ITAT: Grants Sec. 80P benefit to credit co-operative society for unexplained cash credit addition

Pune ITAT allows deduction u/s. 80P to assessee (a credit cooperative society) in respect of additions made u/s. 68 for AY 2005-06; Follows co-ordinate bench rulings in Shri Mahavir Nagari

Sep 05,2017

ITAT: Society working for farmers’ upliftment benefits 70% population, meets 'general public utility' criteria

Delhi ITAT sets-aside CIT(Exemptions) order, grants Sec. 12A registration to assessee-society involved in the upliftment of farmers and protection of farmers’ interests; Notes that “the section of public to whom benefit is intended

Sep 04,2017

ITAT: Allows deduction u/s. 43B for stamp-duty paid on demerger; Rejects Revenue’s Sec. 35DD invocation

Mumbai ITAT allows assessee-company’s deduction claim us. 43B for AY 2005-06 with respect to stamp duty incurred on demerger of its units in AYs 1998-99 and 2000-01, but paid in

Sep 02,2017

ITAT: Research company’s e-magazine subscription payment not royalty/FTS; Sec. 194J TDS inapplicable

Mumbai ITAT holds that payment for subscription of e-magazine/journal by assessee (engaged in carrying out research for private equity investments), not royalty / FTS to attract Sec. 194J TDS, deletes

Sep 02,2017

ITAT: Where quantum addition is remanded to AO, penalty also should be remanded

Delhi ITAT sets-aside CIT(A) order confirming penalty levy u/s. 271(1)(c), rules that where the quantum addition has been remanded to the AO, penalty also should be remanded; Notes that in

Sep 02,2017

ITAT: Free air-travel, stay to doctors for prescribing pharam co.'s medicines, akin to 'commission'

Delhi ITAT upholds AO’s order for AY 2006-07, disallowing 50% of sales promotion expenses as assessee (a pharma company) could not establish the allowability of its claim; Notes that out of total

Sep 02,2017

ITAT: Upholds Revenue’s treatment of alleged immovable property ‘gift’ to daughter as ‘sale’

Delhi ITAT upholds Revenue’s treatment of alleged gift of immovable property by assessee-individual to her daughter as ‘sale’ and further upholds Sec. 50C applicability (which deems stamp duty valuation as sale

Sep 01,2017

ITAT: DRP empowered to make TP-adjustment not proposed by AO/TPO; Sec 263 remedy unnecessary

ITAT upholds DRP’s power to propose TP-adjustment (in respect of intra-group services) despite AO/TPO not proposing such adjustment in the draft order for AY 2012-13, rejects assessee’s contention that DRP

Sep 01,2017

ITAT: Upholds re-assessment; Taxpayer ‘tailored’ arrangement to ‘wriggle out’ deemed dividend tax ramifications

Mumbai ITAT upholds reassessment initiated (beyond 4 years period) in case of assessee-individual for AY 2004-05 for making 'deemed dividend' addition u/ 2(22)(e); Firstly, ITAT rejects assessee’s stand that in absence

Aug 30,2017

ITAT: SRK's Dubai Villa a non-taxable gift, cannot be characterized as brand endorsement fee

Mumbai ITAT rules in favour of Shahrukh Khan (‘assessee’) for AY 2008-09, holds Signature villa at Dubai received as ‘gift’ by assessee from Dubai’s leading private limited construction company (‘donor

Aug 28,2017