Weekly DT Digest

ITAT: Assessee’s share premium not bogus merely because subscriber held accommodation entry provider

Delhi ITAT sets aside order u/s 263 and deletes addition u/s 68 on account of share premium received

Jun 22,2018

ITAT: Share-sale profits, capital gains, not business income for NRI regularly drawing salary

Ahmedabad ITAT holds that gains arising on sale of shares by NRI-assessee through NRI-PIS SBI account as per

Jun 22,2018

ITAT: Confirms Sec. 271D/E penalty on film distributor for accepting / repaying booking advance in cash

Amritsar ITAT confirms penalty levy u/s. 271 D/E  on assessee-firm (engaged in film distribution) for accepting / repaying the

Jun 22,2018

ITAT: Revised return filed u/s 139(5) after issuance of scrutiny notice, valid

Mumbai ITAT rules that "There is no bar / restriction in the provisions of section 139(5) of the Act that

Jun 22,2018

ITAT: AO to examine assessee's warranty provision claim considering the industry perspective

Delhi ITAT sets aside lower authorities order denying deduction for provision of warranty expenses made by assessee (engaged

Jun 22,2018

ITAT: Holds website development expenditure as revenue in nature, rejects 'enduring benefit' plea

Ahmedabad ITAT holds that website development expenditure incurred by assessee-company during AY 2012-13, is revenue in nature as

Jun 22,2018

HC: Directs passing speaking order disposing assessee’s objections against re-opening following GKN Driveshafts case

Madras HC directs AO to pass speaking order disposing off  assessee’s objections to re-opening proceedings u/s 147 in

Jun 22,2018

ITAT: Subsidy for modernizing textile industry, capital in nature ; Directs exclusion from book-profits u/s. 115JB

Mumbai ITAT rules that subsidy received by assessee-company (a leading textile company) during AY 2012-13 under the TUF

Jun 15,2018

ITAT: Profit from vessel-sale under tonnage-division, not IFOS; Deletes addition

Hyderabad ITAT deletes addition in respect of profit arising to assessee-company (engaged in shipping business and port operations)

Jun 15,2018

ITAT: Deletes capital gains addition where taxpayer filed suit for cancellation of sale deed

Hyderabad ITAT deletes long term capital gain addition, holds that transfer is not complete as per Sec. 2(47) with

Jun 15,2018

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