section 143(3) - Page 84

Third party cost incurred is CUP for reimbursement of expenses to AE

DCIT Vs Transocean Drilling Services (I) Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai held that when the transaction is in the reimbursement of expenses to AE, the third party cost incurred is a Comparable Uncontrolled Price (CUP) for the reimbursement. Accordingly, adjustment proposed is directed to be deleted....

Addition u/s 68 beyond jurisdiction if amount already declared as turnover

Raj Kumar Vs ITO (ITAT Amritsar)

ITAT Amritsar held that addition under section 68 of the Income Tax Act is beyond jurisdiction as the amount is already declared as turnover and the said turnover is reflected in the books of account....

Delayed payment of employee’s contribution to PF & ESI adjustable u/s 143(1)

Salasar Balaji Ship Breakers Pvt. Ltd. Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that payment of employee’s contribution to PF & ESI beyond the due dates is not allowable as deduction. Accordingly, the same is an incorrect claim and therefore it falls within the scope of prima facie adjustment u/s 143(1) of the Income Tax Act....

Enhancement of amount without issuance of notice by CIT(A) unjustified

Meetu Bansal Vs DCIT (Uttarakhand High Court)

Uttarakhand High Court held that issuance of notice by Commissioner (Appeals) mandatory in terms of section 251(2) of the Income Tax Act before enhancing the assessment....

Notional rent should be computed on the basis of municipal rateable value

Moraj Building Concepts Pvt. Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that while computing notional rent, rent should be estimated on the basis of municipal rateable value....

Deduction u/s 10AA claimed in revised return cannot be disallowed

ACIT Vs Vishnu Export (ITAT Ahmedabad)

ITAT Ahmedabad held that deprival of deduction u/s 10AA of the Income Tax Act merely on the reasoning that deduction was claimed in the revised return or audit report in Form 56F was filed during the assessment proceedings is unjustified....

Depreciation on goodwill cannot be rejected merely because performance didn’t match projection

DCIT Vs Global Fairs & Media Pvt Ltd. (ITAT Delhi)

ITAT Delhi held that depreciation on goodwill cannot be rejected merely because performance didn’t match projections. Notably, valuation of goodwill on discounted cash flow method was duly accepted by AO....

Address to deliver Income Tax notice in case of person in judicial custody

PCIT Vs Narayan Kumar Khaitan (Orissa High Court)

PCIT Vs Narayan Kumar Khaitan (Orissa High Court) Case Law on Service of notice required through Superintendent of Jail if assessee is in judicial custody. A search and seizure operation under section 132 was conducted on SM and group wherein certain incriminating documents were found. Subsequently, assessment in case of assessee was comp...

Prior period expenditure can be claimed in the year in which liability crystallises

PCIT Vs Balmer Lawrie and Company Limited (Calcutta High Court)

PCIT Vs Balmer Lawrie and Company Limited (Calcutta High Court) The tribunal after taking note of the factual position noted that the CIT(A) has taken specific note of the fact that the expenses claimed by the assessee as prior period, the liability to pay had crystallized during the relevant previous year and therefore the claim [&hellip...

Reopening based on assessment record without tangible material is unsustainable

Axis Bank Limited Vs ACIT (Gujarat High court)

Gujarat High Court held that re-opening sought on the basis of assessment record without any fresh tangible material is unsustainable in law....

Browse All Categories

CA, CS, CMA (6,886)
Company Law (10,089)
Corporate Law (13,577)
Custom Duty (10,834)
DGFT (5,163)
Excise Duty (5,622)
Fema / RBI (5,776)
Finance (6,500)
Income Tax (49,872)
SEBI (5,345)
Service Tax (4,894)