Weekly DT Digest

ITAT: Sec.54EC deduction on minor’s income permissible in addition to assessee’s claim u/s. 54EC

Pune ITAT allows Sec.54EC deduction on income of assessee’s minor daughter for AY 2012-13, rejects Revenue’s stand that

Nov 11,2017

ITAT: Sec. 234B/C interest payable on MAT liability, dismisses taxpayer’s appeal

Delhi ITAT dismisses assessee’s appeal for AY 2013-14, holds that interest u/s 234B/234C is payable in respect of

Nov 08,2017

ITAT: Providing an extract of ‘reasons to believe’ not sufficient, quashes re-opening

Mumbai ITAT quashes re-assessment on assessee individual (engaged in the business of trading in navigation goods, fire extinguishers,

Nov 08,2017

HC: Upholds deletion of Sec. 40(A)(3) disallowance, cash purchases from individual agriculturist below prescribed-limit

Kerala HC upholds ITAT third member view holding no Sec 40A(3) disallowance for purchase of rice made in

Nov 08,2017

ITAT: Only core income from shipping activity & incidental receipts eligible for Tonnage Tax Scheme

ITAT holds that in case of the assessee engaged in the activity of dredging operations & opting Tonnage

Nov 03,2017

ITAT: Payment for Inspection – services, not FIS under US treaty; Deletes Sec. 40(a)(i) disallowance

Delhi ITAT holds that payment by assessee (an Indian company) to a US resident for providing inspection and

Nov 03,2017

HC: After Kerala, Madras HC grants interim relief, allows taxpayer to file return sans Aadhaar

Madras HC grants interim relief to individual assessee on Aadhaar-PAN linkage and directs Revenue to permit assessee to

Nov 03,2017

ITAT: Considers FMV of the property as cost of acquisition in year of sale of property

Mumbai ITAT accepts assessee’s adoption of FMV of the property as cost of the acquisition in the subsequent

Nov 03,2017

ITAT: Earnest money receipt irrelevant for construing ‘year of transfer’, deletes capital-gains addition

Mumbai ITAT deletes capital gains addition for AY 2010-11 arising to assessee-company (engaged in manufacturing and job work

Nov 03,2017

HC: Reverses ITAT; Including ‘Bank’ in co-operative society’s name cannot disentitle Sec. 80P benefit

Andhra Pradesh and Telangana HC reverses ITAT order, allows Sec.80P deduction to assessee (a co-operative society)  for AYs

Nov 03,2017