Additional consideration received in terms of letter of open offer due to delay in making open offer and dispatch of letter of offer, is part of share price of original transaction not penal interest for delayed payment. The additional consideration is capital receipt. Facts An open offer was made by Oracle to the shareholders of […]
PCIT VS. LUWA INDIA PVT. LTD. [TS-281-HC-2021 (KAR HC)-TP]
While exercising jurisdiction u/s 92CA(3), the TPO can only determine the ALP of an international transaction and cannot examine the allowability of the claim by applying the benefit test or the conditions as provided under Section 37(1) of the Act Facts The assessee, was engaged in the business of manufacturing textiles machines for textile manufacturers […]
CO-OWNERSHIP AND EXEMPTION UNDER SECTION 54F
Individual or HUF assessee’s are exempted from payment of income tax on capital gains arising from the transfer of any long-term capital asset, (not being a residential house), u/s. 54F of the IT Act on the purchase or construction of a residential house within the specified period. The exemption is subject to fulfilment of the […]
PCIT VS. JAYA UDAY TULJAPURKAR [ITA 53 of 2017; dated 22nd April, 2019] (Bombay HC)]
Capital gains from sale of flat owned by a co-operative housing society on a piece of land which was granted under a long-term lease is eligible for deduction under section 54. Facts The father of the assessee was allotted a flat in a residential complex in a co-operative housing society. The complex was constructed on […]
CHANDRESHBHAI JAYANTIBHAI PATEL VS. ITO 413 ITR 276 (GUJ)
Reassessment Notice issued in name of dead person is not valid if objected by legal representative Facts The Petitioner is the son of the late Mr. Jayantibhai Harilal Patel, who passed away on 24th June, 2015. The AO issued notice u/s. 148 of the Act dated 28th March, 2018 in the name of the deceased […]
INTEREST U/S 244A FOR PERIOD OF DELAY ATTRIBUTABLE TO ASSESSEE
In case of refunds payable to the assessee, interest is payable in terms of sub-section (1) of section 244A of the Act. Section 244A(2) of the Act however provides that if the proceedings resulting in the refund are delayed for reasons attributable to the assessee whether wholly or in part, the period of delay so […]
ULO SYSTEMS LLC V DCIT (2019) 105 TAXMANN.COM 259 (DELHI TRIBUNAL); TS-164-ITAT-2019(DEL)
Equipment was placed and personnel were stationed on the vessel of the main contractor for carrying out grouting work. The ITAT held that the vessel was a fixed place of business through which the assessee carried on business Facts: The Assessee is a company incorporated in UAE. The Assessee is carrying on grouting services in […]
ADITYA KHANNA V. ITO (2019) 105 TAXMANN.COM 323, TS-285-ITAT-2019 (DEL)
The ITAT held that credit for state taxes paid in USA can be availed under section 91 of the Act Facts The Assessee individual, is a “Resident but not ordinary resident” in India. During the year under consideration, the Assessee was in India for a period of 224 days. He filed the return of income […]
SECTION 154 – WHETHER NON-CONSIDERATION OF JURISDICTIONAL HC OR SC DECISION CAN BE TERMED AS ʻMISTAKE APPARENT FROM THE RECORDʼ
Non-consideration of decision of Jurisdictional High Court or of the Supreme Court can be termed as ʻmistake apparent from the recordʼ which can be the subject matter of rectification application u/s. 154 even if not claimed earlier by the assessee during assessment proceedings or appellate proceedings Sharda Cropchem Limited vs. DCIT [2019] 71 ITR (Trib.) […]
SECTION 54F EXEMPTION WHEN ASSESSEE JOINTLY OWNS RESIDENTIAL HOUSE
Ashok G. Chauhan vs. ACIT [2019] 105 taxmann.com 204 (Mum) – Condition of not owning more than a residential house on the date of transfer of the original asset would mean absolute ownership. It does not cover within its sweep a case where the assessee jointly owns residential house together with someone else Facts The […]