ITAT

ITAT: Dismisses cross-objection as issue not agitated before lower authorities

Delhi ITAT dismisses assessee’s (a manufacturer of consumer products) cross objection (CO) for AY 1998-99 since the issue was not raised before the AO or CIT(A); Assessee had offered to

Nov 19,2018

ITAT: Compensation received by Sushmita Sen for allegedly being sexually harassed, not taxable

Mumbai ITAT rules that compensation of Rs. 95 lacs received by Sushmita Sen (assessee, a film actress) from Coca Cola India Limited (CCIL) towards damages caused to assessee’s reputation, not income

Nov 17,2018

ITAT: Rentals from Leasing of Warehouse constitutes House-property income

Delhi ITAT dismisses assessee’s appeal, holds income from leasing of warehouse assessable as house property income and not business income for AY 2014-15; Rejects assessee’s claim that as main objects

Nov 16,2018

ITAT: Interest earned on FD’s pledged for promoting business of group-companies, assessable as Business Income

Delhi ITAT allows assessee-company's claim of treating interest earned on fixed deposits (FD’s) as ‘business income’ and not ‘interest from other sources’, notes that the FD’s were made for obtaining

Nov 16,2018

ITAT: Deletes addition of notional interest under book profits, quashes order u/s 263

Mumbai ITAT quashes CIT’s revisionary order u/s 263, deletes addition of notional interest made by CIT in the book profits as per Sec. 115JB for AYs 2012-13 to 2014-15; Notes

Nov 16,2018

ITAT: Upholds reassessment absent assessee’s HO expense apportionment disclosure for Sec 80IA computation

Jaipur ITAT upholds re-assessment for AY 2010-11 (initiated beyond 4 yrs period) as no disclosure was made by assessee co. regarding apportionment of any head office (HO) expenses while computing

Nov 16,2018

ITAT: Grants agricultural income exemption to Seed production co., rejects Revenue’s ‘trading activity’ plea

Pune ITAT grants agricultural income exemption u/s 10(1) to assessee-company in respect of income earned out of production of certified seeds and related activities during AYs 2011-12 to 2014-15, quashes Revenue’s action

Nov 13,2018

ITAT: Reckons ESOP holding period from grant date where shares bought back without exercise

Bangalore ITAT accepts assessee-employee’s computation of period of holding of ESOPs bought back by employer from the date of grant of ESOPs thereby resulting in long term capital gains (LTCG),

Nov 06,2018

ITAT: Denies deduction u/s 54 on advance given for flat, absent building plan approval

Jaipur ITAT denies deduction u/s 54 to assessee for advance given for purchase of flat as the approvals were not received by the builder within the time limit of Sec.

Nov 06,2018

ITAT: Mere investments in ‘penny stocks’ cannot result in LTCG exemption denial

Chennai ITAT sets aside AO’s order rejecting assessee-individual’s claim of long term capital gains (‘LTCG’) exemption upon sale of ‘penny stocks’ during AY 2014-15; Based on the information from the

Nov 06,2018

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