Court : Income Tax Appellate Tribunal ITAT Delhi
..... 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 ..... 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 ..... 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... 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 income tax act, 1961 dt. 28.2.2006 and the assessing officer was ..... 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. ..... 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... 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 ..... 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 ..... 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 1961. 6. that the learned aoitpoidrp has erred in holding that the appellant has created human and supply chain intangibles for which it is not being adequately .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... 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 ..... case, the ld. cit(a) has erred in confirming the addition of rs.38,637/-." c.o. no.1 ..... on the facts and in the circumstances of the case, the ld. cit(a)-iv, new delhi has erred in confirming the disallowance of rs.23,087/- u/s 14a of the i.t. act, 1961 on estimated basis without identifying any expenditure incurred for earning tax free/exempted income. 2. that on the facts and in the circumstances of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... 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 ..... 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... the position is perhaps 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 might have been ..... the case may 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 fluctuation has to ..... 23,324/-22001-0217,88,990/-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 excise authorities which .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... made 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. in view of the ..... the assessee 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 certain documents ..... has followed. again, ar has brought the attention that even the income tax act, 1961 has not made it mandatory to follow as section 145 and 145a of the act, which is inscribed as under :- "section 145:- (1) income chargeable under the head "profits and gains of business or profession" or "income from other sources", subject to the provisions of sub-section (2), .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... this appeal are that 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 amounting to rs. ..... both the parties 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 submitted that the ..... of the impugned 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 that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... opportunity of hearing, the assessing officer finalized the assessment at nil income. the assessing officer made certain disallowances pertaining to stpi charges, telephone expenses, advertisement expenses, ..... 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 ..... is not established as to how the transactions in the present case got covered under the specific provisions of section 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
..... 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 ..... 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 ..... 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 .....
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