The Karnataka High Court held that mere inadequacy of an enquiry or insufficiency of material on record can not be a ground to invoke revisional powers under Section 263 of the Income Tax Act, 1961....
The Karnataka High Court held that the transfer of intangible assets for a valuable consideration by way of allotment of shares is entitled for depreciation. The assessee, M/s Padmini Products is a Private Limited Company...
The Madras High Court directed the Assessing Officer to determine whether borrowed funds used for advancing loans to Subsidiary Company or Surplus Funds of Company were diverted. The Revenue has preferred these Appeals raising the...
The Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that indirect transfer of Indian assets will not attract Long Term Capital Gains Tax (LTCG). The appellant company, Augustus Capital PTE Ltd. is in...
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench held that the Assessing Officer (AO) is not empowered to reject selection and valuation methods adopted by taxpayers. The assessee company, M/s. GSE Commerce Private Ltd. operates...
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the leasehold rights can not be computed as capital gains in respect of transactions in land or building under Section 50C of the Income Tax...
The Kerala High Court quashed the order rejecting Tee Cee Trading Company’s claim in view of not being substantiated with proper evidence and due to lack of time. The petitioner, IY Tee Cee Trading Company...
The Income Tax Appellate Tribunal (ITAT), New Delhi Bench imposed the penalty for failure to maintain Transfer Pricing Documents under and Section 271AA. The assessee, Convergys Customer Management Group Inc. is a non-resident company incorporated...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that roaming charges paid by Reliance Communications are not in the nature of ‘fee for technical services’, tax deducted at source (TDS) not liable to be...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that PCIT rightly directed the Bank of India’s case to the Transfer Pricing Officer (TPO) under section 92CA for determination of arm’s length price (ALP) in...
The Income Tax Appellate Tribunal (ITAT) Bangalore Bench while setting aside the order passed by the Assessing Officer deleted the disallowance against the Coffeeday Enterprises. The assessee, M/s Coffeeday Enterprises Ltd. is engaged in the...
The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that the payments to church, police station, summits, schools, etc are not Corporate Social Responsibility (CSR) expenses. The assessee, Vedanta Ltd. receives Strategic Planning and...
The Madras High Court while upholding the order passed by the Tribunal held that the deemed dividend under Section 2(22) (e) is to be assessed in the hands of the shareholder and not in the...
The Income Tax Appellate Tribunal (ITAT), Jaipur Bench vehicle deleting the penalty held that the assessee, Bank of India was not guilty of non-deduction of Tax Deduction at Source (TDS). The assessee bank has paid...
The Income Tax Appellate Tribunal (ITAT), Delhi Bench directed the Assessing Officer to allow the credit of TDS to Honda Motorcycle and Scooters India. The Appellant, Honda Motorcycle and Scooters India Pvt. Ltd. is a...
The Telangana High court while quashing the order passed by the Income Tax Appellate Tribunal (ITAT) rejecting condonation of delay held that no presumption of delay in approaching the Court is always deliberate. The appellant...
The Income Tax Appellate Tribunal (ITAT), Bangalore bench has recently held that the expenses incurred by the Company for the buy-back of shares would amount to “revenue expenditure” for the purpose of the Income Tax...
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench while upholding the provisions in statement of accounts under 31 heads of expenses for one month made by HDFC Sales. The assessee, M/s HDFC Sales Pvt. Ltd....
The Income Tax Appellate Tribunal (ITAT), New Delhi Bench held that no addition for advertisement, marketing and sales promotion expenses (AMP) can be made in absence of International Transaction between Taxpayer and Associate Enterprise (AE)....
The Madras High Court while answering in favour of the Preludesys India said that the Tribunal erred in denying Preludesys India the benefit of deduction on the ‘deemed export’ made to another Software Technology Park...
Madras High Court held that no review on the original assessment order is permissible in the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961. The respondent assessee, M/s. Safe Corrugated Containers...
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