Weekly DT Digest

ITAT: Deletes penalty levied in absence of specific charge in standard - printed notice issued u/s 274 r.w.s. 271(1)(c)

Mumbai  ITAT deletes penalty levied on assessee u/s 271(1)(c) during AY 2005-06 and AY 2006-07, holds that AO

Dec 01,2017

HC: Denies adjustment upto Rs.20,000 threshold u/s 269SS for ‘cash’ loan, upholds penalty

Allahabad HC upholds penalty levy u/s. 271D for cash loans taken by assessee-individual in violation of Sec.269SS provisions

Dec 01,2017

HC: Revision Petition u/s 264 maintainable, not availing appeal remedy no bar for availing right u/s. 264

Delhi HC allows non-resident assessee’s writ for AY 2012-13, holds revision petition u/s 264 maintainable; HC notes that

Nov 24,2017

ITAT: Milk processing unit transfer, slump-sale u/s. 50B; Rejects 'only specific assets transfer' plea

Pune ITAT holds that, transfer of milk processing unit by individual-assessee (engaged in manufacturing of Sterilized Flavored Milk

Nov 24,2017

ITAT: Taxpayer’s share transaction, not bogus merely because SEBI initiated investigation against broker

Mumbai ITAT allows assessee-HUF’s long term capital gains claim on sale of shares for AY 2005-06, deletes unexplained

Nov 24,2017

ITAT: Rejects business loss claim for write-off of rental deposit

Bangalore ITAT upholds disallowance for write-off of rental deposit made by assessee-company to M/s. Black Pearl (‘party’) for

Nov 24,2017

ITAT: Deletes addition of on-money receipt against disputed land ; Absent corroborative evidence

Ahmedabad ITAT deletes undisclosed income addition on assessee – company during AY 2011-12, holds that, Revenue failed to

Nov 24,2017

ITAT: Receipt of trivial refundable security on JDA execution, not taxable as capital gains

Bangalore ITAT deletes addition made on account of amount received by the assessee during AY 2007-08 on execution

Nov 24,2017

ITAT: Acquiring master copy of software with right for modification, amounts to royalty

Jaipur ITAT holds that payment made  by assessee (an Indian company) during for AY 2011-12 to a US entity for acquiring

Nov 18,2017

ITAT: Quashes penalty proceedings, as excess claim u/s. 90 rectified voluntarily through revised returns

Delhi ITAT quashes penalty proceedings initiated u/s. 271(1)(c) against individual-assessee (having USA citizenship) during AY 2011-12 and 2012-13,

Nov 17,2017