Home Highlights September 2012 Year 2012 This

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1. TP Adjustment - Working capital adjustment - there is no need for making any negative working capital adjustment, when assessee does not carry on with any working...

2. Disallowance of interest relating to Capital Work in Progress (CWIP) - The Appellant has furnished the relevant working capital facility agreements and ledger account to...

3. TP Adjustment - working capital adjustment - No document whereby the assessee has made any request before the learned transfer pricing officer or before the learned...

4. The assessee's claim for deduction u/s 80IA(4) was denied on the grounds that the assessee is not a developer of any infrastructure project but a simple works contractor...

5. The assessee claimed that no capital gain was chargeable on receipt from transfer of trademark as there was no cost of acquisition. However, the tribunal held that the...

6. Disallowance of depreciation on the Project Berth - cost of construction / development - Circular can be applied retrospectively in respect of deductions claimed in...

7. TP Adjustment - No adjustment towards working capital has been allowed to the assessee - One has to see that reasonable adjustment is being made so as to bring both...

8. TP Adjustment - Grant of negative working capital adjustment - Since the assessee does not have any working capital risk, the question of negative working capital does...

9. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

10. Amortization of premium paid on investments under "held to maturity category" - assessee is entitled to the amortization of security premium, as claimed - HC

11. Long-term capital gain - cost of acquisition - capital gain worked out by the DVO - They have calculated the long-term capital gain simply by taking into consideration...

12. Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

13. Cenvat credit claims on spare parts considered as capital goods were rejected u/ss 11B and 12B of the Cenvat Excise Act. As per the definition of "Inputs" in Rule 2(k)...

14. The assessee, a works contractor, filed a return in compliance with Section 153A notice and claimed deduction u/s 80IA, which was not claimed in the original return...

15. Provision for warranty - Assessee has explained the basis for working of the provision for warranty based on past experience and it is not on adhoc basis - Claim of...