ITAT

ITAT: Acquiring master copy of software with right for modification, amounts to royalty

Jaipur ITAT holds that payment made  by assessee (an Indian company) during for AY 2011-12 to a US entity for acquiring master copy of software along with certain rights for modification, alteration, amendments

Nov 18,2017

ITAT: Manufacturing pan-masala with excessive carcinogenic substance "prohibited by law"; Disallows expenses u/s 37

Ahmedabad ITAT invokes Explanation 1 to Sec. 37(1), disallows cost of production of goods incurred by assessee (manufacturer of pan masala) which were found to containing magnesium carbonate, a known

Nov 18,2017

ITAT: Quashes penalty proceedings, as excess claim u/s. 90 rectified voluntarily through revised returns

Delhi ITAT quashes penalty proceedings initiated u/s. 271(1)(c) against individual-assessee (having USA citizenship) during AY 2011-12 and 2012-13, rejects Revenue’s stand that in order to rectify excess relief claimed u/s.

Nov 17,2017

ITAT: Holds that payment made to pigmy - agents is salary, not commission to attract TDS u/s 194H

Bangalore ITAT deletes disallowance of remuneration(commission) paid by assessee ( a co-operative bank) during AY 2012-13 to pigmy agents ( pigmy deposit collectors), rules that the aforesaid payment is in

Nov 17,2017

ITAT: Deletes Rs. 1 lakh crores capital gains addition on Tata Industries, rejects Sec. 93 application

Mumbai ITAT deletes capital gains addition u/s. 93 of over Rs. 1 lakh crore in the hands of Tata Industries Ltd. (‘assessee’) on sale of Idea Cellular shares by its

Nov 17,2017

ITAT: Deletes Sec. 68 addition, information from Mauritian Revenue authorities establishes creditworthiness

Mumbai ITAT deletes addition made by AO u/s. 68 with respect to share capital received by assessee (Indian private limited company) from an entity based in Mauritius for AY 2009-10;

Nov 17,2017

ITAT: Deletes penalty u/s. 271(1)(c) for AO’s invocation of wrong limb while recording satisfaction

Pune ITAT deletes penalty levied by the AO u/s 271(1)(c) for AYs 2005-06 & 2006-07; With respect to AY 2006-07, ITAT notes that the assessee had claimed bogus expenditure and  the

Nov 17,2017

ITAT: Forward exchange contracts loss for hedging receivables is business & not speculation loss

ITAT allows loss on cancellation of forward exchange contracts in respect of Foreign Exchange Derivatives claimed by the assessee (an exporter) for AY 2009-10, rejects Revenue’s contention that the loss

Nov 17,2017

ITAT: EPF interest exemption only upto retirement date, subsequent interest till withdrawal, taxable

Bangalore ITAT rules against an individual assessee (a retired Wipro employee), holds that interest accrued on accumulated balance in Employee Provident Fund (‘EPF’) account  from the date of  retirement (April 2002) to the

Nov 16,2017

ITAT: Deletes interest disallowance; Acquiring shares from MD not diversion of ‘interest bearing funds’

 Visakhapatnam ITAT deletes disallowance of interest relatable to diversion of funds for AY 2012-13, notes that assessee-company's MD had invested in share application money of one company and subsequently transferred the shares

Nov 15,2017

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