Weekly DT Digest

ITAT: Liquidation damages extraordinarily higher than settled price of goods; Holds transaction speculative

Ahmedabad ITAT disallows assessee-individual’s claim of liquidation damages for AY 2011-12, rejects assessee's stand that the damages were

Oct 20,2018

ITAT: Retrospective cancellation of certificate u/s 35(1)(ii) cannot disentitle assessee from claiming weighted deduction on donation

Kolkata ITAT allows weighted deduction of 175% claimed by assessee-company u/s 35 (1)(ii) during AY 2013-14 for the

Oct 19,2018

ITAT: Treats payments towards discharging mortgage created by previous owner, as cost of acquisition u/s 48

Jaipur ITAT allows deduction for amount paid by assessee for the purpose of clearing the mortgage as cost

Oct 19,2018

ITAT: ‘Cost of construction’, not SRO-value, relevant while computing LTCG on land-transfer under JDA

Hyderabad ITAT rejects assessee-company’s stand for adopting SRO (Sub-registry office) value of land while computing capital gain on transfer of

Oct 12,2018

ITAT: Incentive received under Marketing Agreement for passing on to sub-distributors not distributors income

Delhi ITAT deletes addition of sum received by assessee (a trading company) under Marketing Assistance Programme (MAP) since

Oct 12,2018

HC: Dismisses Revenue’s appeal; No interest disallowance u/s. 36(1)(iii) for non-interest-bearing advances to third-parties

Delhi HC dismisses Revenue’s appeal challenging ITAT order allowing deduction u/s. 36(1)(iii) for interest paid on unsecured loans;

Oct 12,2018

ITAT: Non-Construction of Residential House within 3 years of transfer cannot disentitle claim u/s 54F

Ahmedabad ITAT dismisses Revenue's appeal and allows sec.54 benefit to individual-assessee’s for AY 2012-13 with respect to residential

Oct 05,2018

ITAT: Finance Act 2016 amendment to Sec. 50C, retrospective ; Relies on Co-ordinate Bench

Ahmedabad ITAT rules that stamp duty valuation as on the date of ‘agreement to sell’ to be adopted

Oct 05,2018

HC: Taxpayer entitled to pursue revision u/s. 264 after getting appeal dismissed as withdrawn

Madras HC holds assessee's writ against CIT's order u/s. 264, maintainable, rejects Revenue’s contention withdrawal of appeal would dis-entitle assessee

Oct 05,2018

HC: CBDT instruction doesn’t oust AO’s discretion in stay matters; Allows taxpayer’s writ

Madras HC allows assessee’s writ, sets aside order passed by AO directing assessee to pay 20% of outstanding

Oct 05,2018