Weekly DT Digest

ITAT: No penalty on alleged ‘kickbacks’ under Volcker report; Highlights non-bindingness of UN resolution

Pune ITAT deletes penalty levy u/s. 271(1)(c) with respect to Sec. 37(1) disallowance confirmed in quantum appeal for

Sep 29,2018

HC: Deletes penalty levy on infrastructure co. claiming depreciation on highway project cost

Delhi HC upholds ITAT order and deletes penalty u/s 271(1)(c) on assessee-company (engaged in developing national highway) during

Sep 28,2018

ITAT: Denies exemption u/s 54/54F on 'two' non-adjacent residential flats

Delhi ITAT restricts Sec.54/54F benefit to individual - assessee during AY 2013-14 to one out of the two

Sep 28,2018

HC: Upholds CIT’s revision, disallows hawala purchases based on VAT Dept info

Bombay HC upholds CIT’s revisionary proceeding u/s 263 during AY 2011-12 since the AO had failed to enquire

Sep 28,2018

HC: Settlement application allowed ‘to be proceeded with’ no bar from criminal proceedings initiation

Delhi HC upholds ongoing criminal proceedings against assessee-individual on the strength of sanction for prosecution u/s. 279 accorded

Sep 22,2018

HC: Quashes ITSC order rejecting settlement application, as 'prima facie' findings based on surmise

Delhi HC quashes Settlement Commission’s order rejecting the settlement applications of the assessee u/s 245D(1); ITSC had rejected

Sep 22,2018

HC: Upholds re-opening as Samsung failed to disclose FTS/royalty income; Tax deduction irrelevant

Delhi HC confirms ITAT order upholding re-opening in case of Samsung Electronics Co. Ltd. (resident of Korea) as

Sep 22,2018

HC: Deletes deemed dividend addition; RBI’s ‘substantiality test’ for money lending business irrelevant

Delhi HC upholds ITAT order deleting deemed dividend addition made by AO u/s. 2(22)(e) in respect of advances

Sep 22,2018

HC: Upholds penalty; Rejects Finance co. ’s inadvertent mistake plea in claiming land keep-up expenses

Madras HC rules in favour of Revenue, upholds penalty levy u/s 271(1)(c) on assessee-company (engaged in financial services)

Sep 14,2018

ITAT: Allows depreciation on non-compete fees paid for acquiring partnership interest

Mumbai ITAT allows depreciation on non-compete fees paid by the assessee co. to partners of firm for acquiring

Sep 14,2018