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263 orders · Page 6 of 6
The Tribunal held that expenses incurred in foreign currency, when excluded from export turnover for Section 10A calculation, must also be excluded from total turnover. It also upheld the CIT(A)'s decision regarding the allowability of employees' contribution to PF paid before the due date of filing the return.
The Tribunal remanded the comparability of ICRA Online Ltd. to the TPO for fresh consideration. It also directed the TPO to consider R Systems Ltd. and Informed Technologies India Ltd. as comparables, and Crystal Voxx Ltd. as a comparable. The addition of negative working capital adjustment was allowed.
The Tribunal remanded the comparability of ICRA Online Ltd. to the TPO for fresh consideration. It also directed the TPO to consider R Systems Ltd. and Informed Technologies India Ltd. as comparables, and Crystal Voxx Ltd. as a comparable. The addition of negative working capital adjustment was allowed.
The Tribunal allowed the assessee's appeal, directing the exclusion of Larsen & Toubro Infotech Ltd. and Persistent Systems Ltd. from the comparable companies list. This was based on previous rulings that these companies were software product companies and functionally different from the assessee's software development services.
The Tribunal held that disallowance under Section 14A should increase business income, allowing for proportionate deduction under Section 10AA. This followed a precedent set in the Infosys Ltd. case.
The Tribunal held that the assessee's activities, which involved providing short-term vocational training through franchisees, did not qualify as running an 'educational institution' as per Section 10(23C). The payments to franchisees were considered 'work' under Section 194C, making tax deduction at source mandatory.
The Tribunal held that Section 54F does not mandate ownership of the land for claiming deduction on the construction of a house. The tax authorities erred in law by requiring the assessee to own the land.
The Tribunal held that expenses incurred in foreign currency, when excluded from export turnover for Section 10A calculation, must also be excluded from total turnover. It also upheld the CIT(A)'s decision regarding the allowability of employees' contribution to PF paid before the due date of filing the return.
The Tribunal, following a precedent set by the Delhi Bench of ITAT in a similar case, held that the contribution to FIMI was made for commercial expediency and for the purpose of business. Therefore, it is allowable as revenue expenditure.
The Tribunal, in the interest of natural justice, allowed the assessee an opportunity to furnish evidence for bank deposits. The matter was restored to the AO for fresh examination, subject to payment of costs.
The Tribunal held that the AO should independently examine the transactions of the shares sold in the current years, without being influenced by the previous findings related to the Mukesh Choksi group. The assessee's contentions and furnished documents require examination by the AO.
The tribunal restored all issues to the file of the CIT(A) for fresh adjudication. The CIT(A) was directed to afford an adequate opportunity of being heard to the assessee.