Weekly DT Digest

HC: Upholds ITAT; Investment trust not assessable as AOP; Sec 164(1) inapplicable

Karnataka HC upholds ITAT order quashing  AO's order holding assessee-trust [set up for investment in mezzanine instruments] as 'AOP'

Feb 17,2017

HC: Deletes Sec. 40(a)(ia) disallowance on interest paid to foreign supplier towards machinery imported

Delhi HC reverses ITAT order for AY1996-97, deletes disallowance made u/s 40(a)(i) towards non-deduction of TDS on interest paid by

Feb 17,2017

HC: Assessee’s ground for non-payment of advance-tax non-existent, confirms interest levied u/s 215

Bombay HC confirms interest levied u/s 215(1) towards short / non-payment of advance tax for AY 1976-77, rejects assessee’s plea that liability to

Feb 17,2017

ITAT: NR’s project office in India, not installation PE absent contract execution through PO

Kolkata ITAT rules in assessee’s favour for AY 2010-11, holds project office (‘PO’) in India of a Dutch

Feb 10,2017

ITAT: Allows interest deduction u/s 24(b) on vacant property subject to offering ‘notional’ rental-income

Mumbai ITAT holds assessee-company (engaged in letting out properties) eligible for  interest deduction u/s 24(b) subject to declaring

Feb 10,2017

ITAT: FTS, not taxable sans specific FTS article under India-Thai DTAA; Rejects residuary-clause applicability under Article 22

Chennai ITAT rules that payment on account of fees for technical services (‘FTS’) to Thailand based entities by

Feb 10,2017

HC: Power to grant/refuse 'compounding application', discretionary; CBDT's 'eligibility criteria', a mere guidance

Delhi HC allows assessee’s writ, sets-aside Chief Commissioner’s order refusing to consider assessee’s compounding application u/s 279(2); Pursuant

Jan 20,2017

ITAT: NR-payments for IPS not taxable as stay in India less than 183 days

Mumbai ITAT deletes addition u/s 40(a)(i) for TDS default on payments made by assessee-company to NR-individuals for providing

Jan 20,2017

HC: Sets-aside ITAT order dismissing rectification application in breach of Tribunal-Rules

Bombay HC allows assessee’s (club) writ for AY  2009-10, sets aside ITAT order dismissing assessee’s application for rectification of order

Jan 19,2017

HC: Upholds deletion of unexplained income u/s 68 absent intensive investigation by AO

Delhi HC dismisses Revenue’s appeal for AY 2001-02, upholds deletion of sums brought to tax by the AO

Jan 18,2017