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

ITAT: Re-characterizes retainership payments to independent professionals as 'salaries'; Applies TDS u/s 192 over Sec 194J

Mumbai ITAT rules that ‘retainership fees’ payment by assessee (a film production company) under the service contract, constitutes ‘salary’, TDS u/s 192 applicable for AY 2005-06, rejects assessee’s stand that

Mar 08,2017

ITAT: AOP of Japanese MNCs not 'foreign company', doesn't qualify as 'eligible assessee' u/s 144C(15)

Delhi ITAT quashes draft as well as final assessment order passed by AO for AY 2007-08 in case of Mitsui Marubeni (‘assessee’, an AOP), not being 'eligible assessee' as defined u/s.

Mar 07,2017

ITAT: Software payments to NR, not royalty under India-Singapore DTAA

Kolkata ITAT holds that software payments by assessee to a Singaporean company, not royalty under Article 12(3) of India-Singapore DTAA for AY 2010-11, Sec 195 TDS not applicable; ITAT observes

Mar 03,2017

ITAT: Retention money not part of "book profit" despite credit to P&L account

Kolkata ITAT excludes retention money from book profits for the purposes of MAT calculation u/s 115JB in case of assessee (engaged in executing turnkey contracts) for AY 2006-07; Rejects Revenue’s

Mar 02,2017

ITAT: Assessee's valuation of second-hand windmill excessive, Upholds depreciation disallowance; Expl.3 to Sec.43(1) applicable

Chennai ITAT upholds AO's action of restricting depreciation claim by invoking Explanation 3 to Sec. 43(1) for determining the actual cost of second-hand windmill acquired by the assessee for AY

Mar 01,2017

ITAT: Upholds penalty u/s 271(1)(c) on salaried individual for concealing capital gains & director fees

Mumbai ITAT upholds concealment penalty u/s 271(1)(c) on assessee-individual ( a salaried employee) for not disclosing income on account of director's sitting fee (Rs. 4 lakh) and short term capital

Feb 28,2017

ITAT: Loan waiver credited to P&L as 'exceptional item' not 'book-profit' under MAT

Mumbai ITAT rules that loan waiver of Rs. 314 cr., being on capital account, be reduced while computing book profits for the purposes of MAT calculation u/s 115JB for AY

Feb 28,2017

ITAT: Repairs expenses on ‘leasehold premises’ not capital by-default, Sec 32 Explanation application not automatic

Delhi ITAT rules on deductibility of leasehold expenses in case of assessee (running resorts and restaurants) for AY 2008-09; During relevant AY, assessee incurred civil, interior works expenditure, electrical works

Feb 27,2017

ITAT: Third Member allows 'additional depreciation' on windmill; Sec 32(1)(iia) amendment of 2012 applicable retrospectively

Pune ITAT third member  rules that  process of generation of electricity through windmill amounts  to ‘manufacture or production of article or thing’ as contemplated u/s 32(1)(iia),   allows assessee’s ‘additional depreciation

Feb 24,2017