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Distribution revenue received by Turner Broadcasting System Asia Pacific, Inc. ( TBSAP ), a U.S.-based company, from its Indian affiliate was not taxable as “royalty” under the Income Tax Act, 1961, or the India-U.S.
Reopening of assessment was initiated before the lapse of four years, and there was no scope for interference with the Income Tax authorities’ reopening decision if escapement income was found.
Madras High Court held that cancellation of GST registration due to non-payment of GST due to the financial crisis faced by the petitioner restored as the same will motivate the petitioner to do his business and pay pending tax.
ITAT Chennai held that no findings have been rendered on various documentary evidences furnished by the assessee. Accordingly, matter restored in view of violation of the principle of natural justice.
ITAT Ahmedabad held that disallowance u/s. 36(1)(iii) of the Income Tax Act unjustified as interest-free funds exceeds loan to the subsidiary and loan was advanced for commercial expediency.
AO was not justified in addition of interest expenses debited in the P&L account, a sum of Rs.2,12,94,836/- was capitalized towards CWIP under Section 36(1)(iii) of and added to the total income of the assessee.
ITAT Visakhapatnam held that advertisement expenditure claimed by the hospital has violated the provisions of Indian Medical Council Act 1956 professional conduct, Etiquette and Ethics Regulations, 2002. Hence, expenditure disallowed.
ITAT Hyderabad held that CIT(A) without examining the historical/ empirical data of expenditure incurred by the assessee for rectification / repair of transformers cannot approve the provision thereof. Accordingly, matter remanded back to CIT(A).
ITAT Ahmedabad held that disallowance of interest under section 14A unjustified as assessee’s own funds are far in excess of the investments made in funds yielding exempt income.
The payments, totaling INR 15,59,64,867 for technical assistance and INR 1,99,57,161 as royalty on sales to associated enterprises, came under scrutiny during income tax assessments.
