Weekly DT Digest

ITAT: Deletes concealment penalty despite assessee's stand in reassessment contradictory to SC ruling

Delhi ITAT confirms deletion of penalty u/s 271(1)(c) despite assessee's return pursuant to notice u/s 148 declaring Nil

May 18,2018

ITAT: AO can assess income lower than returned income despite resulting in refund

Kolkata ITAT upholds CIT(A)’s direction to tax the income from mutual funds after excluding principal sum of investment

May 18,2018

ITAT: Restricts disallowance u/s 14A to quantum of exempt income; Cites Article 265 of Constitution

Mumbai ITAT restricts disallowance u/s 14A to the amount of exempt income for AY 2012-13 notwithstanding that the

May 18,2018

HC: Allows exemption u/s 10(10C) for VRS payment despite scheme not as per Rule 2BA

Madras HC allows assessee’s claim for exemption u/s 10(10C)  for VRS payment of AY 2004-05; Assessee's (employee of

May 18,2018

HC: Upholds reassessment, notes live-link between investigation wing data and income escapement

Punjab and Haryana HC dismisses assessee’s writ (engaged in trading of shares through his broker) for AY 2009-10,

May 12,2018

ITAT: Encashment of bank guarantee for non-fulfilment of contract work, a business expenditure

Delhi ITAT allows deduction u/s 37(1) of Rs. 208 lacs to assessee (engaged in operating and running of bus

May 12,2018

ITAT: Micro-finance to poor at higher interest, not ‘relief of poor’; Denies exemption u/s. 11

Cochin ITAT denies exemption to assessee-trust for AY 2007-08 and AY 2009-10, rules that  assessee’s activities of providing

May 11,2018

ITAT: Tax deduction u/s. 194C no reason to treat genuine developer as contractor; Allows Sec. 80IA benefit

Mumbai ITAT allows Sec 80IA benefit to assessee engaged in construction and development of infrastructure facilities, holds that

May 05,2018

ITAT: Denies deduction u/s. 57 for PMS, professional charges and salaries against dividend / interest income

Bangalore ITAT denies assessee-individual’s claim of deduction u/s. 57 for PMS charges, salaries, professional charges against the dividend

May 04,2018

ITAT: Allows Sec. 80P deduction on co-operative society’s interest income from investments with co-operative bank

Mumbai ITAT allows Sec. 80P deduction on interest income derived by a co-operative society (‘assessee’) from its investments

May 04,2018