Weekly DT Digest

ITAT: Deeming fiction u/s. 50C not applicable to transfer of leasehold rights in land

Mumbai ITAT rules that leasehold rights in land doesn’t come under the ambit of 'land or building' as

Oct 06,2017

ITAT: Allows share trading loss set-off against non-delivery based F & O income

Mumbai ITAT allows share trading (cash division) loss set-off against income from F&O segment to assessee-company (a finance

Oct 06,2017

ITAT: Deletes Sec. 271(1)(c) penalty levied for unexplained credit addition u/s. 68 in quantum proceedings

Ahmedabad ITAT deletes penalty imposed u/s 271(1)(c) on assessee with respect to unexplained credit addition u/s. 68 made in quantum

Oct 06,2017

HC: Pre-operative interest on FDR kept for LC, taxable; Follows Tuticorin

Rajasthan HC rule in favour of Revenue, holds that interest earned on Fixed Deposit Receipts (FDRs) used as borrowing

Sep 29,2017

HC: Dismisses assessee’s writ; Upholds case transfer u/s. 127 to facilitate co-ordinated investigation

Gujarat HC dismisses assessee’s writ, upholds Pr. CIT’s order transferring assessee’s case from Ahmedabad to Moradabad to

Sep 29,2017

HC: Applies strict interpretation, duty paid but proof not submitted results in Sec 43B disallowance

Allahabad HC sets-aside ITAT order for AY 1997-98, rules that Sec. 43B deduction not allowable absent furnishing of evidence

Sep 29,2017

HC: Disregards need to distinguish between capital and revenue expenditure while allowing deduction u/s. 35(2AB)

Delhi HC holds that assessee-manufacturer entitled to weighted deduction u/s.  35(2AB) in respect of entire in-house R&D expenditure

Sep 29,2017

SC: Dismisses Revenue’s SLP; Trust eligible for registration u/s 12A/12AA despite no formal deed

SC dismisses Revenue’s SLP against Delhi HC order wherein HC had opined that “a formal deed of trust

Sep 29,2017

ITAT: Bogus donation cannot be a ground for cancelling registration u/s 12AA

Kolkata ITAT dismisses CIT(E)’s order, holds that  bogus donations cannot be a ground of cancelling Sec. 12AA registration

Sep 29,2017

ITAT: Quashes penalty u/s 271(1)(b) levied for non-compliance with statutory notices; Holds breach 'venial'

Delhi ITAT quashes penalty u/s 271(1)(b) levied for failure to comply with the statutory notices/ date fixed for

Sep 29,2017

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