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Judgment Search Results Home > Cases Phrase: customs act 1962 Court: income tax appellate tribunal itat delhi Year: 2013 Page 1 of about 9 results (0.088 seconds)

Jan 23 2013 (TRI)

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-23-2013

..... tpo, through the above referred written submissions, that lgesl's corporate marketing division performs the specific functions which include, ??brand management including brand health index enhancement, customer insight enhancement, new brand image deployment and brand campaign initiatives and review ? . it is further relevant to consider the statement of shri laxmi kant gupta, the ..... a price which is applied or proposed to be applied in a transaction between persons other than associated enterprises, in uncontrolled conditions ? . rule 10a of the income-tax rules, 1962 gives meaning to ??uncontrolled transaction ? under clause (a) as ??a transaction between enterprises other than associated enterprises, whether resident or non- resident ? . it is this ..... be 'presumed' that some tacit understanding is discernible between aes for brand-promotion/building, can the amp expenses apportioned between them under the provisions contained in the act, and that too, specifically relevant for the a.y. 2007-08. the ld. authorized representatives even representing the interveners, advanced their erudite and well-informed ..... third party was also benefitted by such expenditure. however, in case of an international transaction, this general proposition undergoes change because of chapter x of the act containing the transfer pricing provisions, with the marginal note: `special provisions relating to avoidance of tax'. this chapter requires the computation of income from international transactions .....

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Jan 24 2013 (TRI)

Romer Labs Singapore Pte. Ltd. Vs. Adit, Tax Circle 2(1)

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-24-2013

..... in law, the learned cit(a) has grossly erred in concluding that testing services provided by the appellant consist of development and transfer of a technical plan to its indian customers. 5. that on the facts and in the circumstances of the case and in law, the learned cit(a) has grossly erred in concluding that testing services provided by the ..... would be said that the assessee was rendering any kind of technical/consultancy service within the meaning of article 13 of indo-uk treaty. the consideration received by the assessee acting as an intermediary in the reinsurance process cannot, by any stretch of imagination, be qualified as a consideration received for rendering any financial analysis related consultancy services, rating agency advisory ..... sought ruling from this authority on the question whether the fee was taxable in india. the authority ruled: (i) there is some difference between section 9 of the income-tax act, 1961 and article 12 of the agreement for the avoidance of double taxation between india and canada in the definition of ??fee for technical/included services ? , inasmuch as the requirement ..... -canada and indo-usa tax treaty. for this purpose, the ld. ar submitted a chart which is reproduced as under:-definition of fees for technical services as per income tax act, 1961definition of royalty under indo-france tax treatydefinition of royalty under india-canada, indo-usa and indo-uk tax treatydefinition of royalty under indo-singapore tax treatyfor the purposes of .....

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Feb 08 2013 (TRI)

Acit, Cir. 3(1) and Another Vs. M/S Chemical Construction New Delhi In ...

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Feb-08-2013

..... rs.158,00,000/- was shown as sales in revenue account. copy of trading account extracted from the balance sheet of relevant year and ledger account of customer is enclosed herewith for your kind perusal. we found that chand vanaspati has gone into liquidation therefore assessee was forced to write off balance amount as not ..... in question was recurring in nature and the appellant company has to make such payments on year to year basis to cater the quality products for its customers. it was argued that the payment of rs. 10.12 lacs has not resulted into acquisition of any capital asset nor any right of permanent character ..... below. ajanta soya ltd. there was no written agreement with this party because a small item of rs. 250,000/- excluding sales tax was supplied to this customer in the assessment year 2002-03. sales tax of rs. 10,000/- was not paid by the party they argued that item was to be supplied inclusive ..... view to assist/facilitate the trading operations of the appellant company. it was therefore submitted that the payment in question was allowable u/s 37(1) of the it act. 1961. however, the aforesaid explanation did not find favour with the id. ao and the same was rejected. the case of the id. ao was that ..... we note that on the issue of bad debt was duly enquired upon by the assessing officer in the assessment u/s. 143(3) of the i.t. act. in the tax audit report as per col. 22(b), it was mentioned that rs. 7810046/- were bad debts pertaining to prior period. taking cognizance of .....

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Jan 24 2013 (TRI)

Acit and Another Vs. M/S. True Zone Buildwell Pvt. Ltd. and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-24-2013

..... noticed from the note mentioned with the balance sheet, that the assessee has recognized the sales, when possession of plot has been transferred to the customers and full consideration of that plot has been received. as the assessee was not following the percentage completion method, therefore, the assessee was asked to ..... varying from 45 days to 6 months. the ar has also stated that department cannot compel the appellant to follow any particular method. income tax act does not force anyone to follow any particular accounting standard. the appellant was following project completion method which is in accordance of the existing law ..... compensation, as the case may be, shall be deemed of be the income of the year in which it is received. as per income tax act provisions, only two accounting standards are mandatory in nature which are elaborated below and other standards are recommendatory. official gazette: as per notification no. so ..... the project completion method of accounting and the same has been accepted by the department also while making assessment u/s 143(3) of the act for the assessment year 2005-06. the department has accepted the method of accounting and not only they held it the right and appropriate ..... addition, modification and deletion of the grounds of appeal." 2. a search and seizure operation was carried out u/s 132 of the income-tax act, 1961 along with other group cases on 31.07.2008. the search was also carried out at the residence of the director, shri rakesh kumar .....

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Feb 08 2013 (TRI)

Cotton Naturals (i) Pvt. Ltd. Vs. Dcit, Circle 3(1), New Delhi

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Feb-08-2013

..... 395 basis points cup rate 13.83% add: adjustment for security not computed final cup rate 13.83 + adjustment for security + risk adjustment for single customer. keeping in view that no security is offered b y the subsidiary and also that the tax payer is not into lending and borrowing money, if the ..... 10 percent per annum as internal comparable. following the position settled in case skoda auto india and rule 10b(1(a) of the income-tax rules, 1962, to be,. an internal comparable under the comparable uncontrolled price (cup) method, the transaction needs to occur between the taxpayer and an independent party. even ..... ltd. v. asstt. cit, circle 12(2) [2008] 26 sot 226 (bang.) held that the basic intention behind introducing transfer pricing provisions in the act is to prevent shifting of profits outside india and where an assessee is entitled to claim benefit under section 10a. transfer pricing provisions ought not to be applied. ..... the plr of rbi for the financial year 2007-08. the tpo is directed accordingly. 9. directions under section 144(c) of the i.t. act. the drp after considering all arguments of the assessee and submissions of tpo /assessing officer as well as evidences on record has passed the above order. ..... of 5%, plus-minus arm's length interest determined will not be applicable in the case of the assessee ignoring the specific provisions of the act. 12. on the facts and circumstances of the case hon'ble drp has erred hath on facts and in law in ignoring the contention of .....

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Jan 31 2013 (TRI)

Sumitomo Corporation India Private Limited Vs. Deputy Commissioner of ...

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-31-2013

..... others include the following: ? networking with buyers and suppliers of steel ? support in after sales services, business promotion ? collection of market information ? provide knowledge and experience ? coordination with customers ? collection of account receivables from client on behalf of ae ? administrative services iv) sumitomo india provides marketing support; service to sumitomo group. v) sumitomo india handles different products and commodity ..... uncontrolled transaction to account for the material impact of the economic differences between the controlled and uncontrolled transactions as mandated under rule 10b(3) of the income tax rules 1962; n) that the learned ao/tpo/drp's method of computing the arm's length price is not in accordance with any of the methods specified in section 92c ..... glossed over the vital contentions of the assessee, and had merely been swayed above by the fact that, in the report of the accountant u/s. 92d of the act, nature of the transaction has been stated by the accountant to be the same functionally; that tp study mentions that trading transaction are functionally similar to indent transactions; that ..... without demonstrating the existence of anyone of the four conditions provided in section 92c(3) which is a mandatory requirement for making adjustment under section 92ca(3) of the act; c) that the learned tpo has erred in arbitrarily assuming and concluding that indent based transactions of the appellant with its ae's have same functions and, risks as .....

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Jan 04 2013 (TRI)

Acit and Another Vs. M/S. True Zone Buildwell Pvt. Ltd. and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-04-2013

..... the advances given by the assessee was utilized for non-business purpose by admitting additional evidence in contravention of rule 46a of income tax rules, 1962 even though the assessee did not furnish information to the assessing officer during the course of assessment proceedings. 4. on the facts and in the ..... that these payments have been made out of undisclosed source. we have perused the seized material and the relevant provisions of section 69c of the act. this seized material relates to certain correspondence by which the brokers have demanded their commission. as per these correspondences, the rate of commission asked ..... search operation takes place. the assessing officer without giving any cognizance to the search operation made an assessment u/s 144 of the income-tax act, 1961 and made an addition of rs.54,41,00,877/- by holding that assessee has not furnished details. its source is not explained ..... with documentary evidence/confirmation. while making the assessment u/s 153a/143(3) of income-tax act, 1961, the same addition has been made by assessing officer and the relevant para of the order read as under:- "3. it is gathered ..... (a), therefore, for the reasons mentioned in that order, the same addition is being retained while completing assessment u/s 153a/143(3) of the act." the cit (a) has granted the relief by holding as under:- "7.6 i have carefully considered the submissions, perused the order of assessment and .....

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Jan 24 2013 (TRI)

Acit and Another Vs. Unison Hotels Ltd. and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-24-2013

..... also cannot be disputed that at the time of fire services were being offered in the restaurants. the assessee's submission is whenever any order of a customer is executed, the same gets recorded with the accounts department. however, due to fire bills could not be raised. this aspect has not been considered ..... their names could not be mentioned but only the restaurants name was available with the accounts department which was on the basis of slips signed by the customers. he relied on the submissions made before ld. cit(a). 36. we have considered the submissions of both the parties and have perused the record ..... of the debtor, made unilaterally, without any act on the part of the creditor, will not enable the debtor to say that the liability has come to an end. in the present case, ..... the case of sugauli sugar works (p) ltd., (supra), it was, inter-alia, held that expiry of the period of limitation prescribed under the limitation act could not extinguish the debt but it would only prevent the creditor from enforcing the debt. it was further held that mere entry in the books of account ..... liability. however, in the present case, the assessee had not written back these amounts in the profit and loss account. thus, there was no positive act on the part of the assessee from which it could be concluded that there was remission or cessation of trading liability. therefore, the decision in the .....

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Dec 13 2013 (TRI)

M/S. Deltronix India and Another Vs. Asstt. Commissioner Limited, and ...

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-13-2013

..... assessee company for which the assessee pays commission on sales to m/s kayser india pvt. ltd. m/s kayser india pvt. ltd. also undertakes marketing and customer relationship and maintenance activities. it also provides technical assistance to the assessee company from time to time and hence, the commission paid is a business expenditure. however, ..... during the assessment proceeding that the payor company did not have any accumulated profits to be covered under the provisions of section 2(22)(e) of the act. the assessee also filed calculation of the accumulated profits as per annexure a to letter dated 15.10.2010 filed with the ao. it was also ..... mcc marketing pvt. ltd. (2012) 343 itr 351 (del.), no addition can be made in the hands of the assessee u/s. 2(22)(e) of the act. considering the above, ld. cit(a) concluded as under:- "on careful examination of the matter, i find that as per settled law, commercial advances made as part ..... of business transactions are not exigible to tax as deemed dividend u/s 2(22)(e) of the act. the ao has also not brought out any material evidence in the assessment order or in the remand report to make a case for invoking the above ..... hence, in terms of the judicial precedents cited above, no addition can be made in the hands of the assessee u/s. 2(22)(e) of the act. it has been expounded that addition u/s.2(22)(e) can be made only if the assessee is a registered shareholder of the payor company. under .....

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