Weekly DT Digest

SC: Dismisses SLP against HC rejecting capital-gains taxability on asset revaluation by firm

SC dismisses Revenue’s SLP challenging Bombay HC order, both on the grounds of delay and merits; During relevant

Aug 10,2018

ITAT: Allows interest deduction to builder for loan taken for acquiring development rights

Mumbai ITAT allows interest deduction u/s 36(1)(iii) to assessee(builder & developer) for loan taken for the purpose of

Aug 10,2018

HC: Directs CBDT to allow filing of IT return without furnishing Aadhaar No.

Delhi HC allows assessees’ writ and directs CBDT to issue an appropriate direction and create a platform by

Jul 27,2018

ITAT: Labour payments through maistries, not a contract, Sec. 194C inapplicable

Visakhapatnam ITAT holds that the payments made by assessee (engaged in the business of transport and other allied

Jul 27,2018

HC: ITAT’s setting aside revisionary order u/s 263 ‘faulty’, amounts to putting gloss over AO’s glaring omissions

Delhi HC holds ITAT’s approach of setting aside CIT’s revisionary order u/s 263 as ‘faulty’; Notes that CIT

Jul 27,2018

ITAT: Disallows expenditure on free distribution of cigarettes to promote sale of IMFL & Beer

Mumbai ITAT denies deduction u/s. 37 for sales promotion expenditure incurred by assessee (a wholesaler of IMFL and

Jul 27,2018

HC: Interest on mobilization advance to contractors, a capital receipt; Dissents from co-ordinate bench

Kerala HC reverses ITAT order, rules that interest received by assessee (engaged in construction of roads / bridges)

Jul 27,2018

HC: Directs AO to consider assessee’s claim u/s 80HHC when SC had nullified retrospective amendment to 80HHC(3)

Kerala HC directs ACIT to consider assessee’s claim of deduction u/s 80HHC where the retrospective amendment to Sec.

Jul 27,2018

ITAT: Amount received under compromise agreement for surrendering rights in property – Capital Gains

Pune ITAT holds that amount received on surrendering rights in connection with land under compromise agreement with Developer

Jul 27,2018

ITAT: No notional value on unsold shops held as stock in trade

Mumbai ITAT deletes AO’s addition of notional annual letting value on unsold shops of assessee for AY 2012-13;

Jul 20,2018