ITAT: Christian religious society exempt u/s 11; Charity definition u/s 2(15) inapplicable to religious organization

Chennai ITAT grants Sec. 11 exemption to assessee (a Christian Religious Society), holds that publication and distribution of Christian literature, religious books amounts to a religious activity eligible for exemption; Notes

Apr 27,2017

ITAT: Revenue to examine FTC allowability against MAT, cautions on MAT-credit double benefit

Ahmedabad ITAT directs Revenue to consider assessee-company’s foreign tax credit (FTC) claim for AYs 2008-09 and 2009-10 on taxes withholding in China despite no such claim made through return of income, but remits matter

Apr 25,2017

ITAT: No Sec. 194A TDS on Bank’s interest provisioning under CBS software reversed subsequently

Bangalore ITAT remits matter to AO for reconsideration on issue of short remittance of TDS by State Bank of India (‘assessee’) on interest payments to the term depositors for AY

Apr 21,2017

ITAT: Allows deduction from salary income towards notice pay recovered by previous employers

Ahmedabad ITAT allows deduction to assessee-employee with respect to notice pay recovered from his salary by previous employers during AY 2010-11; Rejects Revenue’s stand that no deduction for notice pay

Apr 21,2017

ITAT: No Sec. 14A disallowance on strategic investment absent exempt income earned during year

Mumbai ITAT upholds deletion of Sec 14A disallowance in case of assessee (a Morgan Stanley group company engaged in providing investment research advisory support, consultancy services to group companies) for

Apr 20,2017

ITAT: Allows forex derivative loss set-off as derivative-transactions incidental to main business

Ahmedabad ITAT allows set-off of foreign exchange derivative loss against normal business profits of assessee-company during AY 2008-09; Rejects Revenue’s stand that since the contract was settled otherwise than through delivery,

Apr 19,2017

ITAT: KPMG's payment to KPMG-International under membership agreement, not taxable applying ‘mutuality’ principle

Mumbai ITAT rules that payment made by KPMG India (‘assessee’) to KPMG International (‘KPMGI’, registered in Switzerland) under the Membership agreement, not taxable on the grounds of ‘mutuality’ for AY

Apr 19,2017

ITAT: Non-original, unauthentic Swiss bank documents give temporary reprieve to assessee

Delhi ITAT sets aside assessment u/s 153A on assessee (chairman of Jindal Group of companies) for AY 2006-07 making addition of Rs. 69.07 lakhs representing undisclosed bank account balance; Notes that

Apr 13,2017

ITAT: Reopening permissible during appeal-pendency on unrelated issue, but quashes reassessment premised on survey

ITAT circuit bench at Mysore, quashes re-assessment for AY 2005-06,  which was initiated merely on the basis of survey proceedings u/s 133A during the pendency of assessee’s appeal before Bangalore

Apr 12,2017

ITAT: Upholds PE constitution for Arrow's LO; Accepts 40% profit-attribution based on FAR

Bangalore ITAT upholds 40% profit attribution to Indian operations of Arrow Group for AYs 2000-01 to 2004-05 in reassessment proceedings pursuant to survey conducted at liaison office premises, however, upholds restriction of TP-adjustment to 40%

Apr 11,2017