ITAT: Upholds Sec. 234E levy for belated filing of TDS returns pertaining to pre-Jun'15 period

Jaipur ITAT upholds AO's action of levying fee u/s. 234E for belated filing of TDS return for FY 2014-15, however, upholds levy only from June 1, 2015 [i.e. the date

Jan 25,2019

ITAT: Allows tax sparing credit on 'dividend' exempt under Thailand incentive legislation

Delhi ITAT allows assessee's (an Indian co.) claim for 'tax sparing credit' u/s. 90/91 of the Act read with Article 23 of India-Thailand DTAA with respect to taxes payable in

Jan 25,2019

ITAT: Requirement to prove 'sources of source' u/s. 68 proviso, inapplicable to non-resident investors

Mumbai ITAT upholds deletion of addition u/s. 68 on account of share subscription of Rs. 50 crore received by assessee-company (a publicly held co.) during AY 2010-11 from two foreign

Jan 23,2019

ITAT: Legal-fees payment for advising foreign co. on transfer of Indian subsidiary's shares, deductible u/s. 48

Mumbai ITAT allows deduction u/s 48(i) for legal/professional fees paid to Accounting/Law firms for advising / assisting assessee (a foreign co.) in transfer of shares of Indian subsidiary; While computing

Jan 23,2019

ITAT: Construes 'specified PY' for Sec. 271AAA penalty as search initiation, not conclusion year

Pune ITAT rules that 'specified previous year' (PY) for imposing penalty u/s. 271AAA would be PY in which search is initiated and not the PY in which search is concluded,

Jan 22,2019

ITAT: Quashes AO's rejection of books ; Acknowledges livestock business dealings with un-organized sector

Delhi ITAT deletes addition made by AO on individual-assessee(engaged in business of livestock/meat) by estimating income @ 2% of total sales during AY 2012-13, notes that AO rejected books of

Jan 18,2019

ITAT: Payment for obtaining geophysical and geological data not FTS/royalty under India-USA DTAA

Delhi ITAT holds that payment made by the assessee to the US company for obtaining geophysical and geological data cannot be held to be covered under the ambit of royalties

Jan 18,2019

ITAT: Quashes Sec.263-order; Rejects plea of AO's deaf ear towards commission for bogus capital-gains

Delhi ITAT quashes Pr. PCIT's revisionary order u/s 263 for AY 2014-15, rules that as the AO had thoroughly examined the transactions of bogus purchase and sale of shares, it

Jan 18,2019

ITAT: No TDS on cost-to-cost reimbursement to overseas affiliates; Deletes disallowance u/s 40(a)(i)

Delhi ITAT deletes disallowance u/s 40(a)(i) for TDS non-deduction on reimbursement by assessee to its overseas affiliates towards corporate, administrative, finance and marketing expenses during AY 2011-12; Notes that the

Jan 18,2019

ITAT: Deletes addition towards difference in income as per books & Form-26AS, absent receipt

Ahmedabad ITAT deletes 'undisclosed income' addition made by AO with respect to difference in income declared by assessee-firm (engaged in construction) and income shown in Form 26AS during AY 2013-14

Jan 18,2019