Weekly DT Digest

HC: Upholds 'transfer' in the year of execution of development agreement, and not POA

Bombay HC approves ITAT order, holds that transfer of property took  place u/s. 2(47)(v) in subject AY 2002-03

Mar 02,2018

ITAT: Remands matter to AO for identifying real beneficiaries of accommodation entries

Delhi ITAT remands the issue of taxability of bogus accommodation entries with respect to the sum involved in

Mar 02,2018

ITAT: Income accrued earlier not taxable in year of receipt on assessee becoming resident

Chennai ITAT deletes addition with respect to consultancy income received by assessee (RNOR) in AY 2010-11  for services

Mar 02,2018

ITAT: Restores Sec. 12A registration; Mere failure to intimate amended objects, a mere irregularity

Ahmedabad ITAT restores back registration u/s 12A to assessee (a public charitable trust) cancelled by Revenue u/s 12AA(3)

Mar 02,2018

HC: Payment to National Stock Exchange for acquisition of membership, ‘capital’ in nature

Delhi HC holds that amount of Rs. 5 lakhs paid to National Stock Exchange (NSE) by assessee-company(engaged in

Feb 23,2018

ITAT: Allows deduction u/s. 37(1) for brand building expense; Follows Fine Jewellery (Mumbai ITAT)

Chennai ITAT allows deduction u/s. 37(1) by assessee-company  for advertisement expenditure incurred for brand building of “Jansons”, holds  it

Feb 23,2018

ITAT: Interest on security deposit taxable in landlord's hand, despite benefit passed to tenant

Bengaluru ITAT holds that interest received from Mangalore Electric Supply Co. (MESCOM) on security deposit was taxable in the hands

Feb 23,2018

ITAT: Deletes addition u/s 33AB despite delay in utilising NABARD deposits beyond stipulated date

Kolkata ITAT deletes deemed income addition in terms of Sec.33AB(7) on assessee-company (engaged in tea business)for AY 2012-13,

Feb 23,2018

SC: Reverses HC’s quashing of Sec. 143(2) notice served beyond 12 months, considering peculiar circumstances

SC reverses HC order quashing notice issued u/s 143(2) which was served on assessee after 12 months from the end

Feb 23,2018

ITAT: Restores Sec. 68 addition; Share applicant’s meager income unable to justify creditworthiness

Mumbai ITAT upholds Sec. 68 addition in the hands of assessee-company with respect to receipt of share application

Feb 20,2018