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As Internat'nl transact'ns consistent with ALP, thus no TP adjustments, ITAT
Dec. 11, 2015
Assessee, subsidiary of foreign Co. mfd. & traded fluid power hydraulic equipm't. It imported raw materials & exported finished goods. TPO held, separate benchmarking required to be undertaken for manufacturing as well as trading segment. Thus, an adjustment was computed by applying external TNMM. On appeal ITAT held, international transactions entered into were consistent with ALP & no transfer pricing adjustment was required to be mad…
No explanation for delay in amending petition, could'nt be condoned, held HC.
Nov. 04, 2015
Writ petition filed by trustees.They expired during proceedings. New trustees took over. They filed application for amendment in petition. Delay took place due to which condonation of delay was sought on ground that AOR informed them that records were not available. HC held, comparing with other entries in register, found that rule in writ petition was not discharged for default. Delay of 32 years was unexplained, thus can't be condoned.
Roll over charges represent diff. arising due to change in foreign ex. rates. SC
Nov. 06, 2015
Assessee-Co procured foreign currency loan for business expansion. AO disallowed roll over premium charges paid by assessee for foreign ex. forward contracts to bank on ground, charges were incurred in connection with purchase of capital asset. Hence, were inadmissible for deduction u/s 36(1)(iii) or u/s 37. On appeal CIT & HC allowed it. On appeal SC held, Roll over charges represent difference arising on account of change in foreign ex. rates.-0…
AO held erroneous in invoking Sec. 43 for determining actual cost in deal.
Nov. 02, 2015
Assessee acquired business of EMD at slump price. AO found, assessee enhanced value of assets as WDV of assets shown & disallowed excess depreciation. On appeal, CIT(A) held, there was no question of evading tax liability by assessee even if lower depreciation was granted. On appeal, ITAT upheld order of CIT(A). On appeal, HC upheld CIT(A) & ITAT decision stating that assessee had no income for it to reduce its tax liabilities by way of transfer.-0…
Set-off claim of assessee disallowed by AO, allowed u/s 73 of I.T. Act by HC .
Dec. 11, 2015
Assessee was share broker & member of NSE & BSE Ltd. In return showed loss. Its set off claim was disallowed by AO as it was a pvt. Co. & not banking Co. CIT(A) upheld it. Tribunal held loss suffered as business loss. On appeal HC held, prohibit'n u/s 73 is attracted only to set off loss in speculative business against profit from other business, because loss from speculation business should be set off only from a profit of speculation …
Int. income earned on fixed deposits as income from other sources fell u/s 80HHC
Nov. 04, 2015
Assessee imported & sold timber. Assessee had interest income earned on money lent to other parties. AO treated it as 'income from other sources. Assessee alleged it as 'business income. On appeals CIT & Tribunal rejected it. On appeal HC upheld it stating, interest income earned on fixed deposits, treated as income from other sources, hence, it is to be considered in calculation to be done in accordance with clause (baa) of Sec. 80HHC. -010593
Non obstante clause in Sec. 80-IA(5) overrides all proviso. held HC.
Dec. 08, 2015
Tribunal held, u/s 80-IA(5), while computing profits from eligible business for allowing deduct'n u/s 80-IB, deduct'n of losses set off against profits from other business was to be taken into considerat'n. On appeal HC held, non obstante clause in Sec. 80-IA(5) overrides all proviso. In absence of non obstante clause & because of non-obstante clause, set off amount against other income of assessee has to be ignored. Tribunal's order was upheld.-00…
Sum paid by Co. to lessor was not revenue exp. made for working cap. asset, SC
Nov. 14, 2015
Assessee Co. acquired from State Govt. lease of limestone quarries for manufacture of cement. In a/c year Co. paid its lessor as per two covenants & claimed to deduct sum in computation of its business profits u/s 10(2)(xv). AAC, ITO & Tribunal rejected it. On reference HC upheld it. SC upheld it too holding that sum agreed to be paid by Co. to lessor was not revenue exp. which was made by Co. for working capital asset which it had acquired.-010366
There is Difference between accounting income & taxable income held SC.
Nov. 06, 2015
Appellant NPO in USA granted tax exempt. as edu. institute there. It has branch office in India. CBDT rejected its application u/s10(23C). On writ HC upheld order of CBDT. On appeal SC Held, diff. between accounting income & taxable income. u/s 10, it is accounting income. It is open to prescribed authority, if it deems fit, to stipulate that certain percentage of accounting income would be utilized for impartation of education in India.
Assessee directed to show records on which change in accounting policy made.
Nov. 23, 2015
Assessee filed return declaring loss. Assessment completed u/s 143(3) &Sec.115JB. AO reopened assessment on ground of no change in accounting policy regarding dep. AO made addit'n to book profit on account of applying reduced rate of dep. CIT(A) upheld it. On appeal ITAT held, issue on merits is set aside to record of AO for deciding afresh after verification & examination of relevant record, which assessee has not produced before AO & Tribunal.-00…

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Here is business page of Ankur, with all his work

About Portfolio

My dear ,

My dear ,

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Ok , no issues, if you have a question then you can try the search feature at quaremon.

Hi Thakurani,I want to deposit in my accountThanks,

Hi Thakurani,
I want to deposit in my account
Thanks,