ITAT

ITAT: Grant Thornton’s payments to foreign affiliates, non-taxable; ‘Independent Personal Services’ Article applicable to LLPs

Delhi ITAT rules that professional fees payment by Grant Thornton India (a partnership firm engaged in providing international accountancy and advisory services) to foreign Grant Thornton LLPs for rendering services

Jan 15,2019

ITAT: Allows loss claim on ‘listed’ shares sold off-market; Rejects ‘Colorable device’ plea

Ahmedabad ITAT allows assessee-company’s claim of long term capital loss (‘LTCL’) on ‘off-market’ sale of 30 lakhs shares of group company at a price lesser than the price listed on

Jan 14,2019

ITAT: NHAI subsidiary not liable to collect TCS on toll collection by collecting entity

Ahmedabad ITAT rules that assessee (a wholly owned subsidiary of NHAI incorporated to construct express highway between Ahmedabad and Vadodara) not liable to collect TCS from toll collecting entity on

Jan 14,2019

ITAT: Agricultural lands covered by Sec. 56(2)(vii)(b) ambit, despite excluded from 'capital-asset' definition

Jaipur ITAT rules in favour of Revenue, holds agricultural lands are covered under the ambit of Sec. 56(2)(vii)(b) taxability,  rejects assessee's stand that agricultural lands being excluded as capital assets

Jan 11,2019

ITAT: Imports ‘make available’ clause into India-France DTAA; Advisory services payments, not FTS

Mumbai ITAT deletes disallowance u/s 40(a)(i) for non-deduction of tax on payment for advisory services to French company for AY 2011-12, imports make-available test under India-UK DTAA to India-France DTAA

Jan 11,2019

ITAT: Condones 300 days appeal filing delay owing to company's demerger, cites no wilful delay

Bangalore ITAT condones delay of about 300 days in filing appeal by assessee-company for AY 2013-14, holds that there has been no wilful or intentional delay on part of the

Jan 11,2019

ITAT: Rejects capital-gains claim on ‘penny stock’ sale; Disregards paper-trail through contract-notes

Pune ITAT upholds undisclosed income addition for sale proceeds received by assessee-individual on sale of shares, rejects assessee’s short term capital gains [‘STCG’] claim for AY 2006-07; Based on the

Jan 10,2019

ITAT: Treats Charitable Trust’s rentals from Kalyanamandapam, as income from property under Trust

Chennai ITAT rejects Revenue’s stand that property (i.e. Kalyanamandapam) built by assessee (a charitable Trust) subsequent to its formation, could not be considered as property under trust, rules that rental

Jan 10,2019

ITAT: Lays down guidelines regarding application of DCF method of share valuation for Sec 56(2)(viib)

Bangalore ITAT rules on application of Discounted Cash Flow (DCF) method of share valuation for the purpose of Sec 56(2)(viib), holds that the first and foremost critical input for DCF

Jan 09,2019

ITAT: Auditor not ‘accountant’ for share valuation under Rule 11UA; Affirms AO’s NAV based valuation

Bangalore ITAT rules that the auditor cannot be an accountant for the purposes of Rule 11UA (2) [dealing with share valuation for the purpose of excess share-premium taxability u/s 56(2)(viib)];

Jan 08,2019

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