Weekly DT Digest

ITAT: Reverses CIT(A) order, confirms concealment penalty for mala fide agricultural income claim

Delhi ITAT reverses CIT(A) order, confirms penalty u/s 271(1)(c) on assessee for making mala fide claim

Jul 06,2018

HC: Quashes TP-reassessment notice citing failure to mention income escapement exceeds Rs.1 lakh

Karnataka HC allows assessee's (distributor of diabetic care and other products ) writ, quashes reassessment notice for AY

Jul 06,2018

ITAT: Revenue’s non-filing counter-affidavit, ‘sufficient cause’ for condoning taxpayer’s over 2000 days delay

Cochin ITAT condones delay of 2819 days in filing appeal by assessee-company for AY 2006-07, allows deduction u/s.80IB

Jul 06,2018

HC: Follows ‘real-income’ theory for valuing Bank’s closing stock of securities

Calcutta HC sets aside ITAT order for AY 1990-91, affirms assessee’s manner of valuing closing stock of securities and shares

Jul 06,2018

ITAT: Allows assessee’s full exemption claim u/s. 54, despite property jointly held by spouse and son

Delhi ITAT allows assessee-individual’s exemption claim u/s 54 in entirety for investing the capital gains in a property,

Jun 29,2018

ITAT: Inspection & Testing services not taxable sans 'make available' under India-UK DTAA

Delhi ITAT holds that provision of  services in relation to inspection and survey of imported/exported cargo and certifying in

Jun 29,2018

ITAT: Deletes Sec. 40(a)(i) disallowance; Allows MFN clause benefit on FTS payments to Swedish co.

Kolkata ITAT deletes disallowance of fees for technical services (FTS)  u/s 40(a)(i) made by assessee ( a tours and

Jun 29,2018

HC: No penalty u/s 271(1)(c) for inadvertent mistake in calculation of income

Calcutta HC deletes penalty u/s 271(1)(c) on assessee-firm for AY 1987-88, states that though Revenue observed inaccuracy in

Jun 29,2018

ITAT: Upholds FTS taxability on NRI based on recitals of TDS certificates

Delhi ITAT confirms CIT(A)’s findings upholding FTS taxability on gross basis for professional fees received by assessee-individual (an

Jun 29,2018

ITAT: Grants retrospective registration u/s 12A on revenue’s failure to dispose within 6 months

Bangalore ITAT allows assessee’s (University) registration application u/s 12A with retrospective effect April 1, 1998 (inception date of

Jun 22,2018