ITAT: Payment for acquiring management rights of drillship, a capital expenditure eligible for depreciation

Delhi ITAT upholds CIT(A)’s order for AY 2004-05, confirms that payment of Rs.35.72 Cr made by assessee (non-resident engaged in exploration of mineral oil) for acquiring management rights of drillship

Mar 24,2018

ITAT: Confirms Sec. 69 addition, credit-worthiness of parties not proved; Cites information from US Authorities

Mumbai ITAT upholds Sec.69A addition in the hands of individual-assessee (non-resident) towards Rs. 2.85 Cr claimed to be received from US based TV production company for AY 2005-06 citing assessee's

Mar 24,2018

ITAT: Non-filing of AOP’s PAN /I-T return not basis for assessing income in member’s hands

Bangalore ITAT holds that income of AOP cannot be taxed in the hands of the assessee(one of the members of AOP) during AY 2012-13  merely due to non-filing of PAN

Mar 24,2018

ITAT: Entertains fresh Sec. 80-IB(10) claim in returns u/s Sec 153A for years where assessment stands abated

ITAT holds that assessee (a builder and developer) can claim deduction u/s 80-IB(10) for the first time in return filed u/s 153A (even though such claim not made in original

Mar 23,2018

ITAT: Relies McKinsey's earlier years' MAP settlement to determine taxability in subsequent year

Mumbai ITAT holds that taxability of Rs. 150 cr. received by assessee-company (part of the Mckinsey Group based in US) in India during AYs 2011-12 and AY 2012-13 shall be

Mar 21,2018

ITAT: Upholds disallowance u/s Sec. 40(a)(ia) on pre-paid SIM card discount, keeps Rajasthan HC's relief intact

Delhi ITAT partly upholds Sec. 40(a)(ia) ​expenditure ​disallowance on discount extended to pre-paid ​SIM card ​distributors by Vodafone Essar Digilink Ltd. (‘assessee’) during AY 2009-10, rules that to the extent the Rajasthan HC treated

Mar 20,2018

ITAT: Notional rental income addition u/s. 23 on Builder’s unsold flats, unsustainable

Mumbai ITAT deletes  notional income addition  u/s. 23  towards annual letting value of unsold flats of Runwal builders (‘assessee’) during AY 2012-13; ITAT observes that flats sold by assessee were assessed under the head

Mar 19,2018

ITAT: Penalty for regularizing construction within byelaws of Slum Rehabilitation Authority allowable u/s 37(1)

Mumbai ITAT allows deduction u/s. 37 for penalty paid by assessee-company (engaged in the business of property development) to Slum Rehabilitation Authority (SRA) during AY 2010-11, rules that penalty was

Mar 17,2018

ITAT: Sec. 143(2) notice by non-jurisdictional AO, invalid despite issued within statutory period

Delhi ITAT dismisses Revenue’s appeal and deletes addition u/s 68 on assessee-company during AY 2006-07, holds that the  entire assessment proceedings are vitiated because of non-service of notice u/s 143(2)

Mar 17,2018

ITAT: Partnership firm having corporate entities as partners, a consortium eligible for deduction u/s 80IA(4)

Pune ITAT quashes CIT's order u/s. 263 denying deduction u/s 80IA(4) to assessee (a partnership firm having 3 corporate entities as its partners) for AY 2012-13, rejects Revenue’s stand that

Mar 17,2018