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1 - 10 of 12 (0.47 seconds)Section 234C in The Income Tax Act, 1961 [Entire Act]
Section 234B in The Income Tax Act, 1961 [Entire Act]
Section 92CA in The Income Tax Act, 1961 [Entire Act]
Section 144 in The Income Tax Act, 1961 [Entire Act]
Cit vs Ekl Appliances Ltd on 29 March, 2012
11. The Court finds that the entire focus of the AO
was on just one AY and the figure of receivables in
relation to that AY can hardly reflect a pattern that
would justify a TPO concluding that the figure of
receivables beyond 180 days constitutes an
international transaction by itself. With the Assessee
having already factored in the impact of the receivables
on the working capital and thereby on its
pricing/profitability vis-à-vis that of its comparables,
any further adjustment only on the basis of the
outstanding receivables would have distorted the picture
and re-characterised the transaction. This was clearly
impermissible in law as explained by this Court in CIT
v. EKL Appliances Ltd. (2012) 345 ITR 241 (Delhi).
Section 115JAA in The Income Tax Act, 1961 [Entire Act]
The Dy. Cit, Circle-1(1)(2),, ... vs Cadila Healthcare Ltd.,, Ahmedabad on 3 March, 2017
22. Identical issue has also been examined by coordinate Bench
of the Tribunal in Kadimi Tool Manufacturing Co. Pvt. Ltd. vs.
DCIT in ITA No.7068/Del/2014 order dated 25.09.2017 and has
17 ITA No.1104/Del/2015
ITA No.1115/Del/2017
been decided in favour of the taxpayer by relying upon Kusum
Healthcare Pvt. Ltd. vs. ACIT - 170 TTJ 411 and Bechtel India
Pvt. Ltd. (supra) wherein SLP filed in the Hon'ble Supreme Court
has been dismissed.
Section 144C in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax Kanpur vs M/S Vacment India Agra on 29 October, 2014
25. We are of the considered view that while calculating the tax
paid under MAT provision, it is required to be deducted from gross
tax payable. Similarly, while calculating the tax credit of advance
tax, TDS and foreign tax is also required to be set off first in
computing the overall tax liability by the taxpayer. Particularly
when tax liability of the taxpayer is higher as per peak profit
18 ITA No.1104/Del/2015
ITA No.1115/Del/2017
computed under MAT provision of the Act, so AO is directed to
recomptue the tax liability by considering the credit of advance tax,
the TDS, the foreign tax and tax paid on MAT provision in the
light of the decision rendered by Hon'ble Allahabad High Court in
the case of CIT vs. Vacment India - 369 ITR 304 (All.). So,
Grounds No.4 & 5 in ITA NO.1104/DEL/2015 (AY 2010-11) and
Grounds No.3, 4 & 5 in ITA NO.1115/DEL/2017 (AY 2012-13)
are determined in favour of the taxpayer.