Weekly DT Digest

ITAT: Mere investments in ‘penny stocks’ cannot result in LTCG exemption denial

Chennai ITAT sets aside AO’s order rejecting assessee-individual’s claim of long term capital gains (‘LTCG’) exemption upon sale

Nov 06,2018

ITAT: Holds receipts/awards by cricketer as exempt under CBDT Circular; Follows precedents

Pune ITAT deletes addition of one time receipt (OTB) /award received by the assessee (former cricketer) from BCCI

Nov 02,2018

ITAT: Allows deduction for municipal taxes pertaining to years when assessee was not owner

Bangalore ITAT allows deduction of payment of municipality taxes made by assessee-company during AY 2015-16 while calculating Annual

Nov 02,2018

ITAT: No concealment penalty regarding capital gains on switch from one MF to another

Kolkatta ITAT deletes penalty u/s 271(1)(c) for capital gains not disclosed by assessee on switch over of investment

Nov 02,2018

ITAT: Allows assessee’s exemption u/s 54F on capital gains arising from sale of depreciable asset

Ahmedadbad ITAT deletes disallowance of exemption u/s 54F on individual assessee, rules that capital gain earned by the

Oct 26,2018

HC: TDS u/s 195 inapplicable on commission to non-resident agents despite some sale happened in India

Gujarat HC upholds ITAT order and deletes Sec. 40(a)(i) disallowance made by AO for TDS non-deduction on commission

Oct 26,2018

HC: Directs ITAT to dispose MAs in the order in which they are instituted/filed

Bombay HC directs ITAT to expeditiously dispose off assessee’s Miscellaneous Application (MA), expresses anguish on ITAT not communicating

Oct 25,2018

ITAT: Payment to Swedish co. for software up-gradation not FTS/royalty

Pune ITAT holds that fees received by the assessee (Sweden company) for up-gradation of software from its Indian

Oct 25,2018

HC: Lays down principles on interest allowability u/s. 36(1)(iii), AO wrongly interpreted S.A Builders case (SC)

Delhi HC upholds ITAT order deleting interest disallowance u/s. 36(1)(iii),  notes that pursuant to HC remand directing AO

Oct 25,2018

ITAT: Redemption of mutual fund units, taxable as ‘capital gains’ and not ‘business income’

Delhi ITAT dismisses revenue’s treatment of assessing profits arising from redemption of mutual funds as ‘business income’ instead

Oct 23,2018