AIT-2008-01-ITAT
Voltas Ltd Vs ACWT, Mumbai-Special Bench

Whether value of immovable asset owned by assessee includible in the net wealth of the owner/assessee or the lessee in terms of section 4(8)(b) of the Wealth Tax Act read with section 269UA(f) the I-T Act where the term of the lease is (i) exceeding 12 months but less than 12 years; and/or (ii) exceeding 12 years

AIT-2008-02-ITAT
Shri Saurabh Srivastava Vs DCIT, New Delhi -Special Bench

Non-compete fees received by the assessee from F.I. Plc. UK being in the nature of a capital receipt not liable to tax

AIT-2008-03-ITAT
Ms. Mayawati Vs DCIT New Delhi

AIT-2008-04-ITAT
IBM Global Services India Private Ltd Vs DCIT, Bangalore

Payment made for using database is revenue and allowed.  expenditure included in valuation of transfer of human skills & representing  credit to transferred employees in respect of their services to Tata IBM, is not allowable

AIT-2008-10-ITAT
Rolls Royce Pl Vs. DDIT, New Delhi

Though contracts are signed outside India yet the negotiations and other discussions are in India and hence, all other profits can be said to accrue or arise into directly or indirectly through the operations of PE in India.  

AO processed the return u/s 143(1) and levied tax @ 35% applicable to ‘04’ status against the tax rate of 30% applied by the assessee

Business connection established in India -section 9(1)(i) the income in respect of the booking which takes place from the equipment in India can be deemed to accrue or arise in India and hence taxable in India

Amount received on redemption of stock appreciation rights is in the nature of income

 whether income from warehousing is income from business or income from house property-claim of assessee was accepted in past- in view of the rule of consistency, claim of assessee has to be accepted for year under consideration

 investment was in the joint names of herself, and her son- exemption from capital gains tax under Section 54EC of Income Tax Act admissible

 AO does not have the jurisdiction to go beyond the net profit as per Profit & Loss account except as provided in Explanation to Sec.115JA of Income Tax Act-AO has to levy the tax only on the book profit as per the Balance Sheet

 determination of Arm's Length Price of international transaction with Associated Enterprises-AO, in the light of instruction of CBDT, was duty bound to refer the matter to the TPO

 certificate u/s 195 (2) from ITO or for non-deduction of tax at source on payment to non-resident-payments made through Contractors to the non-residents in respect of mobilization and demobilization charges is covered within the provision of section 40 (a) (i) of the Act

 Sum received pursuant to a restrictive covenant amounts to non compete fee which was not taxable

 right to receive interest of Rs. 2,40,000/- in question for the year under consideration was waived by the assessee company and as a result of the said waiver, there was no real income which could be brought to tax in its hands in that year on accrual basis

 where CIT does not pass order granting or refusing registration of Trust within the period laid down in sec.12AA(2) registration would be deemed granted

 Reassessment made after the expiry of four years from the end of the relevant assessment year cannot be justified 

Special Bench-telecommunication services through earth station set up by the assessee cannot be characterized either basic or cellular- assessee not entitled to deduction under section 80IA

Gutkha and pan masala containing tobacco are "tobacco preparation" and "chewing tobacco" within the meaning of Item no. 2 of the Eleventh Schedule to the I-T Act. Assessee manufacturing or producing Gutkha is not entitled to claim deduction u/s. 80I/80IA

Analysis undertaken to determine the arm's length price of the international transaction with Datacore USA is correct and on the basis of the analysis it is seen that transaction undertaken by the taxpayer with Datacore USA is at arm's length

Plot of land became the property of the Scindia family on the marriage of Jivajirao Scindia-auction sale of plot not given rise to capital gain exigible to tax  

It is not the case of the assessee that the deposit kept with the bank had any nexus with the setting up of the plant. In fact, it is a surplus fund which were kept with the bank on which the assessee earned interest. interest earned by the assessee even during the construction period on the short term deposit kept with the bank is assessable as an income

Deduction u/s 80HHC- To find out the direct cost relatable to trading export, one has to reduce that part of the direct cost attributable to earnings of DEPB from the value of total direct cost. any difference in realization of DEPB license will be treated u/s 28(iiid) of the Act

RBI's "Optional Early Retirement Scheme" (OERS) - assessees are entitled for relief u/s. 10(10C) of the I.T. Act in respect of the sums received under the OERS up to a sum of Rs. 5 lacs. assesses also entitled to relief u/s. 89 of the Act in respect of the sums, which are in excess of the exemption granted