ITAT: Confirms Sec. 43B disallowance for outstanding service-tax not routed through P&L account

Delhi ITAT confirms Sec. 43B disallowance on assessee (engaged in the building and constructing industries) on account of service tax received from the service recipients, but not deposited within the return filing due-date

Apr 16,2018

ITAT: Grants Sec 11 exemption to educational trust, voluntary contribution from students not capitation-fee

Bengaluru ITAT grants Sec. 11 exemption to  assessee-trust (running educational institutions)  for AY 2012-13, rejects Revenue’s stand that assessee violated the provisions of Karnataka Educational Institutions (prohibition of capital fees) Act, 1984

Apr 13,2018

ITAT: Allows capital gain exemption u/s 54, mere availing of housing loan not a disqualification

Kolkata ITAT grants exemption u/s 54 to assessee (an individual) for AY 2010-11, rules that mere availing of housing loan from bank cannot justify denial of exemption u/s 54 when

Apr 13,2018

ITAT: Confirms share premium addition u/s. 68 for routing accommodation entries through shell companies

Delhi ITAT upholds unexplained share premium addition u/s. 68 with respect to shares (of face value Rs. 10/-) issued by assessee (a private limited company engaged in trading of plots

Apr 13,2018

ITAT: Disallows loss on shares purchased from husband; No transfer absent delivery & consideration exchange

Delhi ITAT disallows assessee’s (an individual) claim of loss for AY 2001-02 on shares purchased from her husband, applies provisions of Sec. 60; Notes that assessee had purchased 4200 shares

Apr 13,2018

ITAT: Denies Sec. 80-IB(10) benefit to slum rehabilitation project; Distinguishes ruling in own case

Mumbai ITAT reverses CIT(A) order, denies Sec. 80-IB(10) benefit to assessee-builder for AY 2007-08 in respect of a residential project approved by Maharashtra Slum Rehabilitation Authority(SRA) as assessee could not complete

Apr 12,2018

ITAT: Sec. 40A(2)(a) applicable to 'land' contributed as partners' capital for assessee in real-estate business

Vishakhapatnam ITAT holds that AO is entitled to examine the reasonableness of cost of land for assessee (a partnership firm engaged in real estate business) which was acquired from partners

Apr 12,2018

ITAT: No wealth-tax on vacant land acquired for office despite assessee not manufacturing entity

Kolkata ITAT rules in favour of assessee (engaged in trading and export in field of power), holds that freehold land acquired by assessee for the purpose of setting up office

Apr 11,2018

ITAT: Allows 'revision' of return filed in response to Sec. 148 notice & reporting additional offshore income

Delhi ITAT accepts validity of revised returns filed by assessee-company for AYs 2004-05 and 2005-06 offering income received in its foreign bank account from a Russian company for rendering support

Apr 09,2018

ITAT: Quashes Sec 201-orders as time-barred; Finance Act 2014’s 7-year extended limitation not retrospective

Mumbai ITAT holds that Sodexo SVC India’s Sec 201(1)/(1A) orders for AY 2012-13 are barred by limitation u/s 201(3) as passed beyond 2 years from the end of FY in

Apr 06,2018