Weekly DT Digest

SC: Stays operation of HC judgment upholding deemed dividend taxability on advances

SC stays operation of Delhi HC judgment upholding deemed dividend taxability on advances received by assessee-company during AY

Jun 01,2018

ITAT: Software payments not royalty under India-UK DTAA, follows Infrasoft ruling

Delhi ITAT rules that consideration received by assessee (a UK-based company engaged in development and distribution of software

Jun 01,2018

HC: No TDS u/s 195 on foreign agency commission absent chargeability under the Income-tax Act

Gujarat HC upholds ITAT order and deletes disallowances u/s 40(a)(ia), rules that commission payments made by assessee-company to

Jun 01,2018

ITAT: Disallows excess depreciation claim than under Companies Act for MAT purposes

Chennai ITAT disallows assessee's depreciation claim on windmill in excess of that prescribed under Schedule IV of Companies

May 26,2018

ITAT: Deletes concealment penalty on SRK, Dubai villa income taxability not free from doubts

Mumbai ITAT deletes penalty levied u/s 271(1)(c) on Shahrukh Khan (assessee) during AY 2010-11, rules that addition/disallowance made

May 26,2018

ITAT: ITAT: Deletes Sec. 271(1)(c) penalty, assessee under 'bonafide' belief for not returning capital gains

Ahmedabad ITAT deletes penalty u/s 271(1)(c) imposed on individual-assessee, holds that the assessee was under bonafide belief for not showing

May 26,2018

ITAT: No denial of exemption u/s. 11 for Trust advancing loan in violation of sec.13(1)(d)

Delhi ITAT deletes disallowance of loan advanced by assessee-trust to other charitable institution u/s 10(23C) and u/s 11

May 25,2018

ITAT: Deletes concealment penalty despite assessee's stand in reassessment contradictory to SC ruling

Delhi ITAT confirms deletion of penalty u/s 271(1)(c) despite assessee's return pursuant to notice u/s 148 declaring Nil

May 18,2018

ITAT: AO can assess income lower than returned income despite resulting in refund

Kolkata ITAT upholds CIT(A)’s direction to tax the income from mutual funds after excluding principal sum of investment

May 18,2018

ITAT: Restricts disallowance u/s 14A to quantum of exempt income; Cites Article 265 of Constitution

Mumbai ITAT restricts disallowance u/s 14A to the amount of exempt income for AY 2012-13 notwithstanding that the

May 18,2018