Weekly DT Digest

SC: Dismisses Revenue’s SLP against Delhi HC allowing credit of advance - tax paid under IDS -2016

SC dismisses Revenue’s SLP against Delhi HC allowing credit of advance tax paid and TDS against the tax

Feb 09,2018

ITAT: Quashes reassessment; Approval wrong authority equivalent to ‘no approval’

Mumbai ITAT quashes re-assessment (initiated beyond 4 years period) on assessee-individual for AY 2007-08; Pursuant to search-seizure operations

Jan 25,2018

ITAT: Denies depreciation on non-compete fees being ineligible intangible asset; Follows jurisdictional HC

Delhi ITAT denies depreciation to assessee-company on non-compete fees during AY 2006-07, holds that non-compete fees paid by

Jan 25,2018

HC: Grants benefit of presumption u/s. 132(4A), allows expense deduction to extent of seized documents

Kerala HC allows assessee's (engaged in the business of real estate) claim of property development expenditure to the extent of the cheque payments

Jan 25,2018

ITAT: Formal trust deed not prerequisite for registration u/s 12AA/12A

Bangalore ITAT holds that the execution of a formal deed of trust was not necessary for grant of registration u/s

Jan 24,2018

HC: Upholds penalty levy in absence of ‘bonafide’ explanation substantiating source of unexplained income

Kerala HC reverses ITAT order, upholds levy of penalty on assessee-individual under Explanation 1[B] to Sec. 271(1)(c) for

Jan 19,2018

ITAT: Supply of software not ‘Royalty’ under India-Ireland DTAA; Follows co-ordinate–bench

Mumbai ITAT holds that software  receipts from Reliance not taxable in the hands of assessee-company (tax resident of

Jan 19,2018

ITAT: Upholds CIT(A)'s order; Deletes book-profit addition towards diminution in current investment value

Mumbai ITAT upholds CIT(A)’s order for AY 2008-09, holds that the diminution (i.e., difference of cost and fair

Jan 19,2018

ITAT: No Sec. 271D penalty for accepting cash loan from sister-in-law and nephew

Kolkata ITAT quashes penalty levied u/s 271D/E (for violating Sec. 269SS/269T conditions by accepting / repaying loan in

Jan 19,2018

ITAT: Sec. 200A amendment enabling Sec. 234E fee collection, prospective ; Follows Sibia Healthcare (co-ordinate bench)

Ahmedabad ITAT deletes levy of fee u/s 234E (for late filing of TDS statements) through the order of

Jan 12,2018