Weekly DT Digest

HC: Upholds deletion of Sec. 271(1)(c) penalty on actor Trisha Krishnan, absent 'deliberate' concealment of income

Madras HC upholds ITAT order, deletes concealment penalty u/s. 271((1)(c) on Trisha Krishnan (assessee, a Cine artist) in

Jun 15,2018

ITAT: Apportionment of R&D, ESOP cost to exempt units unwarranted; Quashes Pharma Co's reassessment

Hyderabad ITAT quashes re-assessment initiated beyond 4 yrs in case of assessee (a Pharma company) for AY 2008-2009;  Revenue

Jun 15,2018

HC: Denies deduction u/s. 37 to lawyer for settlement expenses incurred as company’s MD / personal guarantor

Delhi HC upholds ITAT order, denies deduction u/s 37 to assessee-individual (a lawyer) for litigation/settlement expenses incurred in

Jun 09,2018

ITAT: Raises alarm over illegal coercive recoveries, directs CBDT to take necessary action

Chandigarh ITAT raises an alarm over illegal coercive recoveries by Departmental officials in order to achieve their targets

Jun 09,2018

ITAT: Allows long term capital loss claim, group company's share transfer, not sham

Mumbai ITAT allows assessee-company's claim of long term capital loss (LTCL) arising on sale of shares of group

Jun 09,2018

SC: Dismisses SLP; No penalty u/s 271C for TDS default on ‘debatable’ nature of payments

SC dismisses Revenue’s SLPs  for AYs 1994-95 to 2001-2002 against Delhi HC order in case of ITC Ltd. on the

Jun 01,2018

ITAT: Capital-gains under JDA assessable in year of passing 'vacant' possession to developer

Hyderabad ITAT holds that the capital gain on transfer of property under joint development agreement (JDA) is attracted

Jun 01,2018

SC: Stays operation of HC judgment upholding deemed dividend taxability on advances

SC stays operation of Delhi HC judgment upholding deemed dividend taxability on advances received by assessee-company during AY

Jun 01,2018

ITAT: Software payments not royalty under India-UK DTAA, follows Infrasoft ruling

Delhi ITAT rules that consideration received by assessee (a UK-based company engaged in development and distribution of software

Jun 01,2018

HC: No TDS u/s 195 on foreign agency commission absent chargeability under the Income-tax Act

Gujarat HC upholds ITAT order and deletes disallowances u/s 40(a)(ia), rules that commission payments made by assessee-company to

Jun 01,2018

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