Weekly DT Digest

HC: Directs ITSC to consider settlement application on merits for 'comprehensive' examination of matter

Delhi HC quashes rejection of assessee’s settlement application before ITSC, directs ITSC to consider assessee's application on merits; Holds

Oct 18,2017

ITAT: Reckons property holding period from date of sale-deed, not allotment letter

Mumbai ITAT reckons holding period of the property from the day on which the assessee got right over

Oct 18,2017

HC: No Sec. 194J TDS on payments by Bus stand management authority to State corporation

Himachal Pradesh HC upholds ITAT order holding that payments in the nature of salary reimbursements by assessee i.e.

Oct 18,2017

ITAT: Considers Indian traditions, grants partial relief for ornaments received by relatives sans evidence

Mumbai ITAT grants partial relief to assessee (a married Muslim woman)  pursuant to investment made in Fixed deposits from

Oct 18,2017

ITAT: Allows interest-deduction of closed units to operational unit in light of pending winding-up proceedings

Delhi ITAT allows assessee-company’s ( a PSU) claim of interest expenditure for AY 2009-10 payable on working capital

Oct 13,2017

ITAT: Rejects AO's backdoor entry to initiate re-assessment taking shelter of Sec 150's extended timeline

Jaipur ITAT quashes AO’s order for AY 2001-02, on grounds of initiation of proceedings against assessee (non-resident Indian)

Oct 13,2017

ITAT: Deeming fiction u/s. 50C not applicable to transfer of leasehold rights in land

Mumbai ITAT rules that leasehold rights in land doesn’t come under the ambit of 'land or building' as

Oct 06,2017

ITAT: Allows share trading loss set-off against non-delivery based F & O income

Mumbai ITAT allows share trading (cash division) loss set-off against income from F&O segment to assessee-company (a finance

Oct 06,2017

ITAT: Deletes Sec. 271(1)(c) penalty levied for unexplained credit addition u/s. 68 in quantum proceedings

Ahmedabad ITAT deletes penalty imposed u/s 271(1)(c) on assessee with respect to unexplained credit addition u/s. 68 made in quantum

Oct 06,2017

HC: Pre-operative interest on FDR kept for LC, taxable; Follows Tuticorin

Rajasthan HC rule in favour of Revenue, holds that interest earned on Fixed Deposit Receipts (FDRs) used as borrowing

Sep 29,2017