ITAT: Declines stay to taxpayer involved in suspicious transactions, rejects 'financial difficulty' plea

Ahmedabad ITAT dismisses assessee-company’s stay application seeking an ‘out of turn’ hearing of the appeal on merits and a simultaneous stay on collection and recovery of the related tax and

May 29,2017

ITAT: Holds land as agricultural as AO failed to prove commercial activities

Chennai ITAT rules in assessee’s favour, holds land as ‘agricultural’ in character and consequently the gains arising on its land-sale as non-taxable for AY 2010-11; AO had treated land as

May 26,2017

ITAT: Grants stay of penalty proceedings pending disposal of quantum proceedings

Delhi ITAT grants stay of penalty proceedings pending disposal of quantum appellate proceedings before it in case of Oracle India Pvt. Ltd. for AYs 2006-07 and 2007-08; Firstly, ITAT relies on plethora

May 25,2017

ITAT: Upholds unexplained cash-credit addition u/s. 68; Mere balance confirmation doesn’t prove transaction genuineness

Ahmedabad ITAT upholds unexplained cash credit addition u/s 68 in case of an individual-assessee for AY 2007-08 with respect to receipt of unsecured loans; AO reopened assessee’s case and made

May 24,2017

ITAT: JDA results in land-transfer; Sec. 2(47)(v) doesn’t contemplate ‘exclusive’ possession of developer

Chennai ITAT rules that land-transfer shall be taxable in the year of entering into the Joint Development Agreement (‘JDA’) and not in relevant AY 2011-12 (when constructed area was transferred),

May 24,2017

ITAT: Restricts assessee's Sec. 54 deduction claim, observes diversion of sale proceeds into business

Chennai ITAT restricts assessee’s (individual) claim for capital gains exemption u/s 54 to the extent of amount utilised for construction of property for AY 2010-11; Takes note of Revenue’s finding

May 19,2017

ITAT: Allows depreciation deduction despite TDS default on ‘capitalised’ software payment

Bangalore ITAT sets aside CIT(A)’s order for AY 2010-11 disallowing depreciation invoking provisions of Sec. 40(a)(ia); Assessee had claimed depreciation u/s 32 on the amount paid to Microsoft Corporation towards

May 19,2017

ITAT: Declaring undisclosed income vide revised return prior to notice issuance - not ‘concealment’

Chennai ITAT deletes concealment penalty u/s 271(1)(c), holds assessee-individual’s declaration of additional income by filing a revised return before initiation of re-assessment proceedings, valid; During relevant AY 2005-06, AO noted

May 19,2017

ITAT: Training expense remitted to Chinese parent for payment to third party, not reimbursement

Kolkata ITAT rules that remission of employee training expenses to Chinese parent by assessee (an Indian company engaged in construction of integrated steel plant) for payment to a Chinese training agency

May 19,2017

ITAT: 'Internal cost' of employing individual constitutes FTS, excludes deputation cost towards travel/insurance

Mumbai ITAT rules that amount received by assessee ( a US company engaged in grading and certification of diamonds) on account of reimbursement of travel expenses, group health insurance and other

May 19,2017