Weekly DT Digest

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

ITAT: Training expense remitted to Chinese parent for payment to third party, not reimbursement

Kolkata ITAT rules that remission of employee training expenses to Chinese parent by assessee (an Indian company engaged in

May 19,2017

HC: Upholds ITAT order granting charity registration to State development authority

Allahabad HC upholds ITAT order granting Sec. 12AA registration to Greater Noida Industrial Development (assessee, a statutory body

Apr 28,2017

HC: Quashes re-opening merely based on a ‘Sauda-Chitthi’ for land-sale

Gujarat HC allows assessee-partner's writ and quashes re-assessment, holds that mere signing of ‘Sauda Chitthi’ for sale of

Apr 28,2017

ITAT: Directs CIT(A) to admit additional evidence; non-cooperation from CA, ‘reasonable cause’

Mumbai ITAT restores the matter back to CIT(A), in second round of litigation, directs CIT(A) to admit all

Apr 28,2017

ITAT: No Sec. 194A TDS on Bank’s interest provisioning under CBS software reversed subsequently

Bangalore ITAT remits matter to AO for reconsideration on issue of short remittance of TDS by State Bank

Apr 21,2017

HC: Allows taxpayer’s writ; Quashes AO’s curtailment of 30 days period for demand payment u/s. 220

Delhi HC allows assessee’s writ for AY 2011-12, quashes AO’s action of curtailing the normal period from 30

Apr 21,2017

HC: Upholds unaccounted sales addition on account of excess gold consumption

Gujarat HC upholds ITAT order holding excess consumption of gold by assessee firm (manufacturer and exporter of gold)

Apr 21,2017

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