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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat delhi Page 1 of about 3,976 results (0.097 seconds)

Jan 23 2013 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Delhi

..... book, the ld. ar contended that the us regulations incorporate the bright line test within its legislation. in the absence of any such incorporation under the relevant provisions of the income-tax act, 1961, the ld. ar contended that taking cognizance of this test for denial of deduction of amp expenses was unwarranted. it was further submitted that the revenue authorities have relied ..... to his notice during the course of proceedings. 7.2. the ld. counsel submitted that section 92ca of the income-tax act, 1961 (hereinafter also called `the act') has undergone certain changes. he referred to sub-section (2a) of section 92ca, inserted by the finance act 2011 w.e.f. 1-6-2011, as per which, where any other international transaction, apart from those referred ..... is found to be not at arm's length, it can be adjusted to bring it at arm's length, with reference to and under the chapter x of the income tax act, 1961, and not otherwise. 25. the finance act, 2001, has substituted the existing section 92 by new section 92 and 92a to 92f. according to the above provisions ..... the tpo." the hon'ble supreme court in the case of sassoon j. davit and co. pvt. ltd. vs. cit 118 itr 261 [sc] has held as under: "the expression 'wholly and exclusively' used in section 10(2)(xv) of the income-tax act, 1922 does not mean 'necessarily'. ordinarily, it is for the assessee to decide whether any expenditure should be incurred in .....

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Jan 04 2013 (TRI)

M/S Integra Capital Management Ltd. Vs. Dcit, Circle 11(1)

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 2002-03, it is clear that this expenditure, in the assessee's view, was in the revenue field. 18. the commissioner of income tax (appeals) was wrong to record that the cit-iv in his order under section 263 of the income tax act, 1961 directed the assessing officer to treat the entire expenditure of rs.9,49,039/- as capital in nature and disallow the ..... 143(3) was passed on 28th february, 2006 accepting the loss returned. 3. on 29.2.2008 notice under section 263 of the income tax act, 1961 was issued by the commissioner of income tax (appeals)_iv, new delhi. thereafter an order under section 263 of the income tax act, 1961 was passed on 28.3.2008 setting aside the order under section 2 143(3) of the ..... same. the tribunal in its order dt. 25.9.2009 in an appeal against the very same order under section 263 of the income tax act, 1961 held at para 4 as follows:- "however the ld.cit directed the assessing officer to verify the nature of expenditure and decide the issue afresh as per law after affording theassessee a reasonable opportunity of ..... /2008 order dt. 25.9.2009 upheld the order under section 263 of the income tax act, 1961. 4. the assessing officer initiated fresh assessment proceedings. on 7.11.2008 he passed a fresh assessment order under section 143(3) of the income tax act, 1961 read with s.263 of the income tax act, 1961 at para 1.2 wherein it was held as follows:- "1.2. the .....

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Jan 31 2013 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Delhi

..... . further, you were required to state whether similar 'gross profit' and 'cost' have been adopted in the case of comparables also. 5. it may be mentioned over here the income tax act or income tax rules do not permit the use of 'operating expenses' in the base which do not include the cost of sales. in accordance with the provision of rule 10b(1)(e ..... goods sold. the assessee was also required to explain as to why berry ratio was used to benchmark international transaction of the tested party. transfer pricing officer noted that the income tax act or income tax rule do not permit the use of 'operating expenses' in the base which do not include the cost of sales. in accordance with the provision of rule 10b(1 ..... transactions entered into with the associated enterprise is computed in relation to 'cost incurred' or 'sales effected' or 'assets employed' or 'to be employed' by the enterprise. the provisions of income tax act and it rules do not recognize the use of berry ratio as an appropriate pli under tnmm. 6. vide your submission dated 21.07.2010, you have furnished the basis ..... the associated enterprise is computed in relation to 'cost incurred' or 'sales effected' or 'assets employed' or 'to be employed' by the enterprise. he further observed that the provisions of income tax act and it rules do not recognize the use of berry ratio as an appropriate pli under tnmm. 3.3 vide submission dated 21.07.2010, assessee furnished the basis of .....

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Jan 16 2013 (TRI)

Dy. Commissioner of Income Tax and Another Vs. M/S Chandra Global Fina ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... was selected for scrutiny and a notice u/s 143(2) of the income tax act, 1961 (for short the act) was served on the assessee. during the assessment proceedings, the assessing officer observed that the assessee had an income from sale of investment and he treated the same as business income instead of income under the head "capital gains". with this observation, the amount of rs ..... in confirming the addition of rs.38,637/-." c.o. no.1 10. the assessee's representative submitted that ld. commissioner of income tax(a)-iv, new delhi confirmed the disallowance of rs.23,087/- u/s 14a of the act on estimated basis. the ar further submitted that this confirmation has been done without identifying any expenditure incurred by the assessee for ..... be appropriate that 5% of the total expenditure was to be disallowed. in view of above, we are of the opinion that the assessee has earned tax free income and disallowance u/s 14a of the act of rs.23,087/- on estimated basis cannot be held as unjustified. accordingly, we observe that there is no reason before us to interfere with the ..... to be disallowed as per section 14a of the act. the dr submitted that although the addition u/s 14a of the act amounting to rs.50,000 was made by the assessing officer but in the appellate proceedings it was reduced to rs.23,087/- by commissioner of income tax(a) considering the arguments of the assessee. 12. after careful consideration of rival .....

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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

..... the applicant 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 ..... 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 this clause, ??fees for technical services ? means any consideration (including any lump sum ..... ishikawajma-harima heavy industries limited (288 itr 408). 7. that, on facts and circumstances of the case and in law, the learned cit (a) erred in upholding levy of interest under section 234a, 234b and 234c of the income-tax act, 1961. ? the only issue involved in these grounds is regarding taxability of rs.28,76,271/- which the assessee received for ..... is at variance from the definition of fees for technical services as per the indian income-tax act, 1961 and definition of fee for technical services under indo-france tax treaty and also definition of royalty under indo-canada and indo-usa tax treaty. for this purpose, the ld. ar submitted a chart which is reproduced as under:-definition of fees for .....

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Feb 15 2013 (TRI)

M/S Filatex India Ltd. and Another Vs. Dcit and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

..... a little simpler because it is a recurrent claim. under the definition contained under section 32 read with section 43(1) and (6) of income tax act, the depreciation as to be allowed on thereof in earlier years, thus, where the cost of assets subsequently goes up because of devaluation, whatever ..... cost of acquisition of the capital asset as aforesaid." 11.3 upon careful consideration, we find ourselves in agreement with the ld. commissioner of income tax (a) that before the amendment to section 43a any loss suffered by assessee on account of foreign exchange fluctuation has to be capitalized in the ..... loss suffered due to foreign exchange fluctuation. however, this plea was not accepted by the assessing officer. upon assessee's appeal ld. commissioner of income tax (a) considered the issue. he observed that on this issue provision of section 43a prior to amendment is to be applied. he opined that ..... be with reference to rate prevailing on last days of financial year in which that fluctuation occurs." 9. considering the above, ld. commissioner of income tax (a) held that he was of the opinion that before amendment to section 43a any loss suffered by the assessee on account of foreign exchange ..... 0217,88,990/-32002-0327,29,513/-42003-0431,71,944/-52004-0511,21,235/- total91,84,006/- 3. before the ld. commissioner of income tax (a) assessee submitted that the allegations of suppression of sales against the assessee was erroneous. it was submitted that certain documents were seized by the .....

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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

..... basis which is 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 and the ..... .4.1 the ao has observed that it is a well settled principle as to if no specific method of recognizing revenue has been prescribed in the income tax act, in that case the usually accepted methods or principles should be adopted. in this connection it is stated that the council of the institute of chartered ..... to the additions of rs.14,85,009/- made by the a.o. on account of commission paid out of books u/s 69c of the income tax act. as per the ao, amount paid for commission during the year is less than the amount of bills of commission seized by the department at the time ..... on the basis of outside the search material and after the change of opinion." moreover, in this year, the assessment was made u/s 144 of the income-tax act, 1961 on 09.12.2009. the same was held invalid as there was a search operation at the premises of the assessee on 31.07.2008. ..... craves for the 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 garg where .....

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Feb 07 2013 (TRI)

M/S United Leasing and Industries Ltd. Vs. Dy. Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the assessing officer made an addition of rs.97,904/- u/s 36(1)(iii) r/w section 40a(2)(b) of the income tax act, 1961 (for short the act) with following observations:- "1 deduction of interest on loan during the year under consideration the assessee company has unsecured loan from four parties ..... orders, we observe that the assessing officer has relied on the judgment of hon'ble punjab and haryana high court in the case of commissioner of income tax, ludhiana vs abhishek industries ltd. (2006) 156 taxman 257 (pandh), wherein their lordships held that if once it is borne out from the record ..... and carefully perused the record and paper book furnished by both the parties before us. the assessee's representative submitted that the ld. commissioner of income tax(a) has erred in disallowance of interest of rs.97,904 which was made by the assessing officer on surmises and conjectures. the ar further ..... deduction of interest paid on unsecured loans from directors and their relatives, the relevant case laws are discussed hereunder: in the case of commissioner of income tax, patiala vs m/s punjab tractors, the hon'ble punjab and haryana high court gave a judgment in favour of revenue on the basis of ..... deduction of interest paid on unsecured loans from directors and their relatives, the relevant case laws are discussed hereunder: in the case of commissioner of income tax, patiala vs m/s punjab tractors, the hon'ble punjab and haryana high court gave a judgement in favour of revenue on the basis of .....

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Jan 22 2013 (TRI)

Deputy Commissioner of Income Tax Vs. M/S Cosmic Softech Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... , the assessing officer finalized the assessment at nil income. the assessing officer made certain disallowances pertaining to stpi charges, telephone expenses, advertisement expenses, maintenance fees and ..... facts giving rise to this appeal are that the assessee company filed its return of income on 29.1.2006 declaring a loss of rs.1,10,81,036/- and the case was selected for scrutiny. notice u/s 143(2) of the income tax act, 1961 (for short the act) along with questionnaire was served on the assessee. after providing due opportunity of hearing ..... 2(22)(e) of the act. the ld. commissioner of income tax(a) has also noted that it has not been clarified how the deemed dividend was worked out at rs.67,88,000 by the assessing officer. 19. in ..... assessing officer concluded that the funds have been transferred from one concern to another with the sole purpose of circumventing the provisions of the act and avoiding the tax payment. 18. on the other hand, the commissioner of income tax(a) held that it is not established as to how the transactions in the present case got covered under the specific provisions of section .....

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Jan 18 2013 (TRI)

Shri Gian Ganga Vocational Educational Society Vs. Cit, Rohtak

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the very essence of charity which is necessary for earning the status of being charitable as is required in view of section 2(15) read with section 12aa of the income tax act, 1961. the provisions of sec 11 and 12 do not envisage that a charitable institution shall provide charity by charging hefty and indiscriminate amount of fees from public at large ..... a.d. jain, judicial member this appeal has been filed by the assessee against the order dated 17.10.2012 passed by the ld. cit, rohtak, u/s 12aa(1)(b)(ii) of the income tax act, rejecting the application filed by the assessee for registration. the assessee has taken the following effective grounds of appeal:- "1. on the facts and circumstances of the case ..... test of genuineness. with the result, the request of the applicant trust for registration u/s 12aa of the income tax act cannot be acceded to and the application in form 10a is, therefore, rejected accordingly u/s 12aa(i)(b)(ii) of the income tax act, 1961." 4. aggrieved, the assessee has preferred this appeal. 5. before us, the ld. counsel for the assessee has ..... erred both on facts and in law in rejecting the application of the assessee for grant of registration under section 12a of the income tax act, 1961. 3. on the facts and circumstances of the case, the learned cit has erred both on facts and in law in rejecting the application of the assessee for registration under section 12a despite the same being complete .....

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