ITAT: Discards 'loan defense' of taxpayer consciously withholding investment source; Upholds Sec 263 revision

Mumbai ITAT upholds revision of the assessment order u/s 263 on assessee (viz. Parth Ajit Pawar), holds that the assessee during assessment consciously withheld actual source of investment of Rs. 5 Cr

Sep 25,2017

ITAT: Deletes concealment penalty on 'tax compliant' Harish Salve; Declared income shows bona fide

Delhi ITAT deletes penalty u/s 271(1)(c) in the case of legal luminary & Senior Advocate Harish Salve for AY 2010-11 absent any malafide intention to conceal income or furnish inaccurate particulars; Notes that

Sep 22,2017

ITAT: Grants Sec. 54G exemption despite investing gains after 9 years of shifting undertaking

Mumbai ITAT allows assessee-company’s claim of exemption u/s 54G  for AY 2004-05 with respect to capital gains arising on sale of land, rejects Revenue’s denial on the ground that investment

Sep 22,2017

ITAT: No expense disallowance u/s. 14A absent nexus established between expenditure and exempt income

Mumbai ITAT quashes invocation of Rule 8D(2) with respect to Sec. 14A disallowance as AO failed to establish nexus between the exempt income and the impugned expenditure; For AY 2007-08

Sep 22,2017

ITAT: FDR interest inextricably linked with power project set-up, a capital receipt; Bokaro Steels relied

Mumbai ITAT treats interest earned by assessee company on fixed deposit as capital receipt for AY 2012-13, being inextricably linked with setting up of power project, directs set-off against pre-operative

Sep 21,2017

ITAT: Allows Sec 10B export relief on duty drawback; Distinguishes SC ruling interpreting Sec 80IB

Delhi ITAT allows deduction u/s 10B to assessee [(operating an Export Oriented Unit (EOU)] for AY 2010-11 and AY 2011-12 in respect of duty drawback receipts forming part of EOU's

Sep 21,2017

ITAT: Circuit expense provision on scientific basis deductible for Telecom Company despite subsequent reversal

Delhi ITAT allows deduction for provision regarding year-end circuit accruals (i.e. infrastructure cost and last mile charges paid to other operators for provision of telecom connectivity services) in the year of

Sep 20,2017

ITAT: Taxes capital gains on sale of shop as STCG ignoring tenancy period

Mumbai ITAT treats the gains arising on sale of shop by assessee-individual during AY 2011-12 (i.e in October, 2010), as short term capital gains (‘STCG’) and denies Sec. 54 exemption;

Sep 18,2017

ITAT: Offering capital gains cannot make transactions with accommodation entry provider genuine

Delhi ITAT upholds Sec. 153C assessment on assessee-company to confirm unexplained income addition for AY 2004-05, notes that assessee did not produce any documentary evidence regarding nature and genuineness of

Sep 18,2017

ITAT: Net interest income, not gross, to be excluded while determining Sec. 10 deduction

Mumbai ITAT holds only net interest income to be excluded while determining assessee-company’s (engaged in the business of jewellery export) claim of deduction u/s. 10A  with respect to profit derived from

Sep 15,2017