Weekly DT Digest

HC: Share-sale income, not STCG; 80% shares held for less than 7-days

Bombay HC rules that income earned by individual-assessee during AY 2007-08 from share sale transactions is in the

Aug 24,2018

ITAT: Deletes LTCG addition on land transferred under development agreement sans project completion

Mumbai ITAT deletes long term capital gain (LTCG) addition on individual-assessee during AY 2014-15, rules that until the

Aug 24,2018

ITAT: Allows deduction u/s 36(1)(viia) on rural advances despite branches situated within 8Kms of town

Chandigarh ITAT allows deduction u/s 36(1)(viia) @ 10% to assessee-bank during AYs 1999-2000 and 2000-01 on rural advances

Aug 24,2018

HC: ‘Factual error’ pointed out by Audit party, not ‘tangible material; Quashes reassessment

Delhi HC quashes reassessment u/s 148 (beyond 4 years period) premised on ‘factual error’ pointed out by the

Aug 24,2018

ITAT: Holds property not transferred in year of entering into JDA absent handing-over of possession

Chennai ITAT holds that transfer of property by assessee under Joint Development Agreement (JDA) took place in subsequent

Aug 17,2018

HC: Upholds commission disallowance, ITAT’s finding not perverse merely because another finding / conclusion possible

Delhi HC upholds ITAT order disallowing expenditure of Rs.1 crore paid as commission by assessee-company (agent of Korean

Aug 17,2018

HC: Directs ITAT to examine whether Company incorporated under ROC Sikkim Act constitutes Indian co. u/s. 2(26)

Delhi HC directs ITAT to examine as to whether the assessee company (incorporated under Registration of Companies (Sikkim)

Aug 17,2018

ITAT: Deletes capital-gains adjustment u/s 115JB, accepts authenticity of accounts prepared under Companies Act

Mumbai ITAT deletes adjustment made by AO towards capital gains arising to assessee-company on sale of property during

Aug 17,2018

ITAT: Allows deduction for ‘freebies’ to doctors, MCI regulations inapplicable to Pharma Co

Mumbai ITAT allows deduction u/s 37 to a Pharma co. (‘assessee’) in respect of freebies given to doctors

Aug 10,2018

HC: Treats payment for getting rid of encumbrances in property as part of 'acquisition cost'

Calcutta HC dismisses Revenue’s appeal,  rules that "the cost of getting rid of the encumbrances in any immovable property

Aug 10,2018

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