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Rulings

Oct 22,2018

Mumbai ITAT allows deduction for compensation paid by assessee co. (loan defaulter) to reimburse loss incurred by subsidiary companies on enforcement of security by lender during AY 2002-03, rejects Revenue’s stand

Oct 22,2018

Hyderabad ITAT allows deduction u/s. 37(1) to assessee (a PSU engaged in mining) for penalty / compensation payment of Rs. 405 cr. towards encroachment of the mining area beyond the

Oct 19,2018

Mumbai ITAT holds Tata Sky Ltd (assessee, an Indian company) not liable to deduct TDS u/s. 194H on discounts given to distributors / dealers on sale of Set Top Boxes

Oct 19,2018

While determining service PE threshold, Mumbai ITAT rejects AO’s aggregation of number of days of visit by employees of the assessee (a Singaporean co.) in India for two types of services viz. rendering of management support services and technical services to

Oct 19,2018

Chennai ITAT deletes capital gains addition upon sale of portions of land (earlier converted from capital asset to stock in trade) during  AYs 2012-13, 2013-14 & 2014-15 by assessee company (incorporated in November, 2009 pursuant to

Oct 17,2018

Delhi ITAT holds assessee-society (formed for organizing South Asian Federation Winter Games, 2009) liable to deduct TDS u/s. 194C on amount tendered as ‘advance’ to various PSUs (Public Sector Undertakings)

Oct 17,2018

Bangalore ITAT rejects assessee-individual’s claim of ‘exempt’ long term capital gains (‘LTCG’) of Rs. 42 lakh arising on sale of ‘penny stocks’ during AY 2015-16, upholds AO’s stand that the

Oct 17,2018

Mumbai ITAT allows assessee’s claim of deduction for revenue expenses incurred after its incorporation in September, 2006, rejects Revenue’s stand that expenses cannot be allowed in subject AY 2007-08 as

Oct 16,2018

Mumbai ITAT quashes PCIT’s revisionary order u/s. 263 directing AO to recalculate valuation of unquoted shares under Rule 11UA for Sec 56(2)(viia) purpose by replacing book value of assets with

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