Weekly DT Digest
ITAT: Subsidy for modernizing textile industry, capital in nature ; Directs exclusion from book-profits u/s. 115JB
Mumbai ITAT rules that subsidy received by assessee-company (a leading textile company) during AY 2012-13 under the TUF
ITAT: Profit from vessel-sale under tonnage-division, not IFOS; Deletes addition
Hyderabad ITAT deletes addition in respect of profit arising to assessee-company (engaged in shipping business and port operations)
ITAT: Deletes capital gains addition where taxpayer filed suit for cancellation of sale deed
Hyderabad ITAT deletes long term capital gain addition, holds that transfer is not complete as per Sec. 2(47) with
HC: Upholds deletion of Sec. 271(1)(c) penalty on actor Trisha Krishnan, absent 'deliberate' concealment of income
Madras HC upholds ITAT order, deletes concealment penalty u/s. 271((1)(c) on Trisha Krishnan (assessee, a Cine artist) in
ITAT: Apportionment of R&D, ESOP cost to exempt units unwarranted; Quashes Pharma Co's reassessment
Hyderabad ITAT quashes re-assessment initiated beyond 4 yrs in case of assessee (a Pharma company) for AY 2008-2009; Revenue
HC: Denies deduction u/s. 37 to lawyer for settlement expenses incurred as company’s MD / personal guarantor
Delhi HC upholds ITAT order, denies deduction u/s 37 to assessee-individual (a lawyer) for litigation/settlement expenses incurred in
ITAT: Raises alarm over illegal coercive recoveries, directs CBDT to take necessary action
Chandigarh ITAT raises an alarm over illegal coercive recoveries by Departmental officials in order to achieve their targets
ITAT: Allows long term capital loss claim, group company's share transfer, not sham
Mumbai ITAT allows assessee-company's claim of long term capital loss (LTCL) arising on sale of shares of group
SC: Dismisses SLP; No penalty u/s 271C for TDS default on ‘debatable’ nature of payments
SC dismisses Revenue’s SLPs for AYs 1994-95 to 2001-2002 against Delhi HC order in case of ITC Ltd. on the
ITAT: Capital-gains under JDA assessable in year of passing 'vacant' possession to developer
Hyderabad ITAT holds that the capital gain on transfer of property under joint development agreement (JDA) is attracted