Court : Income Tax Appellate Tribunal ITAT Chennai
..... ita no. 310/07-08 and 254/04-05 for the assessment year 2002-03 in proceedings under section 143(3) r.w.s. 147 of the income tax act 1961 [in short the "act"]. the appeals pertain to same assessment year. so they are being adjudicated upon together. we clarify that the assessing officer had passed assessment order under section ..... of national thermal power co. ltd. (supra), while dealing with this very issue, the hon'ble apex court has held as under: "under section 254 of the income-tax act, the appellate tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit. the power of the ..... . 10. further, we are well aware of the law that the purpose of raising objections to the reopening under the provisions of income tax act is to rebut the opinion of the assessing officer that any income in question has escaped assessment. it is also noticed that various courts as well as the 'tribunal' have been holding from time .....
Tag this Judgment!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 Chennai
..... ) have failed to appreciate the fact that expenditure incurred on the development of new product is revenue in nature. the expenditure is allowable under section 37 of the income tax act, as the same was incurred wholly and exclusively for the purpose of business of the assessee company. the expenditure in relation to product development has neither generated any capital asset ..... business activities of the assessee company and the treatment given in books would not affect the claim of deduction under the provisions of the income tax act. the assessee claimed that the expenditure is allowable under section 37 of the act. the assessee made an alternate prayer that in case the expenditure is to be treated as capital in nature, the assessee is entitled .....
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
..... 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
..... 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 Mumbai
..... ) 16 erred in disallowing depreciation on office building by wrongly applying provisions of explanation 4a to the provision of section 43 (1) of income tax act,1961." 17. at the time of hearing, ld counsel for assessee did not press ground no.1. hence, ground no.1 is rejected as not pressed for. 18. in respect of ..... cit(a) ought to have held that no adjustment to book profit be made while calculating taxable income u/s.115jb of the act otherwise than the prescribed adjustment in the act." 27. ground no.1 of appeal is similar to ..... the a.o be directed to allow the depreciation on building. ground no.ii "1. the ld cit(a) erred in not giving any decision in respect of addition of rs.9,69,894/- on account of depreciation in the computation of book profit u/s.115jb of income tax act, 1961 by the ao. 2. on the facts and circumstances of the case, ld .....
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), .....
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