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Software Expenses Are 'Revenue In Nature' If Fixed Capital Did Not Undergo Any Change Consequent To Acquisition Of Licensed Software: Mumbai ITAT
4 months ago

Software Expenses Are 'Revenue In Nature' If Fixed Capital Did Not Undergo Any Change Consequent To Acquisition Of Licensed Software: Mumbai ITAT

Live Law  

Referring to the decision in case of DCIT v/s M/s First Advantage Private Limited, the Mumbai ITAT held that software license expenses incurred by assessee to carry out its routine operations in a more efficient manner, has to be treated as revenue expenditure. The Bench found that the taxability of software license expenditure was decided in favour of assessee by …

Nature Software Revenue Tribunal Bench License Expenditure
Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT
6 months ago

Revisionary Power Can't Be Invoked On Allegation Of Improper Inquiry By AO: Delhi ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the assessment order cannot be held to be erroneous and prejudicial to the interest of revenue merely on the allegation that the Assessing Officer has not made an inquiry and verification with regard to cash deposits as well as scrap sales.The bench of Saktijit Dey and Naveen Chandra. The …

Assessment Order Income Interest Officer Allegation Itat
Income Tax Deduction Allowable On Expenditure Incurred On Warranty Claim: ITAT
6 months, 1 week ago

Income Tax Deduction Allowable On Expenditure Incurred On Warranty Claim: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that the income tax deduction is allowable on expenditures incurred on warranty claims.The bench of Kul Bharat and M. Balaganesh has relied on the decision of the Supreme Court in the case of Rotork Controls India Ltd., in which it was held that if the facts establish or show that. …

Tax Income Period Claim Warranty Provision Itat
No Disallowance Under Section 14A Of Income Tax Act Is Warranted In Respect Of Investments Not Yielding Tax Free Income: ITAT
6 months, 3 weeks ago

No Disallowance Under Section 14A Of Income Tax Act Is Warranted In Respect Of Investments Not Yielding Tax Free Income: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that disallowance has to be worked out on the basis of investment which yielded dividend during the year and not by factoring in the total amount of investment.The bench of Amit Shukla and Renu Jauhri has observed that no disallowance under section 14A of the Income Tax Act is warranted. …

Income Tax Income Tax Act Act Itat Ita Section 14A Disallowance
Only Requirement To Be Fulfilled For Claiming Expenses U/s 57(Iii) Is That They Must Be Incurred Wholly For Earning Income From Other Sources: Ahmedabad ITAT
7 months, 3 weeks ago

Only Requirement To Be Fulfilled For Claiming Expenses U/s 57(Iii) Is That They Must Be Incurred Wholly For Earning Income From Other Sources: Ahmedabad ITAT

Live Law  

The Ahmedabad ITAT held that in the absence of the Assessing Officer pointing out as to how despite the assessee's explanation, there was no nexus between the interest-bearing funds and their utilization for making advances for earning interest income, no disallowance u/s 57 of the Income tax Act was tenable. The ITAT explained that the only requirement to be fulfilled …

Expenses Income Interest Income Act Bench Itat Assessee
Commission Expenses Can Be Allowed If Taxpayer Satisfies Rendering Of Services By Commission Agents And Income From Same Is Shown In Return: Mumbai ITAT
8 months, 1 week ago

Commission Expenses Can Be Allowed If Taxpayer Satisfies Rendering Of Services By Commission Agents And Income From Same Is Shown In Return: Mumbai ITAT

Live Law  

While deleting the addition made u/s 68 of the Income Tax Act, the Mumbai ITAT directed the assessee to file the details of the services rendered by the commission agents for availing the commission payment from the assessee. The ITAT clarified that if the assessee satisfies the AO about the services rendered by these commission agents and that they had …

Services Income Commission Bench Agents Expenditure Itat
Accepting Submissions Of Assessee Cannot Be Said As Faulty If Assessment Was Made By National E-Assessment Centre: Indore ITAT Quashes Sec 263 Order
9 months, 1 week ago

Accepting Submissions Of Assessee Cannot Be Said As Faulty If Assessment Was Made By National E-Assessment Centre: Indore ITAT Quashes Sec 263 Order

Live Law  

While holding the revision-order passed by PCIT as invalid, the Indore ITAT recently clarified that I-T authorities cannot punish the assessee by merely saying that the payee has not filed income-tax return. The Bench of Vijay Pal Rao and B.M Biyani observed that “the action of AO in accepting the replies/ submissions of assessee cannot not lack bona fides and …

Order Bench Tds Itat Assessee Pcit
No ALP On AMP Expense Is Warranted In Absence Of Agreement Between Assessee And Its AE For Service W.r.t Brand Promotion Activity: Chennai ITAT
9 months, 1 week ago

No ALP On AMP Expense Is Warranted In Absence Of Agreement Between Assessee And Its AE For Service W.r.t Brand Promotion Activity: Chennai ITAT

Live Law  

The Chennai ITAT deleted the ALP adjustment made towards The Bench comprising Mahavir Singh and Manoj Kumar Aggarwal on identical issue, noted that the Coordinate bench in assessee's own cases for AYs 2012-13 and 2016-17 deleted the adjustment holding that there was no formal agreement or arrangement between assessee and its AEs for rendering of service w.r.t alleged brand promotion …

Brand Bench Hyundai Itat Assessee Expense Its Ae
CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT
11 months ago

CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT

Live Law  

While setting aside the CIT's order enhancing assessee's income under Section 251 of Income tax Act, 1961 by disallowing Employees Stock Option Plan expenses under Section 37, the Mumbai ITAT held that the CIT has acted beyond his jurisdiction in enhancing assessee's income, since the AO during the course of assessment, has not taken into consideration the assessee's revised return …

Expenses Loss Income Return Coram Itat Revised
Income From Sub-Letting Is 'Business Income' If Object Is Business Of Renting/Licensing Of Shops: Calcutta High Court
11 months ago

Income From Sub-Letting Is 'Business Income' If Object Is Business Of Renting/Licensing Of Shops: Calcutta High Court

Live Law  

Finding that assessee's income from sub-letting/sub-licensing the space in question, has always been accepted by Respondent / Income Tax Department as, income from business, the Calcutta High Court held that assessee's income from sub-licensing/sub-letting is chargeable to tax as business income and not as income from house property. The assessee therefore made disclosure as total contribution received from letting out …

Business Space High Court Income Bench Itat Assessee
Without Pointing Out Any Specific Defect In Audited Books Of Accounts AO Can't And Should Not Make Any Estimated Addition: ITAT
1 year ago

Without Pointing Out Any Specific Defect In Audited Books Of Accounts AO Can't And Should Not Make Any Estimated Addition: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that without pointing out any specific defect in the audited books of accounts, the AO cannot and should not make any estimated addition.The bench of Kul Bharat and N. K. Billaiya has observed that the expenses claimed by the assessee were also test-checked, and while making the addition, the. The …

Books Itat Assessee Addition
Income Tax Authorities Can’t Step Into Shoes Of Businessmen To Determine Expenditure For Business Purpose: ITAT
1 year, 1 month ago

Income Tax Authorities Can’t Step Into Shoes Of Businessmen To Determine Expenditure For Business Purpose: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that income tax authorities cannot step into the shoes of businessmen to determine how much expenditure should have been incurred for the purpose of business.The bench of Astha Chandra and B. R. R. Kumar has observed that activities clearly demonstrate that the assessee had incurred expenses. The Delhi Bench of …

Expenses Tax Income Indore Itat Assessee Ita
Tax Cases Weekly Round-Up: 8 To 14 October, 2023
1 year, 2 months ago

Tax Cases Weekly Round-Up: 8 To 14 October, 2023

Live Law  

Supreme Court Case Title: Commissioner of Customs, Mumbai v. M/s Ganpati Overseas Citation : 2023 LiveLaw 864 The Supreme Court has recently highlighted that the transaction value should be the primary basis for customs valuation and that other valuation methods be invoked sequentially only when there is evidence to doubt the correctness of the declared transaction value. Case Title : …

Tax Services Customs Title Service Tribunal Held
Delhi High Court Allows Deduction To Hyatt Regency Towards Repair, Renovation, Refurbishment, Consultancy Expenses As Revenue Expenditure
1 year, 2 months ago

Delhi High Court Allows Deduction To Hyatt Regency Towards Repair, Renovation, Refurbishment, Consultancy Expenses As Revenue Expenditure

Live Law  

The Delhi High Court has allowed the income tax deduction to Hyatt Regency towards repair, renovation, refurbishment, and consultancy expenses as revenue expenditure.The bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has observed that ITAT rightly mentioned that if the owner of a building that is used for business incurs expenditure in the nature of current repairs and. …

Delhi Delhi High Court Renovation Revenue Tribunal Repair Expenditure
No Basis Of Allocation Or Actual Cost Incurred For Affiliates: ITAT Confirms Additions For Cost Reimbursement As FTS
1 year, 2 months ago

No Basis Of Allocation Or Actual Cost Incurred For Affiliates: ITAT Confirms Additions For Cost Reimbursement As FTS

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal, while confirming the additions for cost reimbursement as fees for technical services, noted that the assessee had no basis of allocation or actual cost incurred for affiliates.The bench of Aby T. Varkey and S. Rifaur Rahman has observed that the assessee has entered into a support services agreement. The Mumbai Bench of …

Support Tax Services Basis Assessee Allocation Fts
Tax Cases Weekly Round-Up: 1 To 7 October, 2023
1 year, 2 months ago

Tax Cases Weekly Round-Up: 1 To 7 October, 2023

Live Law  

Delhi High Court Case Title: PCIT Versus Pepsico India Holding Pvt. Case Title: Booking.Com India Support & Marketing Services Private Limited Versus DCIT The Mumbai Bench of Income Tax Appellate Tribunal has held that the arm's-length price of the employee stock option plan expenses cannot be taken as ‘Nil’. CESTAT Case Title: M/s Punjab Cricket Association Versus The Commissioner of …

Tax Customs Title Income Service Tribunal Held
ITAT Confirms Addition Of Expenses Incurred On Brand Reminders, Customer Gifts For Doctor
1 year, 2 months ago

ITAT Confirms Addition Of Expenses Incurred On Brand Reminders, Customer Gifts For Doctor

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has confirmed the addition towards expenses incurred on brand reminders, customer gifts, and the purchase of medical books and journals for doctors.The bench of Rahul Chaudhary and Prashant Maharishi has relied on the decision of the Supreme Court in the case of Apex Laboratories, in which it was. The Mumbai Bench of …

Medical Doctor Itat Cit Customer Gifts Brand Reminders Medical Books
ALP Of The ESOP Expenses Cannot Be Taken As ‘Nil’: ITAT
1 year, 2 months ago

ALP Of The ESOP Expenses Cannot Be Taken As ‘Nil’: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that the arm's-length price of the employee stock option plan expenses cannot be taken as ‘Nil’.The bench of Rahul Chaudhary and S. Rifaur Rahman has observed that the transfer pricing addition of INR 26,53,078 is, therefore, set aside, and the TPO/Assessing Officer is. The Mumbai Bench of Income Tax Appellate …

Expenses Employee Inr Itat Appellant Esop Tpo
Employee Stock Option Expenses Revenue In Nature: ITAT Deletes Disallowance Against Cleartrip
1 year, 3 months ago

Employee Stock Option Expenses Revenue In Nature: ITAT Deletes Disallowance Against Cleartrip

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that employee stock option expenses are revenue in nature.The bench of Sandeep Singh Karhail and Prashant Maharishi has directed the assessing officer to delete the disallowance of employee stock option expenditure of Rs. The Mumbai Bench of Income Tax Appellate Tribunal has held that employee stock option expenses are revenue …

Nature Stock Revenue Employee Option Itat Cleartrip
Delhi High Court Deletes BLT Based AMP Adjustment For Yakult Danone For Non-Existence Of International Transaction
1 year, 4 months ago

Delhi High Court Deletes BLT Based AMP Adjustment For Yakult Danone For Non-Existence Of International Transaction

Live Law  

The Delhi High Court has deleted the Bright Line Test -based Advertising, Marketing, and Promotion Adjustment for Yakult Danone for the non-existence of international transactions.The bench of Justice Rajiv Shakdher and Justice Girish Kathpalia has dismissed the department’s appeal, which challenged the ITAT’s order, and held that the "bright line test" has no statutory mandate. The Delhi High Court has …

Delhi High Court Itat Tpo Blt International Transaction Promotion Amp Yakult Danone
ITAT Disallows Interest Paid On Loan Taken For Paying Compensation To Family Members Pursuant To Arbitral Award On Family Settlement
1 year, 5 months ago

ITAT Disallows Interest Paid On Loan Taken For Paying Compensation To Family Members Pursuant To Arbitral Award On Family Settlement

Live Law  

The Panaji Bench of the Income Tax Appellate Tribunal has disallowed the interest paid on a loan that was taken for paying compensation to the assessee’s family members pursuant to an arbitral award on family settlement.The bench of R.S. The Panaji Bench of the Income Tax Appellate Tribunal has disallowed the interest paid on a loan that was taken for …

Family Income Tax Interest Family Members Claimed Itat Assessee
Payment Made For Acquiring Membership In A Social Club Can’t Be Allowed As Business Expenditure: ITAT
1 year, 5 months ago

Payment Made For Acquiring Membership In A Social Club Can’t Be Allowed As Business Expenditure: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has observed that payments made for acquiring membership in a social club could not be allowed as business expenditure when there was no evidence to prove that membership in the social club was acquired for entertaining customers by the assessee.The bench of Vikas Awasthy and Om Prakash Kant. The Mumbai Bench …

Business Club Membership Fee Cpc Expenditure Itat
Expenses For Community Development, Environment Health & Safety : ITAT Allows CSR Expenditure
1 year, 6 months ago

Expenses For Community Development, Environment Health & Safety : ITAT Allows CSR Expenditure

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that once the expenditure has been accepted to be for community development and environmental health and safety expenses, the same cannot be held to have not been incurred wholly and exclusively for the purpose of business in the year under consideration.The bench of Sandeep Singh Karhail and Amarjit. The …

Community Expenses Development Community Development Assessee Expenditure Incurred Itat Allows
ITAT Deletes Income Tax Addition Towards ESOP
1 year, 7 months ago

ITAT Deletes Income Tax Addition Towards ESOP

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has deleted the income tax addition towards ESOP.The bench of Amit Shukla and Padmavathy S. has observed that ESOP expenses are capital in nature.The appellant/assessee company is engaged in the manufacturing of branded FMCG products, namely foods and beverages and home and personal care. The Mumbai Bench of the Income Tax …

Itat Esop Esop Expenses