ITAT: Explains purport of Expl 2(a) to Sec 263, quashes revision of 'detailed' assessment order

Ahmedabad ITAT quashes Pr. CIT’s revisionary order u/s. 263 in case of a Pharma co. (assessee) for AY 2014-15, holds that “the foundation for exercise of revisional jurisdiction is sorely missing”

Aug 10,2018

ITAT: Additional disallowance in final assessment order in deviation from draft order, impermissible

Mumbai ITAT deletes Sec 80IC disallowance made by AO in the final assessment order, over and above the amount disallowed in the draft assessment order for AY 2008–09, rejects Revenue’s

Aug 10,2018

ITAT: Firm's payment to retiring partner on family settlement, deductible from business income

Chennai ITAT reverses CIT(A) order for AY 2014-15, holds that payment made by partnership firm (assessee) to retiring partner consequent to family settlement, is deductible from taxable income; Notes that

Aug 10,2018

ITAT: Compensation for discontinuing commodity trading, taxable; Rejects loss of income source claim

Cochin ITAT holds that compensation of Rs. 40 cr. received by assessee (a Geojit group of company) during AY 2009-10 from BNP Paribas (a French Bank) for discontinuing commodity trading

Aug 08,2018

ITAT: Rejects taxpayer’s methodology towards unabsorbed loss vs. depreciation set-off, while calculating book profits

Ahmedabad ITAT rejects assessee’s methodology towards adjustment and set off of brought forward loss and unabsorbed depreciation while calculating book profit for AY 2011-12, holds the same not in tune

Aug 07,2018

ITAT: ‘Allotment date’, not ‘exercise date’ relevant for Sec. 192 TDS on ESOP perquisite

Hyderabad ITAT holds that obligation for withholding tax u/s. 192 on ESOP perquisite arises upon allotment of shares by assessee-employer and not at the ‘time of exercise’ of option by employee

Aug 06,2018

ITAT: Disallows Apple India’s ‘excess’ warranty provision claim despite based on global policy

Bangalore ITAT rules in favour of Revenue, disallows Apple India’s claim for warranty expenses provision to the extent of Rs. 82.5 cr. for AY 2013-14, upholds AO’s order restricting warranty

Aug 06,2018

ITAT: Pre-2014 'direct' re-insurance payments to foreign re-insurer violates Insurance Act, disallows deduction

ITAT disallows deduction to Indian Insurance company (assessee) for reinsurance premium paid to non-resident citing non-deduction of TDS, also holds that pre-2014, any re-insurance arrangement involving a direct payment of

Aug 03,2018

ITAT: Rejects 'artificial' division between tax and surcharge in allowing MAT credit

Delhi ITAT rules on the stage at which deduction should be allowed for MAT credit available u/s. 115JAA, holds that MAT credit, inclusive of surcharge and education cess etc. should be reduced

Aug 03,2018

ITAT: ITAT Third Member: Establishing 'clear-cut charge' for concealment or inaccurate furnishing, must for penalty levy

Amritsar ITAT Third member (TM) rules in favour of assessee-companies for AYs 2008-09 & 2009-10, holds that penalty levy is not sustainable in case where the AO records satisfaction while

Aug 02,2018