ITAT

ITAT: No TDS-default proceedings on deductor if CBDT retrospectively restores deductee-VTU’s Sec 12AA registration

Panaji ITAT rules on assessee-bank's (State Bank of Mysore branches) challenge against initiation of proceedings u/s 201(1)/(1A) for non-deduction of TDS u/s 194A on interest payments to Vishveshvaraya Technological University

Feb 17,2017

ITAT: Quashes Sec 50C invocation on land-transfer through un-registered sale-deed pre-2009 amendment

Chandigarh ITAT allows assessee-individual’s claim of long term capital loss on transfer of plot to his nephews during AY 2009-10, rejects Revenue's application of Sec 50C on an unregistered document;

Feb 17,2017

ITAT: Pre-operative expenses incurred for retaining assessee’s "corporate entity" status deductible u/s 57(iii)

Delhi ITAT dismisses Revenue’s appeal for AY 2008-09, holds that pre-operative expenses towards audit fees, salaries, legal  and professional charges, financial and bank charges are allowable u/s 57(iii) since such

Feb 16,2017

ITAT: Allows charity exemption to Patanjali Yogpeeth; ‘Propagation of yoga’, a charitable purpose

Delhi ITAT allows Sec 11/12 exemption to Patanjali Yogpeeth (a public charitable trust having pre-dominant object to provide medical relief through pranayama and yoga and impart education in field of

Feb 16,2017

ITAT: Hong Kong entity's receipts towards data-processing support not taxable as royalty/FTS

Mumbai ITAT allows assessee’s appeal (a Hong Kong based Company) for AY 2006-07, holds that payments received by the assessee from an Indian bank towards provision of data processing support

Feb 15,2017

ITAT: Confirms Sec. 271(1)(c) penalty; Non-furnishing of MAT-computation only in current year raises doubt

Ahmedabad ITAT upholds concealment penalty of Rs. 98 lakhs u/s 271(1)(c) on assessee-company for failure to pay MAT on book profit u/s 115JB for AY 2007-08, notes that assessee has

Feb 15,2017

ITAT: Allows Sec. 54F capital-gains relief to HUF though property purchased in co-parcener’s name

Chennai ITAT allows Sec. 54F benefit to assessee-HUF despite property purchased in the individual name of coparcener of HUF for AY 2012-13; Observes that though HUF is an independent assessable

Feb 14,2017

ITAT: NR’s project office in India, not installation PE absent contract execution through PO

Kolkata ITAT rules in assessee’s favour for AY 2010-11, holds project office (‘PO’) in India of a Dutch company (‘assessee’) doesn’t constitute assessee’s PE in India under Article 5 of

Feb 10,2017

ITAT: AO’s lower TDS certificate u/s 197, ‘person specific’, not ‘transaction specific’; Deletes interest- levy u/s 201(1A)

Kolkata ITAT deletes interest u/s 201(1A) levied for alleged short deduction of TDS u/s 194A on interest payments made by assessee-company during AYs 2008-09 and 2009-10; Notes that the parties to whom

Feb 10,2017

ITAT: Allows interest deduction u/s 24(b) on vacant property subject to offering ‘notional’ rental-income

Mumbai ITAT holds assessee-company (engaged in letting out properties) eligible for  interest deduction u/s 24(b) subject to declaring of annual letting value (‘ALV’) of the commercial properties for AYs 2008-09

Feb 10,2017

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