Suraj R. Agrawal

Fair Value Concepts | Ind AS 113 – Fair Value Measurement

CA, CS, CMA - With the introduction and the subsequent adoption of Ind AS by many Indian companies, the emphasis on valuation has increased. The basis of value is closely related to the purpose of a given valuation exercise and can often vary. Selecting an appropriate basis of value is critical. For example, Fair Value is generally used for […]...

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Commencement of property construction prior to transfer of original asset not an impediment for section 54F exemption

CA, CS, CMA - The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year before the date of transfer of original asset, two years from the date of transfer or construction of new property within three years from the date of transfer. However, the Act does not prescribe any conditio...

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ITAT has Power to grant stay beyond 365 days : Bombay HC

CA, CS, CMA - Even in case of substituted third proviso to Section 254(2A) of the Act which restricts the power of the ITAT to grant stay beyond 365 days “even if the delay in disposing of the appeal is not attributable to the assessee” has been struck down in Pepsi Foods 376 ITR 87 (Del) as being arbitrary...

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Bogus Purchases: Addition solely based on sales-tax dept. info not sustainable

CA, CS, CMA - ITAT Mumbai held in the case of Hiralal Chunilal Jain vs. ITO that addition for alleged Bogus Purchase not sustainable as AO had made the addition solely on the basis of information received from the Sales tax department without making any independent inquiry or following the principles of natural justice before making the addition. ...

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CUP method can be applied by a comparing a pricing formulae instead of pricing quantification in amount

CA, CS, CMA - Pr. CIT vs. Toll Global Forwarding India Pvt Ltd (Delhi High Court) CUP method can be applied by a comparing a pricing formulae, rather than the pricing quantification in amount. Rule 10AB inserted w.e.f. 01.04.2012 is beneficial in nature and so retrospective w.e.f. 01.04.2002...

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Brand usage – not an international transaction

Hyundai Motor India Limited Vs DCIT (ITAT Chennai) - Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to rendering of brand promotion service, and whether it constituted an international transaction under section 92B of the Income-tax Act, 1961(Act)....

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HC quashes Black Money prosecution against Srinidhi Karti Chidambaram

Srinidhi Karti Chidambaram Vs. PCIT (Madras High Court) - Madras High Court quashes prosecution proceedings initiated under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 for non-disclosure/incomplete disclosure of foreign assets in the Return of Income....

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Commencement of property construction prior to transfer of original asset not an impediment for section 54F exemption

The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year before the date of transfer of original asset, two years from the date of transfer or construction of new property within three years from the date of transfer. However,...

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Transaction approved by RBI & Govt not sufficient & assessee has to benchmark royalty payment separately

Sara Lee TTK Ltd Vs DCIT (ITAT Mumbai) - The assessee did not benchmark the royalty payment separately. On enquiry by the TPO, it relied on RBI approval given in 1995 and also on the fact that the assessee earned a gross profit of 41.6%. TPO applied Press Note 9 (2000 series) and restricted it to 1% on the plea that the payment was for use...

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High pitched assessments: 100% demand stay must be Granted

Dimension Data Asia Pacific Pte Ltd Vs DCIT (ITAT Mumbai) - The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instruction 96 of 1969 was relied upon) & (b) The stand taken by the AO was at variance with the stand taken by TPO....

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Recent Posts in "Suraj R. Agrawal"

Fair Value Concepts | Ind AS 113 – Fair Value Measurement

With the introduction and the subsequent adoption of Ind AS by many Indian companies, the emphasis on valuation has increased. The basis of value is closely related to the purpose of a given valuation exercise and can often vary. Selecting an appropriate basis of value is critical. For example, Fair Value is generally used for […]...

Read More
Posted Under: Income Tax |

Brand usage – not an international transaction

Hyundai Motor India Limited Vs DCIT (ITAT Chennai)

Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to rendering of brand promotion service, and whether it constituted an international transaction under section 92B of the Income-tax Act, 1961(Act)....

Read More

HC quashes Black Money prosecution against Srinidhi Karti Chidambaram

Srinidhi Karti Chidambaram Vs. PCIT (Madras High Court)

Madras High Court quashes prosecution proceedings initiated under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 for non-disclosure/incomplete disclosure of foreign assets in the Return of Income....

Read More

Commencement of property construction prior to transfer of original asset not an impediment for section 54F exemption

The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year before the date of transfer of original asset, two years from the date of transfer or construction of new property within three years from the date of transfer. However, the Act does not prescribe any conditio...

Read More

Transaction approved by RBI & Govt not sufficient & assessee has to benchmark royalty payment separately

Sara Lee TTK Ltd Vs DCIT (ITAT Mumbai)

The assessee did not benchmark the royalty payment separately. On enquiry by the TPO, it relied on RBI approval given in 1995 and also on the fact that the assessee earned a gross profit of 41.6%. TPO applied Press Note 9 (2000 series) and restricted it to 1% on the plea that the payment was for use of trademark without transfer of techno...

Read More

High pitched assessments: 100% demand stay must be Granted

Dimension Data Asia Pacific Pte Ltd Vs DCIT (ITAT Mumbai)

The Tribunal granted 100 percent stay of demand because (a) the assessed income was more than 10 times the returned income. (Instruction 96 of 1969 was relied upon) & (b) The stand taken by the AO was at variance with the stand taken by TPO....

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Only Payment for ‘offence’ or on what is ‘prohibited by law’ not allowable

Mangal Keshav Securities Limited Vs ACIT (ITAT Mumbai)

Only those payments, which have been made by the assessee for any purpose which is an ‘offence’ or which is ‘prohibited by law’, shall alone would be hit by the explanation to section 37...

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Business set up expenses deductible despite no business business income

Multi Act Realty Enterprises Pvt. Ltd Vs ACIT (ITAT Mumbai)

The assessee may not have been successful in getting customers or earning the business income, but if the assessee has done requisite preparations and if the assessee can be said to be in a position to cater to its customers...

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TP: Turnover is a relevant factor to consider comparability

CIT Vs Pentair Water India Pvt. Ltd (Bombay High Court)

Infosys & Wipro are no doubt large and distinct companies where the area of development of subject services is different and as such the profit earned there from cannot be a bench-marked or equated with the assessee....

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Shares Buyback cannot be equated with capital reduction

Goldman Sachs (India) Securities Pvt. Ltd. Vs ITO (ITAT Mumbai)

It is open to a company to buy back its own shares by following the procedure prescribed under section 77A/Section 68 or by following the procedure prescribed under section 391 read with Sections 100 to 104 of the 1956, Act....

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