ITAT

ITAT: Rejects assessee's claim of reducing Sec 80IB(10) deduction in computing MAT book-profits

Mumbai ITAT rejects assessee's claim to allow deduction u/s. 80-IB(10) while computing book-profits for MAT purposes u/s. 115JB for AY 2012-13; Rejects assessee’s reliance on SC ruling in Rolta India Ltd.

Jul 16,2018

ITAT: Stake sale in c​losely-held company to widely-held company triggers Sec 79 loss restriction

Mumbai ITAT rules that Sec. 79 restriction on loss set-off and carry forward would apply to assessee-company, whose entire stake was acquired by a widely held company during subject AY

Jul 13,2018

ITAT: Sale of hardware alongwith embedded software, not royalty; Installation/ support services, not FTS

Delhi ITAT deletes tax and interest liability u/s 201(1)/(1A) in case of assessee-company (providing software development support to its US parent), rules that software payments to non-resident entities during AYs

Jul 13,2018

ITAT: Affiliation fee payment to US-company, not royalty absent transfer of technology

Hyderabad ITAT deletes 40(a)(ia) disallowance for AY 2006-07, holds payment of affiliation fee to a US company by assessee-company (a management consultant), not royalty either under IT Act or under

Jul 13,2018

ITAT: Protocol part & parcel of DTAA; Directs AO to examine MFN relief availability

Delhi ITAT sets aside AO’s order applying tax rate @20% u/s 115A on FTS received by Ericsson Telephone Corporation India (assessee, a Swedish company) during AY 2000-01 from its AEs

Jul 12,2018

ITAT: Payer not absolved from interest u/s. 201(1A) though payee's losses extinguish primary TDS liability

Bangalore ITAT confirms interest levy u/s. 201(1A) for TDS default by assessee-payer during AYs 2011-12 to 2015-16, despite ​non-applicability of primary TDS liability due to losses reported by non-resident ​​payee's Indian PE; Rejects assessee’s

Jul 11,2018

ITAT: Consideration for retiring as mutual fund AMC taxable; B. C. Srinivasa ​Shetty ratio inapplicable

Delhi ITAT rules that consideration received by assessee (Investment management company) during AY 2005-06 for retiring as Principal Asset Management Company (‘AMC’) of Sun F&C Mutual Fund,is taxable as capital gains; Notes

Jul 10,2018

ITAT: Promoter Co's investment activities not 'business'; Disallows GVK's Rs 164 cr interest deduction u/s 36(1)(iii)

Hyderabad ITAT denies Sec. 36(1)(iii) deduction for finance cost of Rs. 164 cr. incurred by assessee-company (a promoter company for the GVK group of companies) for advancing interest-free loan to

Jul 06,2018

ITAT: Reverses CIT(A) order, confirms concealment penalty for mala fide agricultural income claim

Delhi ITAT reverses CIT(A) order, confirms penalty u/s 271(1)(c) on assessee for making mala fide claim of agricultural income; In the quantum proceedings, co-ordinate bench had disallowed the exemption u/s

Jul 06,2018

ITAT: Revenue’s non-filing counter-affidavit, ‘sufficient cause’ for condoning taxpayer’s over 2000 days delay

Cochin ITAT condones delay of 2819 days in filing appeal by assessee-company for AY 2006-07, allows deduction u/s.80IB on the job work income relying on co-ordinate bench ruling in assessee’s

Jul 06,2018

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