Weekly DT Digest

ITAT: Allows MTM losses deduction to Reliance Infra, applies Woodward Governor ratio

Mumbai ITAT allows deduction u/s. 37(1) to Reliance Infrastructure Ltd. with respect to mark to market loss (i.e

Jun 16,2017

ITAT: Quashes assessment u/s. 153A, distinguishes Gunjan Girishbhai Mehta (SC) ruling

Delhi ITAT quashes Sec. 153A assessment on assessee company for AY 2004-05, holds the same as invalid in

Jun 16,2017

ITAT: Restores case to AO for ‘denovo’ assessment; Denies assessee’s illegitimate grievance

Delhi ITAT restores the matter for AYs 2008-09 and 2009-10  to the file of AO for making denovo

Jun 16,2017

ITAT: Sec. 10A tax-holiday period to be reckoned from date of re-locating to STPI unit

Chennai ITAT upholds denial of Sec. 10 deduction in reassessment proceedings for AY 2009-10 initiated within four-years period;

Jun 16,2017

ITAT: Holds land as agricultural as AO failed to prove commercial activities

Chennai ITAT rules in assessee’s favour, holds land as ‘agricultural’ in character and consequently the gains arising on

May 26,2017

HC: Upholds ITAT order quashing invocation of Sec.153A; Applies Kabul Chawla ratio

Delhi HC upholds ITAT order holding that invocation of Sec. 153A by Revenue for AYs 2000-01 to 2003-04

May 26,2017

ITAT: Grants stay of penalty proceedings pending disposal of quantum proceedings

Delhi ITAT grants stay of penalty proceedings pending disposal of quantum appellate proceedings before it in case of Oracle India

May 25,2017

ITAT: Restricts assessee's Sec. 54 deduction claim, observes diversion of sale proceeds into business

Chennai ITAT restricts assessee’s (individual) claim for capital gains exemption u/s 54 to the extent of amount utilised

May 19,2017

ITAT: Allows depreciation deduction despite TDS default on ‘capitalised’ software payment

Bangalore ITAT sets aside CIT(A)’s order for AY 2010-11 disallowing depreciation invoking provisions of Sec.

May 19,2017

ITAT: Declaring undisclosed income vide revised return prior to notice issuance - not ‘concealment’

Chennai ITAT deletes concealment penalty u/s 271(1)(c), holds assessee-individual’s declaration of additional income by filing a revised return

May 19,2017