Weekly DT Digest

ITAT: Payment for acquiring management rights of drillship, a capital expenditure eligible for depreciation

Delhi ITAT upholds CIT(A)’s order for AY 2004-05, confirms that payment of Rs.35.72 Cr made by assessee (non-resident

Mar 24,2018

HC: Denies exemption u/s 11 absent separate books of accounts for incidental business

Bombay HC denies Sec.11 exemption  to assessee-trust for AY 1992-93 on account of non-maintenance of separate books of

Mar 24,2018

ITAT: Confirms Sec. 69 addition, credit-worthiness of parties not proved; Cites information from US Authorities

Mumbai ITAT upholds Sec.69A addition in the hands of individual-assessee (non-resident) towards Rs. 2.85 Cr claimed to be

Mar 24,2018

ITAT: Non-filing of AOP’s PAN /I-T return not basis for assessing income in member’s hands

Bangalore ITAT holds that income of AOP cannot be taxed in the hands of the assessee(one of the

Mar 24,2018

ITAT: Penalty for regularizing construction within byelaws of Slum Rehabilitation Authority allowable u/s 37(1)

Mumbai ITAT allows deduction u/s. 37 for penalty paid by assessee-company (engaged in the business of property development)

Mar 17,2018

ITAT: Sec. 143(2) notice by non-jurisdictional AO, invalid despite issued within statutory period

Delhi ITAT dismisses Revenue’s appeal and deletes addition u/s 68 on assessee-company during AY 2006-07, holds that the 

Mar 17,2018

ITAT: Partnership firm having corporate entities as partners, a consortium eligible for deduction u/s 80IA(4)

Pune ITAT quashes CIT's order u/s. 263 denying deduction u/s 80IA(4) to assessee (a partnership firm having 3

Mar 17,2018

ITAT: Grants conditional stay to Thomson Reuters observing 'prima facie' case in favour

Mumbai ITAT grants conditional stay to Thomson Reuters International Services Private Limited  against tax demand for AYs 2011-12

Mar 17,2018

ITAT: Considers registration date for determining holding period, absent possession transfer on agreement date

Bengaluru ITAT rejects the assessee’s appeal for considering date of agreement for the purpose of calculating holding period

Mar 09,2018

HC: Penalty imposed u/s 158BFA(2), ‘discretionary’ and not ‘mandatory’ in nature

Andhra Pradesh  and Telangana HC holds that penalty u/s 158BFA(2)  was directory and not mandatory in nature and

Mar 09,2018

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