(v) Whether the Income Tax Appellate Tribunal was right in directing that fresh bench marking/comparability analysis should be undertaken by the Transfer Pricing Officer by applying the parameters specified in paragraph 17.4 of the order dated 23.01.2013 passed by the Special Bench in the case of LG Electronics India (P) Ltd.?"
The applicability of Section 79 to transactions in such group structures has been a contested issue which stems from the contrary rulings of the Delhi and the Karnataka High Courts (HCs) in the cases of Yum Restaurants (India) Private Limited v. ITO (Yum Restaurants) and CIT v. AMCO Power Systems Limited (AMCO) respectively.
Yum Restaurants (India) Pvt. Ltd vs. ITO (Delhi High Court) Posted on January 25, 2016 by editor. COURT: CIT vs. AMCO Power Systems Ltd (Karnataka High Court) Posted on October 29, 2015 by editor. COURT: Tata Communications Ltd vs. UOI (Bombay High Court) Teleperformance Global Services Private Limited vs. ACIT (Bombay High Court)
The Ld.AR next submitted that the facts in issue are squarely covered by the decision of the Hon''ble Karnataka High Court in the case of CIT vs. AMCO Power Systems Ltd. reported at 379 ITR 379 (Kar.). The Ld.AR consequently submitted that the AO has taken a correct view in accordance with law and there is scope for any enquiry in this regard.
The assessee as well as the Revenue have filed the appeals against the order of learned CIT (A)-I, Bangalore, dt. 9th March, 2007. The first grievance of the assessee is that
1 CIT v. AMCO Power Systems Ltd (Karnataka High Court) (ITA No.766 OF 2009 c/w ITA Nos.769/2009, 1046/2008,765/2009 & 767/2009) On scrutiny assessment, the set-off of losses
Upto the assessment year 2000-01, all the shares of the respondent-Company were held by AMCO Batteries Limited (ABL). In the assessment year 2001-02, the holding of ABL was reduced to 55% and the remaining 45% shares were transferred to a subsidiary of ABL, namely AMCO Properties and Investments Limited (for short ''the APIL'').
CIT vs. AMCO Power Systems Ltd (Karnataka High Court) The purpose of Section 79 of the Act would be that benefit of carry forward and set-off of business losses for previous years of a company should not be misused by any new owner, who may purchase the shares of the Company, only to get the benefit of set-off
3 Yum Restaurants (India) Private Limited v. ITO [2016] 237 Taxman 652 (Delhi) 4 CLP Power India Private Limited v. DCIT [2018] 170 ITD 744 (Ahd) complied with the provisions of section 79 of the Act. This judgement reaffirms that the 5 CIT v. AMCO Power Systems Limited [2015] 379 ITR 375 (Karnataka) Tax Insights
Power Amco offers range of textile production options including screen printing, embroidery, and sewing. Our Cutting-edge technology & state-of-the-art craftsmanship stand at the forefront of innovation in both quality and design.
Latest Useful Information. DCIT vs. Ozone India Ltd (ITAT Ahmedabad) ; To summarise, in our view, the issue of shares at ''face value'' by the amalgamated company (assessee) to the shareholders of amalgamating company in pursuance of scheme of amalgamation legally reco.. Maria Fernandes Cheryl vs. ITO (ITAT Mumbai) ; As noted by the Central Board of Direct
company also trades in sintered andplastic bonded batteries. ASIL primarily caters to the power, oil and gas, railways and telecommunication industries. The company was established in 2006 as a joint venture between Saft and Amco Power Systems Ltd, a part of the Chennai-based Amalgamation group of companies.
At the time of hearing, the Ld. Representative for the assessee relied upon the decision of the Bangalore Bench of the Tribunal in the case of M/s Amco Power Systems Ltd. vs. ITO vide ITA No.889/Bang/2007 dated 13.06.2009 wherein the applicability of the definition of expression "paid'' contained in section 43(2) of the Act has been approved
case of AMCO Power Systems Ltd.1 (the taxpayer) upheld the decision of the Bangalore Bench of the Income-tax Appellate Tribunal (the Tribunal) that the benefit to carry forward and set-off business losses for previous years shall be available if 51 per cent of the control and voting power of the company remains unchanged. Facts of the case
CIT vs. AMCO Power Systems Ltd (Karnataka High Court) The purpose of Section 79 of the Act would be that benefit of carry forward and set-off of business losses for previous years of a company should not be misused by any new owner, who may purchase the shares of the Company, only to get the benefit of set-off
APC Air Systems P. Ltd. v. ITO (2020)77 ITR 21 (SN) (Delhi)(Trib.) North Bihar Power Distribution Company Limited vs PR. CIT-1, PATNA (ITAT Patna) Latest Articles. Annul vs. Set Aside: Judicial Interpretations & Legal Implications; Direct Tax Vivad se Vishwas Rules, 2024. NOTIFICATION dated the 20th September, 2024
Amco Power Systems Pvt. Ltd., Bangalore vs Department Of Income Tax on 6 January, 2009. Warning on translation. Get this document in PDF. Print it on a file/printer. Download Court Copy. Select the following parts of the judgment. For entire document.
One such instance is the case of G.V.K. Industries Limited and Anr. vs. Income Tax Officer and Anr (2011). In the present case, the major focus is on the issue with regard to the powers of Parliament to legislate on extraterritorial operations. Details of the case. Name of the case: G.V.K Industries Limited and Anr. vs. Income Tax Officer and Anr.
CIT Vs. AMCO Power Systems Ltd. [TS-607-HC-2015(KAR), Karnataka High Court, dtd. 07.10.2015, in favour of assessee] HC allows loss set-off; Change in voting power, not shareholding rele-vant u/s 79 HC upholds ITAT order, allows carry forward and set-off of business losses despite change in shareholding since
Assessee following mercantile system of accounting, agreement providing for lump sum consideration for know–how is deductible, considering the meaning of "paid" in section 43(2). Amco Power Systems Ltd. vs. ITO (2010) 3 ITR 775 (Trib.) (Bang.) S. 36(1)(ii) : Business expenditure – Bonus – Ex-gratia payment
India''s startup environment is a breeding ground for innovation and growth, luring companies to return home. The once-common practice of ''flipping'' - where companies incorporated their operations abroad to tap into specific benefits - is giving way to a phenomenon known as ''reverse flipping'' or ''internalization.'' This reversal involves Indian companies, initially
Yum Restaurants (India) Pvt Ltd vs ITO [TS-5021-HC-2016(DELHI)-O] Intra-group share transfer triggers Sec 79; Ultimate Holding company not ''beneficial'' owner. 2. CIT vs AMCO Power Systems Ltd [TS-5514-HC-2015(KARNATAKA)-O] Change in voting power and not shareholding, relevant for applicability of section 79
The Supreme Court in CIT v Italindia Cotton Co. P. Ltd. [1988] 174 ITR 160, seems to have equated the change in shareholding as envisaged in Section 79 with change in control of the company. Karnataka HC ruling in CIT v. AMCO Power Systems Ltd, [2015] 379 ITR 375 (Karnataka) is a landmark ruling on this section and its interpretation. In this
The Karnataka High Court''s ruling in the case of AMCO Power Systems Ltd. (''APSL'') [TS-607-HC-2015(KAR)] has been a landmark judgement often relied upon by taxpayers to direct shareholding was diluted among its wholly-owned subsidiary AMCO Properties & Investments Ltd. (''APIL'') & itself during the year under consideration. Basis
Amco Power Systems Ltd. vs. ITO (2010) 3 ITR 775 (Trib.) (Bang.) S. 36(1)(ii) : Business expenditure – Bonus – Ex-gratia payment Ex-gratia payment made in excess of the limit
Dismissing the appeal of the revenue the court held that provision for warranty is held to be allowable as deduction . Followed Rotrok Controls India Pvt. Ltd. vs. CIT (2009) 314 ITR 62 (SC).(AY. 2008-09)
_____ (Mum), ITO v. Barodwala [1983] 4 ITD 186 (Mum) 4 CIT v. Amco Power Systems Ltd [2015] 379 ITR 375 (Kar) 5 CIT v. Select Holiday Resorts (P) Ltd [2013] 217 Taxman 110 (Del) change in the shareholding was a consequence of the amalgamation where the shareholder company of the taxpayer, i.e., amalgamating company ceased to have legal
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