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
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
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
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;
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
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
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
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
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.
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