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168 orders · Page 4 of 4
The CIT(Appeals) upheld the AO's addition, relying on a Karnataka High Court judgment. The tribunal agreed that the assessee had not questioned the registration value, making Section 50C applicable.
The Tribunal found the CIT(A)'s order to be cryptic as it did not address whether the assessee had commenced commercial production. The issue was restored to the CIT(A) for a reasoned order.
The Tribunal noted that the assessee claimed the difference in capital as additional capital introduced. The Tribunal also felt that the addition for purchases was made solely due to non-furnishing of invoices. Therefore, both issues were restored to the CIT(A) for fresh examination.
The Tribunal partly allowed the assessee's appeal and dismissed the revenue's appeal. It upheld the DRP's exclusion of certain comparable companies and the decision on Section 10A deduction.
The Tribunal partly allowed the assessee's appeal and dismissed the revenue's appeal. The decision on transfer pricing adjustments was influenced by a MAP resolution for USA-based transactions, with a direction to apply the settled rate to non-USA based transactions. The revenue's grounds regarding exclusion of comparables and Section 10A deduction were dismissed.
The Tribunal directed the exclusion of specific comparable companies (Infosys Technologies Limited, Persistent Systems Limited, ICRA Techno Analytics Ltd., KALS Information Systems Ltd., Tata Elxsi Ltd., and Larsen & Toubro Infotech Limited) due to functional dissimilarity. It also directed that working capital adjustment be granted on an actual basis without an upper limit.
The Tribunal found that the assessee had made elaborate submissions before the AO and CIT(A) which were not properly considered. Therefore, the appeals were restored to the AO for fresh consideration of the assessee's submissions.
The Tribunal found that the assessee had made elaborate submissions before the AO and CIT(A) which were not properly considered. Therefore, the appeals were restored to the AO for fresh consideration of the assessee's submissions.
The Tribunal held that brought forward deficit from earlier years is allowable as application of income for charitable purposes in subsequent years, following the jurisdictional High Court's ruling.
The Tribunal held that the period for realization of export proceeds should be considered as 12 months as per RBI circular, allowing recomputation of Section 10A deduction. The disallowance under Section 14A was restricted to Rs. 2.00 lakhs. The disallowance of foreign language training for spouses was confirmed.
The Tribunal held that brought forward deficit from earlier years is allowable as application of income for charitable purposes in subsequent years, following the jurisdictional High Court's ruling.
The Tribunal held that brought forward deficit from earlier years is allowable as application of income in subsequent years, following the jurisdictional High Court's decision in Manipal Academy of Higher Education.
The Tribunal restored the issue of deduction under Section 80P(2)(a)(i) to the AO for fresh examination in light of the Supreme Court's decision in Mavilayi Service Co-operative Bank Ltd. Similarly, the issue of deduction under Section 80P(2)(d) for interest income was also restored to the AO.
The Tribunal held that ESOP expenses are allowable as a deduction at the time of vesting, as per the Biocon Ltd. decision. The disallowance based on non-deduction of TDS at the vesting stage was not justified, as taxability in the employee's hands might occur later.
The Tribunal found that neither the AO nor the CIT(A) had properly examined the nature of services provided by the AE in light of the DTAA. The matter was restored to the AO for fresh examination.
The Tribunal held that the reopening of assessment was valid as the assessee failed to disclose material facts. However, it found that the JDA did not constitute a 'transfer' under Section 2(47)(v) of the Income Tax Act, as the conditions for Section 53A of the Transfer of Property Act were not met.
The Tribunal held that the issue of whether the assessee's activities constitute ITES, and thus eligibility for deduction under Section 10A, had attained finality in favour of the assessee. Consequently, the concessional FBT rate claimed was upheld.
The Tribunal held that the period for realization of export proceeds should be considered as 12 months as per RBI circular, allowing for recomputation of Section 10A deduction. It also estimated the disallowance under Section 14A at Rs. 2.00 lakhs, setting aside the higher disallowance. The disallowance of foreign language training for spouses was confirmed.