Weekly DT Digest

ITAT: Holds that payment made to pigmy - agents is salary, not commission to attract TDS u/s 194H

Bangalore ITAT deletes disallowance of remuneration(commission) paid by assessee ( a co-operative bank) during AY 2012-13 to pigmy

Nov 17,2017

ITAT: Deletes penalty u/s. 271(1)(c) for AO’s invocation of wrong limb while recording satisfaction

Pune ITAT deletes penalty levied by the AO u/s 271(1)(c) for AYs 2005-06 & 2006-07; With respect to AY

Nov 17,2017

ITAT: Forward exchange contracts loss for hedging receivables is business & not speculation loss

ITAT allows loss on cancellation of forward exchange contracts in respect of Foreign Exchange Derivatives claimed by the

Nov 17,2017

ITAT: Deletes interest disallowance; Acquiring shares from MD not diversion of ‘interest bearing funds’

 Visakhapatnam ITAT deletes disallowance of interest relatable to diversion of funds for AY 2012-13, notes that assessee-company's MD had invested

Nov 15,2017

ITAT: Sec. 201(1A) interest liability ceases from deductee's return-filing date, AO to verify whether taxes paid

Hyderabad ITAT holds that in case of assessee-company (engaged in providing mobile services by providing prepaid and postpaid

Nov 15,2017

ITAT: Advance received from clients in fiduciary capacity, not taxable for law firm

Delhi ITAT deletes addition made on account of advanced monies received from  clients for expenses defrayal, for payment

Nov 15,2017

HC: Condones delay for investing capital-gains in infrastructure bonds beyond prescribed period u/s. 54EC

Karnataka HC sets aside CBDT’s order refusing condonation of delay u/s 119(2)(b) for investing capital gains arising on

Nov 15,2017

ITAT: Deletes undisclosed income addition for Katrina Kaif

Mumbai ITAT deletes undisclosed income/unexplained expenditure addition  in hands of Katrina Kaif (‘assessee’) for AYs 2006-07 to 2011-12;  ITAT notes during

Nov 11,2017

ITAT: Sales-tax subsidy given to taxpayer post accomplishment of project, a revenue receipt

Delhi ITAT holds that sales tax subsidy received by the assessee from from the Government of Haryana under Rule 28C of

Nov 11,2017

ITAT: Allows deduction for commission paid to director-cum-shareholder, rejects treatment as 'dividend payment'

Mumbai ITAT allows deduction for commission paid to working directors (who were also the shareholders of the company)

Nov 11,2017

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