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Income Tax : Delhi ITAT ruling favors G-Tekt India Pvt. Ltd., allowing deduction for CENVAT Credit written off. Detailed analysis of the case a...
ITAT Mumbai held that the fee paid by the assessee i.e. Tata Consultancy Services towards the brand to Tata and Sons Ltd. is not capital in nature for the reason that the brand is not owned by the assessee. Hence, there cannot be any TP adjustment towards the amount that ought to have been received by the assessee towards brand royalty.
ITAT Mumbai held that disallowance of employee stock option expenses alleging it to be capital expenditure is unsustainable in law in as much as such expenditure are revenue in nature and hence allowable.
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.
ITAT Mumbai held that CIT(A) deleted the additions/ disallowances on the basis of information/ evidences filed before him without providing any opportunity to AO is in violation of rule 46A of the Income Tax Rules. Accordingly, matter restored back to CIT(A).
ITAT Mumbai held that deduction u/s 80G of the Income Tax Act duly available irrelevant of the fact that corpus contribution to the donee relates to the CSR activities.
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.
Bombay High Court held that jurisdiction to assess/ reassess u/s 153C of the Income Tax Act in respect of unabated/ completed assessments without any incriminating material found during the search unjustified.
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.
ITAT Delhi held that unadjusted cenvat credit left on closure on manufacturing unit, which cannot be utilised further, is allowable as business expenditure under section 37(1) of the Income Tax Act
