Weekly DT Digest

ITAT: Interest earned on FDs, inextricably linked with the project, capital receipt, not IFOS

Mumbai ITAT holds that the interest earned by Kamat Hotels (‘assessee’) for AY 2008-09 by temporarily parking the

Dec 01,2017

HC: No addition u/s 68 in the first year of business; Distinguishes Kapur Brothers

Allahabad HC upholds ITAT order, deletes cash credit addition u/s. 68 in the hands of AOP-assessee in the

Dec 01,2017

ITAT: Holds ‘Tax’ effect for maintainability of appeal as exclusive of education cess

Mumbai ITAT dismisses Revenue’s appeal for AY 2012-13 on the ground that the present appeal is not maintainable

Dec 01,2017

HC: Allows additional depreciation u/s 32(1)(iia) on machinery used for production of ready mix concrete

Madras HC reverses ITAT order, allows additional depreciation u/s 32(1)(iia) on the machinery used for production of ready

Dec 01,2017

ITAT: Deletes disallowance u/s 40(a)(ia) for payment under cost sharing agreement; Upholds reimbursement plea

Mumbai ITAT deletes disallowance u/s. 40(a)(ia) for cross charges paid by assessee - company (engaged in the business

Dec 01,2017

ITAT: Deletes penalty levied in absence of specific charge in standard - printed notice issued u/s 274 r.w.s. 271(1)(c)

Mumbai  ITAT deletes penalty levied on assessee u/s 271(1)(c) during AY 2005-06 and AY 2006-07, holds that AO

Dec 01,2017

HC: Denies adjustment upto Rs.20,000 threshold u/s 269SS for ‘cash’ loan, upholds penalty

Allahabad HC upholds penalty levy u/s. 271D for cash loans taken by assessee-individual in violation of Sec.269SS provisions

Dec 01,2017

HC: Revision Petition u/s 264 maintainable, not availing appeal remedy no bar for availing right u/s. 264

Delhi HC allows non-resident assessee’s writ for AY 2012-13, holds revision petition u/s 264 maintainable; HC notes that

Nov 24,2017

ITAT: Milk processing unit transfer, slump-sale u/s. 50B; Rejects 'only specific assets transfer' plea

Pune ITAT holds that, transfer of milk processing unit by individual-assessee (engaged in manufacturing of Sterilized Flavored Milk

Nov 24,2017

ITAT: Taxpayer’s share transaction, not bogus merely because SEBI initiated investigation against broker

Mumbai ITAT allows assessee-HUF’s long term capital gains claim on sale of shares for AY 2005-06, deletes unexplained

Nov 24,2017

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