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Read the full text of the ITAT Kolkata order in the case of Philips India Limited vs. ACIT regarding the grant of 30% depreciation on business-owned moulds.
Supreme Court held that a successful resolution applicant cannot be faced with undecided claims after the resolution plan has been accepted. Accordingly, claim filed after resolution plan accepted by CoC untenable.
ITAT Mumbai held that the amount of internal transfer between two EOUs of the assessee is to be considered for the purpose of arriving at the profit eligible for exemption under section 10B of the Income Tax Act.
ITAT Mumbai held that guarantee fees paid to holding company for loan advanced by assessee to third party is commercial/ business expediency and hence allowable as deduction under Section 37 of the Income Tax Act.
ITAT Ahmedabad held that payment of guarantee fee to the Govt. of Gujarat in consideration of guarantee issued by it for repayment of unsecured loan is revenue expenditure.
ITAT Hyderabad held that as conditions of Section 80G of the Income Tax Act are satisfied, the assessee is entitled to claim deduction under Section 80G of the Act in respect of such donations which formed part of the spend towards CSR.
In present facts of the case, the Hon’ble High Court observed that the substitution of Section 36 of the A&C Act with effect from 23.10.2015, the pendency of an application under Section 34 of the A&C Act is no longer a bar for enforcement of an arbitral award.
ITAT Mumbai held that that loss arising due to embezzlement by the employees should be treated as incidental to the business such loss so suffered is allowable as deduction under section 28 of the Income Tax Act.
ITAT Delhi deleted TP adjustment on payment of model fee for export to AEs stating that scope of TPO is limited to determination of arm’s length price and TPO cannot adjudge commercial expediency of a transaction.
ITAT Kolkata held that TPO failed to demonstrate that royalty payment by assessee to Associated Enterprises (AEs) is embedded in the process of the imported goods. Accordingly, upward adjustment thereon unsustainable.
