Weekly DT Digest

HC: Can't divest forex gains from export income, allows Sec 10B tax holiday

Gujarat HC upholds ITAT order, allows tax relief u/s. 10B to assessee (a 100% export oriented undertaking [EOU])

Jan 02,2018

HC: Actual loans advanced amount, not amounts reflected in aging analysis, 'eligible advances' u/s 36(1)(viii)

Karnataka HC upholds ITAT order in case of assessee (a regional rural bank) for AY 2007-08, holds that

Dec 22,2017

HC: Reverses ITAT order; Holds gift from brother via nephew’s bank account, taxable

Rajasthan HC reverses ITAT order of deleting disallowance made on account of gift received by assessee-individual (partner in

Dec 22,2017

ITAT: Denies higher 60% depreciation on ‘seismic-survey equipment’ ; Holds ‘processing’ cannot alter equipment’s character

Ahmedabad ITAT disallows 60% depreciation claim on ‘seismic survey equipment’ purchased by assessee-company from a Canadian Company during

Dec 15,2017

ITAT: Succession of sole proprietor by company – taxable transfer, where consideration received other than shares

Bangalore ITAT holds that transfer of assets by sole proprietary concern succeeded by the assessee company was not

Dec 15,2017

HC: Adjusting 'share application money' against sales doesn't amount to cessation of liability

Allahabad HC holds that adjustment made by assessee-company during AY 2007-08 of liability towards 'share application money' received

Dec 15,2017

ITAT: Holds assessee as 'investor' in shares, rejects taxation of gains as 'business income'

Kolkata ITAT dismisses Revenue’s appeal, treats profits on sale of shares (3 scrips) which were sold in less

Dec 08,2017

ITAT: Deletes penalty u/s 271(1)(c) for failure to disclose part-payment on land deal

Amritsar ITAT deletes penalty u/s 271(1)(c) levied on assessee-individual (an uneducated villager) for AY 2009-10 on account of

Dec 08,2017

ITAT: Rejects revision of reassessment order on issue not raised in reopening reasons

Delhi ITAT quashes revision u/s 263, holds that PCIT cannot seek to revise order u/s 147 on an

Dec 08,2017

ITAT: Allows deduction of administrative/selling expenses; Refers ICAI guidance-note for real-estate projects

Delhi ITAT allows revenue deduction for administrative and selling expenses (including advertisement, business promotion expenses, brokerage and commission,

Dec 08,2017