ITAT: Restores Sec. 12A registration; Mere failure to intimate amended objects, a mere irregularity

Ahmedabad ITAT restores back registration u/s 12A to assessee (a public charitable trust) cancelled by Revenue u/s 12AA(3) during AY 2010-11, holds that establishment of a diagnostic center for advancing

Mar 02,2018

ITAT: Commodity derivative trading, a speculation business pre-2014, Allows inter-se loss set-off

Mumbai ITAT allows assessee's claim of set off of loss from commodity derivatives against derivative profit during AY 2012-13, holds that assessee was engaged in speculative business and therefore inter-se

Mar 01,2018

ITAT: Deletes Sec. 271(1)(c) penalty as foundation for levy significantly altered by appellate authority

Ahmedabad ITAT quashes imposition of penalty u/s 271(1)(c) on assessee-individual for AY 2009-10, rules that “where the original basis of imposition of penalty has been altered in a significant way by

Feb 28,2018

ITAT: Upholds 15% profit attribution to PE; Rejects Revenue's fresh FAR-analysis proposal

Mumbai ITAT upholds profit attribution at 15% of gross receipts to Indian PE of non-resident assessee (engaged in providing Computerized Reservation System - 'CRS') for AY 2005-06 to 2011-12, rejects

Feb 27,2018

ITAT: Allows loss set-off; 51% voting power remained with same individuals, despite shareholding change

Mumbai ITAT allows set off of brought forward house property losses of AY 2009-10 and 2010-11 against income of relevant AY 2012-13 to assessee, holds Sec. 79 provisions inapplicable observing

Feb 26,2018

ITAT: Allows deduction u/s. 37(1) for brand building expense; Follows Fine Jewellery (Mumbai ITAT)

Chennai ITAT allows deduction u/s. 37(1) by assessee-company  for advertisement expenditure incurred for brand building of “Jansons”, holds  it as revenue in nature for AYs 2009-10, 2010-11 & 2012-13; Rejects Revenue’s

Feb 23,2018

ITAT: Interest on security deposit taxable in landlord's hand, despite benefit passed to tenant

Bengaluru ITAT holds that interest received from Mangalore Electric Supply Co. (MESCOM) on security deposit was taxable in the hands of the assessee-landlord despite the tenant had paid the electricity

Feb 23,2018

ITAT: Deletes addition u/s 33AB despite delay in utilising NABARD deposits beyond stipulated date

Kolkata ITAT deletes deemed income addition in terms of Sec.33AB(7) on assessee-company (engaged in tea business)for AY 2012-13, holds that since the assessee had actually utilized the withdrawn amounts for

Feb 23,2018

ITAT: Income from supply of software embedded in hardware, not royalty; Retrospective Explanation 4 inapplicable

Delhi ITAT  rules that income arising to assessee (a non-resident company) from supply of software embedded in the hardware to various customers in India, not royalty u/s. 9(1)(vi) of the Act

Feb 23,2018

ITAT: Denies Article 8 benefit as POEM outside India/Mauritius; No Indian taxation absent PE

Mumbai ITAT denies Article 8 relief to assessee (a Mauritius based shipping company), however, holds assessee’s business profits as non-taxable in India as per Article 7 of India-Mauritius DTAA as its sole agent in

Feb 23,2018