Case Name: Amit Inter-trade Pvt. Ltd. v. DCIT Forum: ITAT Ahemdabad Members: Rajpal Yadav, Wasim Ahmed Background Assessee is a private limited company which filed its return declaring NIL income. The assessee company (Amit inter-trade Pvt. Ltd.) got merged with J.P. Iscon Ltd. with effect from April 1, 2014. The AO issued a notice under … Continue reading ITAT Ahmedabad Decides: Can an assessment proceeding be initiated against a company which has ceased to exist?
Case Name: AMRUTBHAI G PRAJAPATI vs ITO, WARD-1 Forum: Ahmedabad ITAT Background AO issued notice u/s 148 of the Act on 27.03.2015 followed by notice u/s 142(1) on 22.06.2015.The assessee filed the return of income on 05.01.2016 in response to notice under section 148 of the Act.On obtaining approval and memo u/s 151 it is … Continue reading ITAT Ahmedabad Decides: Can approval granted u/s 151 without mentioning the date on which approval granted reckoned to be valid?
Case Name: Lakshmi Machine Works v. Addl. CIT Forum: Chennai ITAT Members: Ramit Kochhar, N.R.S. Ganesan About Lakshmi Machine Works: The assessee is engaged in the business of manufacturing of textile machinery and had made investments in various corporate entities amounting to INR 154 Crores as at 31 Mar 2012. Issue 1 Under the provisions … Continue reading ITAT Chennai decides: Can expenses related to dividend earned from strategic investments be disallowed? + 2 more issues
Issue: Whether CIT(A) erred in confirming the addition of INR 21,74,843 by the AO? Case name: Salarpuria Investments Pvt. Ltd. v. DCIT Background The assessee is an NBFC Company. The AO made an addition to the tune of INR 21,74, 843 to the income of the assessee, by disallowing the same under Section 14A read … Continue reading ITAT Kolkata Decides: Can Disallowance Under Section 14A be Made if the Interest Earned is More than the Interest Paid in the Relevant AY?
Issue: Whether CIT(A)’s Order confirming the AO’s addition of INR 23,55,074 to the total income of the assessee hold good? Case name: HAC India Ltd. v. DCIT Circle Background The assessee claimed the interest paid on loan taken from Kotak Bank as an expense while computing short term capital gain under Section 111A. The assessee … Continue reading ITAT Kolkata decides: Can the Assessee re-claim the expense disallowed under Section 14A while computing short term capital gains?
Issue: Whether CIT(A)’s Order upholding the AO’s Disallowance under Section 43B on account of non-payment of service tax, hold good? Case name: Vikon Engineering Pvt. Ltd. v. ACIT Background The assessee company filed its return of income for the AY 2010-11 on 28.09.2010 declaring total income at INR 3,73,34,500/-. The AO made the following adjustments: … Continue reading ITAT Delhi decides: Can deduction u/s 43 be disallowed for service tax if it is not routed through P&L account?
Issue: Whether DRP’s confirmation of the TPO’s proposed adjustment to the ALP holds good? Case Name: Brinks India Pvt. Ltd. v. DCIT Background The assessee is a part of Brinks Global Services, which provides global risk management and secures logistics for valuables.The assessee company filed its return of income for the assessment year (AY) 2012-13 … Continue reading ITAT Mumbai decides: Can TPO ignore the benchmarking method proposed by the Assessee without providing valid reasoning for suggesting an alternate method?
Case: Aryadoot Transport(P) Ltd. v. DCIT Issues: Whether CIT(A) erred in confirming the disallowance of INR 7.15 Lakhs by the AO?Whether the value of strategic investments should be taken into account while computing disallowance amount under Section 14A? Background The assessee carried out the business of providing truck trailers.He was assessed for the year, 2015-16, … Continue reading ITAT Mumbai Decides: Can Value of Strategic Investments be considered while computing the amount of disallowance under Section 14A?
Case name: Phoneix Medical Systems Pvt. Ltd. v. ACIT Forum: Chennai ITAT Background The assessee manufactures engineering goods. While assessing the income for AY 2015-16, the AO, disallowed INR 3,01,754 under the head travelling expenses, INR 10,25,000 towards donation under the head other expenses u/S. 37 and INR 61,200 for penalty paid on sales tax. … Continue reading Whether the Assessee can claim deduction under Section 35(2AB), without complying with all its conditions?
Case: Addl. CIT v. Axis Risk Consulting Services Pvt. Ltd. Forum: Delhi ITAT Access all the links in this article by signing up for free with Riverus Research Map for income tax here. Background The assessee is an IT company which entered into international transactions with its Associated Enterprise. The assessee used the Transactional Net Margin … Continue reading Whether the CIT(A) erred in directing the AO/TPO to apply nil rate as arm’s length interest rate on outstanding receivables from Associated Enterprise?