Weekly DT Digest

ITAT: Recording AO's satisfaction 'must' for rejecting assessee's calculation; Deletes Sec. 14A disallowance

Mumbai ITAT deletes Sec. 14A disallowance for AY 2009-10  in case of assessee company (a Morgan Stanley group

Sep 25,2017

ITAT: No expense disallowance u/s. 14A absent nexus established between expenditure and exempt income

Mumbai ITAT quashes invocation of Rule 8D(2) with respect to Sec. 14A disallowance as AO failed to establish

Sep 22,2017

ITAT: Net interest income, not gross, to be excluded while determining Sec. 10 deduction

Mumbai ITAT holds only net interest income to be excluded while determining assessee-company’s (engaged in the business of jewellery

Sep 15,2017

ITAT: Order u/s. 132B(4) with respect to application of seized assets, not appealable before ITAT

Mumbai ITAT dismisses assessee’s appeal challenging order passed u/s 132B(4) (with respect to application of seized or requisitioned

Sep 15,2017

HC: Quashes re-assessment on Yum Restaurants, cites non-application of mind while recording reasons

Delhi HC allows Yum Restaurant’s writ, quashes re-assessment for AY 2006-07 (initiated beyond 4 years period);  Notes that assessee’s return

Sep 14,2017

ITAT: No taxability in beneficiary’s hands, once tax paid by investment trust

Kolkata ITAT rules that amount received by assessee-individual (beneficiary) by way of distribution of post-tax paid income from

Sep 08,2017

HC: Characterizes lease-rentals from composite letting of building with furniture/fixtures as ‘income from other sources’

Delhi HC holds that lease rentals from assessee’s composite  letting of building together wih fixtures, furnitures etc. assessable

Sep 08,2017

ITAT: Allows deduction u/s. 43B for stamp-duty paid on demerger; Rejects Revenue’s Sec. 35DD invocation

Mumbai ITAT allows assessee-company’s deduction claim us. 43B for AY 2005-06 with respect to stamp duty incurred on

Sep 02,2017

ITAT: Research company’s e-magazine subscription payment not royalty/FTS; Sec. 194J TDS inapplicable

Mumbai ITAT holds that payment for subscription of e-magazine/journal by assessee (engaged in carrying out research for private

Sep 02,2017

ITAT: Where quantum addition is remanded to AO, penalty also should be remanded

Delhi ITAT sets-aside CIT(A) order confirming penalty levy u/s. 271(1)(c), rules that where the quantum addition has been

Sep 02,2017