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Last Updated : Tuesday 21st October, 2014 - 3:12pm
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Central Board of Excise & Customs extends the date of submission of the Form ST-3 for the period from 1st April 2014 to 30th September 2014, from 25th October, 2014 to 14th November, 2014. Continue reading | Conditions for export of Dried Silk Worm Pupae to EU have been notified. Continue reading | Where for purpose of export, assessee hired vessel owned by a UAE company which operated only in international traffic/waters between India and Maldives, in view of Indo-UAE DTAA, hire charges paid to UAE company had to be taxed only in UAE Continue reading | Determination of place of removal - CBEC issues guidelines Continue reading | Approval of long term bonds and rate of interest for the purpose of Section 194LC of the Income-tax Act, 1961 Continue reading | Govt hikes tariff value of gold and reduces the same for RBD Palmolein Continue reading | Exchange Rate for the purpose of import and export with effect from  17th October, 2014 Continue reading | Export warehousing - Extension of facility at Bhuj Taluka  in Kutch District in the state of Gujarat Continue reading | Amendment of Notification No. 27/2014 - Central Excise (NT) dated 16.09.2014 Continue reading | Levy of service tax on activities involved in relation to inward remittances from abroad to beneficiaries in India through MTSOs Continue reading |
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Category Archives: ITAT
   

ITAT

2014-ITS-1573-ITAT- Mathewsons Exports & Imports (P.) Ltd. -Vs- Assisttant Commissioner of Income-tax, Circle -1(3), Ernakulam , On. OCTOBER  21, 2014 

Where for purpose of export, assessee hired vessel owned by a UAE company which operated only in international traffic/waters between India and Maldives, in view of Indo-UAE DTAA, hire charges paid to UAE company had to be taxed only in UAE Continue reading

2014-ITS-1572-ITAT- Mitsubishi Corporation India (P.) Ltd. -Vs- Deputy Commissioner of Income-tax, Circle -6(1), New Delhi , On. OCTOBER  21, 2014 

Rigour of disallowance of payment under Section 40(a)(ia) is relaxed in case of payment to resident if recipient pays taxes on such sum and files return of income – Whether it would be contrary to scheme of DTAA and discriminatory if similar relaxation is not allowed under Section 40(a)(i) in case of payment to non-resident without withholding of taxes if such non-resident pays taxes on such sum and files return of income – Held Yes Continue reading

2014-ITS-1571-ITAT- Deputy Commissioner of Income-tax, Circle -9(1), Bangalore -Vs- India Advantage Fund – VII , On. OCTOBER  17, 2014 

Where assessee, a revocable trust, was formed with object of making investment in mezzanine fund, in view of fact that trust deed gave clear description of beneficiaries/contributories and thus, those beneficiaries were not uncertain and moreover, as regards share of each beneficiary, trustees were duty bound to follow distribution mechanism specified in trust deed, conditions regarding applicability of section 164(1) did not satisfy and, thus, assessment made in hands of assessee-trust in terms of said provision deserved to be quashed Continue reading

2014-ITS-1570-ITAT- Apollo International Ltd. -Vs- Additional Commissioner of Income-tax, Range -2, New Delhi , On. OCTOBER  13, 2014 

As long as expenses are incurred by AE under instructions from and on behalf of assessee, and assessee has reimbursed cost to AE without any mark up, arm’s length price of said transaction cannot be taken at zero Continue reading

2014-ITS-1569-ITAT- Deputy Commissioner of Income-tax, Circle -11(1), New Delhi -Vs- EDAG Engineers & Design India (P.) Ltd. , On. OCTOBER  13, 2014 

 In view of provisions of Rule 10B(1)(e)(iii) of Income-tax Rules, 1962, relief granted by Commissioner (Appeals) by making adjustments on account of capacity under-utilisation in results shown by tested party, i.e. , assessee herein and thus computing hypothetical financial results which tested party would have achieved in perfect conditions was impermissible in law Continue reading

2014-ITS-1568-ITAT- AWB India (P.) Ltd. -Vs- Deputy Commissioner of Income-tax, Circle -2(1), New Delhi , On. OCTOBER  13, 2014 

TPO cannot treat Arm’s Length Price of services paid for as ‘Nil’ by considering the services as worthless so long as the agreement under which they are rendered is not a sham and services are actually rendered under the agreement by the other party. All that TPO can see is at what price similar services, whatever be their worth, are actually rendered in uncontrolled conditions. Whether services are commercially expedient or not is a call for the assessee to take and not for the TPO to sit in judgment on that Continue reading

2014-ITS-1570-ITAT- Capsugel Healthcare Ltd. -Vs- Assistant Commissioner of Income-tax, Rewari Circle, Rewari , On. SEPTEMBER  30, 2014 

Assessment order u/s 144C is illegal and liable to be quashed if draft assessment order to which assessee is entitled to u/s 144C(15) is not furnished to the assessee by AO to enable assessee to approach DRP if he wants Continue reading

2014-ITS-1574-ITAT- Assistant Commissioner of Income-tax, Range -II, Faridabad -Vs- NHPC Ltd. , On. SEPTEMBER  30, 2014

Where assessee, a public sector company, engaged in selling electricity to State Electricity Boards, received Advance Against Depreciation (AAD) by way of tariff charges which was to be adjusted against future depreciation so as to reduce tariff in future years, amount so received was to be regarded as liability and, thus, not includible in computation of taxable income Continue reading

2014-ITS-1538-ITAT-Bank of Tokyo Mitsubishi UFJ Ltd. -Vs- ADIT, Circle-1(1), International Taxation, New Delhi , On. SEPTEMBER  19, 2014 

 Where assessee, a bank incorporated in Japan, paid salaries abroad to its expatriates working in Indian branch constituting PE, in view of fact that said expenditure had been incurred wholly and exclusively for Indian branch and, no part of those expenses could be allocated to any other branch by head office, provisions of section 44C did not apply to said expenditure and thus, assessee’s claim for deduction of salary expenses was to be allowed Continue reading

2014-ITS-1519-ITAT-Jcdecaux Advertising India (P.) Ltd. -Vs- Deputy Commissioner of Income-tax, Circle-4(1) , On. SEPTEMBER  8, 2014 

Where in pursuance of contract awarded by NDMC for construction of Bus Queue Shelters (BQS), assessee entered into manufacturing agreement with third party for manufacture and installation of BQS and also made advance payment, assessee’s business could be said to commence in relevant year and, therefore, revenue authorities were not justified in rejecting assessee’s claim for deduction of certain expenses taking a view that said expenses were in nature of pre-operative expenses as business would be set up in a subsequent year when BQSs would be ready for providing space to assessee for advertisement Continue reading

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