Weekly DT Digest

ITAT: Gains on mortgaged-property sale, though received by Bank, not income-diversion for taxpayer

Chennai ITAT rules that gains arising on sale of mortgaged property, taxable as capital gains in assessee’s hands

Mar 24,2017

ITAT: NBFC's statutory fund transfer, not diversion of income, denies deduction

Chennai ITAT denies assessee's (an NBFC) claim of deduction with respect to 20% profits transferred to Statutory Reserve

Mar 24,2017

ITAT: No Sec 194C TDS on Sugar manufacturing company’s payment to contractors on farmers’ behalf

Visakhapatnam ITAT rules that payment to contractors by assessee (a sugar manufacturing company), on  behalf of farmers,  for

Mar 24,2017

HC: Director’s statement during search, sufficient satisfaction for company’s assessment u/s 153C

Delhi HC sets aside ITAT order, holds satisfaction recorded by AO against assessee-company  for the purpose of Sec.

Mar 17,2017

HC: Non-filing return by NR despite accrued bank-interest, not valid reopening reason

Bombay HC allows assessee’s (a non-resident) writ, holds that reopening notice issued u/s 148 for AY 2009-10 was

Mar 17,2017

ITAT: Co-operative society not ‘person’ u/s 2(31) pre-2002 amendment; rejects assessment as AOP

Delhi ITAT holds that income arising to assessee (a co-operative housing society governed by the principle of mutuality),

Mar 17,2017

SC: Declines to interfere in exercise of jurisdiction u/s 263 absent leakage of revenue

SC declines to interfere in Revenue’s appeal against challenging Delhi HC order in the case of NTPC Ltd.

Mar 13,2017

HC: Dismisses writ; Empowers ITAT to call for records / file in connection with transfer-order u/s 127

Delhi HC dismisses Revenue’s writ, upholds ITAT’s power to direct production of file u/s 124 (relating to jurisdiction

Mar 03,2017

ITAT: Software payments to NR, not royalty under India-Singapore DTAA

Kolkata ITAT holds that software payments by assessee to a Singaporean company, not royalty under Article 12(3) of

Mar 03,2017

HC: Upholds capital gains exclusion from book profit calculation u/s 115JB, grants Sec 54EC benefit

Madras HC upholds ITAT order, rules that capital gains should be excluded while computing book profits for the

Mar 03,2017