Weekly DT Digest

ITAT: Allows long term capital loss claim, group company's share transfer, not sham

Mumbai ITAT allows assessee-company's claim of long term capital loss (LTCL) arising on sale of shares of group

Jun 09,2018

SC: Dismisses SLP; No penalty u/s 271C for TDS default on ‘debatable’ nature of payments

SC dismisses Revenue’s SLPs  for AYs 1994-95 to 2001-2002 against Delhi HC order in case of ITC Ltd. on the

Jun 01,2018

ITAT: Capital-gains under JDA assessable in year of passing 'vacant' possession to developer

Hyderabad ITAT holds that the capital gain on transfer of property under joint development agreement (JDA) is attracted

Jun 01,2018

SC: Stays operation of HC judgment upholding deemed dividend taxability on advances

SC stays operation of Delhi HC judgment upholding deemed dividend taxability on advances received by assessee-company during AY

Jun 01,2018

ITAT: Software payments not royalty under India-UK DTAA, follows Infrasoft ruling

Delhi ITAT rules that consideration received by assessee (a UK-based company engaged in development and distribution of software

Jun 01,2018

HC: No TDS u/s 195 on foreign agency commission absent chargeability under the Income-tax Act

Gujarat HC upholds ITAT order and deletes disallowances u/s 40(a)(ia), rules that commission payments made by assessee-company to

Jun 01,2018

ITAT: Disallows excess depreciation claim than under Companies Act for MAT purposes

Chennai ITAT disallows assessee's depreciation claim on windmill in excess of that prescribed under Schedule IV of Companies

May 26,2018

ITAT: Deletes concealment penalty on SRK, Dubai villa income taxability not free from doubts

Mumbai ITAT deletes penalty levied u/s 271(1)(c) on Shahrukh Khan (assessee) during AY 2010-11, rules that addition/disallowance made

May 26,2018

ITAT: ITAT: Deletes Sec. 271(1)(c) penalty, assessee under 'bonafide' belief for not returning capital gains

Ahmedabad ITAT deletes penalty u/s 271(1)(c) imposed on individual-assessee, holds that the assessee was under bonafide belief for not showing

May 26,2018

ITAT: No denial of exemption u/s. 11 for Trust advancing loan in violation of sec.13(1)(d)

Delhi ITAT deletes disallowance of loan advanced by assessee-trust to other charitable institution u/s 10(23C) and u/s 11

May 25,2018