall within the purview of royalty under Article 13 of India-UK DTAA. Hence, there is no obligation withholding of tax u/s 195 of the Income Tax Act....

Defect Rectified Under Section 139(9) Validates Original Return from its filing date

Dalmia Laminators Ltd. Vs ACIT (ITAT Kolkata)

ITAT Kolkata held that when original return filed was defective and such defect is removed u/s. 139(9) of the Income Tax Act, the return filed u/s. 139(1) becomes a valid return from the date when it was originally filed. Accordingly, set off business income with carry forwarded business loss allowed....

Reopening u/s 148 fails as was based on material which no longer exists as being legally incorrect

Citicorp Trustee Company Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that the material/information on which AO have re-opened the assessment is no longer existing being legally incorrect. Hence, action of AO to have issued notice of re-opening of assessment u/s 148 of the Act itself fails....

Inadequate Explanation for Appeal Filing Delay – ITAT denies Condonation

Smt. Nidhi Agarwal Vs PCIT (ITAT Delhi)

Read the full text of the ITAT Delhi order regarding Smt. Nidhi Agarwal's appeal delay and the denial of condonation due to inadequate explanation....

Once assessment order is passed Dispute Resolution Panel not empowered to give direction

Undercarriage and Tractor Parts Pvt. Ltd. Vs Dispute Resolution Panel (Bombay High Court)

Bombay High Court held that Dispute Resolution Panel (DRP) could give directions only in pending assessment proceedings. Once assessment order is passed, DRP has not power to pass any direction....

Addition u/s 68 unsustainable as assessee’s involved in price manipulation not established

Poornima Ramesh Shenoy Vs ITO (ITAT Mumbai)

ITAT Mumbai held that addition u/s 68 unsustainable as department failed to establish that assessee was involved in price manipulation even after purchasing and selling the shares on the stock exchange through SEBI registered stock....

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