ITAT: Preference shares conversion into equity, not 'transfer' ; Deletes LTCG addition

Mumbai ITAT rules that conversion of cumulative and compulsory convertible preference shares (CCPS) into equity shares does not amount to ‘transfer’ u/s. 2(47), deletes long term capital gains (LTCG) addition;

Nov 15,2018

ITAT: Grants agricultural income exemption to Seed production co., rejects Revenue’s ‘trading activity’ plea

Pune ITAT grants agricultural income exemption u/s 10(1) to assessee-company in respect of income earned out of production of certified seeds and related activities during AYs 2011-12 to 2014-15, quashes Revenue’s action

Nov 13,2018

ITAT: Reckons ESOP holding period from grant date where shares bought back without exercise

Bangalore ITAT accepts assessee-employee’s computation of period of holding of ESOPs bought back by employer from the date of grant of ESOPs thereby resulting in long term capital gains (LTCG),

Nov 06,2018

ITAT: Denies deduction u/s 54 on advance given for flat, absent building plan approval

Jaipur ITAT denies deduction u/s 54 to assessee for advance given for purchase of flat as the approvals were not received by the builder within the time limit of Sec.

Nov 06,2018

ITAT: Mere investments in ‘penny stocks’ cannot result in LTCG exemption denial

Chennai ITAT sets aside AO’s order rejecting assessee-individual’s claim of long term capital gains (‘LTCG’) exemption upon sale of ‘penny stocks’ during AY 2014-15; Based on the information from the

Nov 06,2018

ITAT: Disallows IPL sponsorship fees; No ‘advertisement benefit’ by displaying group logo

Bangalore ITAT denies deduction u/s. 37(1) for payment made by assessee (part of GMR group co.) during AY 2012-13 for sponsoring the Delhi Daredevils team for IPL season-4; Rejects assessee’s stand that

Nov 06,2018

ITAT: Rejects taxation of salary accrued outside India despite failure to furnish TRC

Bangalore ITAT holds that salary received in India by assessee (non-resident individual) for services rendered in USA not taxable in India despite assessee's failure to furnish tax residency certificate (TRC);

Nov 06,2018

ITAT: Liquidation of stock under ESOP, taxable as ‘capital gains’, not ‘perquisite’

Chennai ITAT rejects AO's stand of taxing entire amount received by assessee (an employee of an Indian company having US parent) on liquidation of stock held by him under the ESOP scheme, as perquisite

Nov 06,2018

ITAT: Seconded employees salary reimbursements, not FIS / FTS; Distinguishes Centrica ruling

Delhi ITAT rules that reimbursement payments (for salary and other costs) made to US company for seconding employees to assessee co. in India during AY 2011-12, does not constitute Fees

Nov 05,2018

ITAT: Rejects disallowance of over Rs. 250 Cr depletion while computing MAT of Cairn India

Delhi ITAT deletes Rs. 253.87 Cr disallowance of the excess depletion while computing book profits u/s 115JB in case of Cairn India Ltd (assessee), holds that AO cannot tinker with the

Nov 05,2018