ITAT: Karta's mother not relative of HUF, upholds taxability of gift u/s 56(2)(vii)

Delhi ITAT upholds revision u/s 263 in order to tax gift received by assessee-HUF from mother of Karta (not member of HUF) u/s 56(2)(vii) for AY 2013-14; During relevant AY, assessee

Jan 12,2018

ITAT: No Sec. 195 TDS on reimbursement of spares purchased from US parent

Delhi ITAT rules that payment by assessee-company (engaged in importing computer hardware/ software from its AE and selling to customers in India) to its US parent (AE) on account of

Jan 12,2018

ITAT: Allows exemption u/s 11 to town development authority; SLP-dismissal not declaration of law

Delhi ITAT upholds exemption claim u/s 11 to Moradabad Development Authority, rejects Revenue’s reliance on SLP dismissal against J&K HC ruling in Jammu Development Authority denying such exemption, remarks that

Jan 10,2018

ITAT: Deletes Rs 69 cr TP-adjustment on AE-share sale; Rejects Revenue's 'perpetual growth rate' based valuation

Mumbai ITAT deletes TP-adjustment on assessee's sale of shares of group company (FAPL) to another AE based in Singapore for AY 2012-13, rejects price determined by DRP/TPO at Rs. 12,285.92

Jan 10,2018

ITAT: Interest on credit co-operative society's 'statutory deposits' eligible for Sec 80P deduction; Distinguishes SC ruling

​​Pune ITAT allows deduction u/s 80P(2)(a)(i) to​ ​​an employee credit co-operative society (engaged in providing credit facilities to ​employees of a nationalized bank​) on interest income earned from ​fixed deposits

Jan 09,2018

ITAT: ‘Ex-gratia’ from employer for settling industrial dispute eligible for retrenchment compensation exemption u/s 10(10B)

Ahmedabad ITAT adopts pragmatic approach in interpreting 'public welfare' provisions, ​holds that the ex-gratia compensation received by assessee-employee during AY 2008-09 in terms of settlement with the employer amounts to

Jan 09,2018

ITAT: Approves policyholders' and shareholders' account aggregation for computing insurance company income

Delhi ITAT rules in favour of Max Life Insurance Co. Ltd. (‘assessee’) for AY 2010-11, approves assessee’s action of aggregating both the policyholders' and shareholders ' account while determining the

Jan 09,2018

ITAT: Rules on ‘revenue recognition’ for real-estate developers, applies PCM for advance received

Jaipur ITAT upholds AO’s stand of recognizing revenues in respect of advance received by assessee (engaged in residential township development) from the customers during AY 2012-13 applying percentage completion method (PCM’) [Category 1], but rejects

Jan 08,2018

ITAT: Denies Sec. 80IA deduction on Sales-tax subsidy absent direct nexus; Distinguishes Meghalaya Steels (SC)

Pune ITAT rejects assessee's claim of deduction u/s 80IA on sales tax subsidy received from State Government as an incentive for electricity generation through windmill during AYs 2008-09 and 2009-10;

Jan 08,2018

ITAT: Payment for self-imposed obligation vide Articles of Association, not income diversion

Mumbai ITAT denies deduction to assessee company for payment (of 0.5% of the total annual income) to a Charitable Trust every year by way of Clause in the Articles of

Jan 05,2018