ITAT

ITAT: Blesses share buyback from Mauritian parent, but adds 'fair-value' rider & AO's intervention

Bangalore ITAT rules that share buy-back payment by assessee (Indian subsidiary) to its 99% Mauritian holding company  to the extent of Fair market price (‘FMP’), not a colourable device  and

Mar 22,2017

ITAT: Upholds SRK’s 'doosra' arrangement with KKR to offset Star’s KBC loss

Mumbai ITAT allows Rs. 10 crores expense deduction u/s. 37 to Shah Rukh Khan (‘assessee’) with respect to payment made to Knight Riders Sports Pvt. Ltd. for obtaining sponsorship rights for IPL Season

Mar 21,2017

ITAT: Co-operative society not ‘person’ u/s 2(31) pre-2002 amendment; rejects assessment as AOP

Delhi ITAT holds that income arising to assessee (a co-operative housing society governed by the principle of mutuality), not taxable for AYs 1999-00 to 2001-02, as assessee not a  ‘person’

Mar 17,2017

ITAT: Unaccounted income masked as share application money triggers addition u/s.68

Ahmedabad ITAT upholds addition u/s 68 on assessee-company (a manufacturer of industrial oil) with respect to unexplained share application money for AY 2002-03; Rejects assessee’s stand that since it provided

Mar 16,2017

ITAT: Performs balancing act on Rs.1900 Cr. Dept demand; Recognises "March" factor, relaxes alternate-remedy rigour

Ahmedabad ITAT dismisses assessee’s (a Pharmaceutical Company) stay petition on collection of income tax demands aggregating to Rs. 1954.93 crores for AY 2012-13, restores the matter to Pr. CIT’s file; Notes that assessee had

Mar 16,2017

ITAT: Characterizes payment to NR for employee secondment as FTS, rejects salary-reimbursement plea

Bangalore ITAT rules that payment received by assessee (a Swiss company engaged in providing operations and management services to airports) from Bangalore International Airport Ltd. (‘BIAL’) for secondment of skilled

Mar 15,2017

ITAT: Off-market share-sale to subsidiary not 'colourable device'; Allows long-term capital loss set-off

Pune ITAT allows set-off of long term capital loss on off-market sale of listed shares (which otherwise attract STT if routed through Stock Exchange) against taxable long term capital gains

Mar 14,2017

ITAT: CIT(A) debarred from entertaining new claim u/s 54F not examined by AO

ITAT rules in favour of Revenue for AY 2011-12, denies assessee’s Sec 54F exemption claim, being first made before CIT(A) and not AO; Notes that assessee made the fresh claim

Mar 10,2017

ITAT: Key Takeaways from ITAT's 166 pages order upholding Rs.10,000 cr capital gains tax on Cairn

Delhi ITAT confirms Rs. 10,000 crores capital gains tax on Cairn UK Holdings over sale of its shareholding in Cairn India Holdings to Cairn India Ltd.; Tribunal in an extensive

Mar 10,2017

ITAT: Grants Sec. 11 exemption, explains 2017 amendment on ‘corpus donation’ restriction

Jaipur ITAT grants Sec. 11 exemption to assessee-society (having main objects of promoting education by setting up educational institutions) for AY 2010-11, rejects Revenue’s stand that  assessee society was running

Mar 08,2017

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