ITAT: Octroi subsidy on raw materials taxable revenue receipt; Distinguishes Reliance Industries ruling

Octroi paid on raw materials, later refunded by Govt by way of a subsidy, taxable as revenue receipt; ITAT SB ruling in Reliance Industries and SC decisions in Ponni Sugars

Jun 11,2012

ITAT: Sec. 10AA a "deduction" provision; 14A disallowance not applicable to SEZ income 

Disallowance u/s 14A not applicable to SEZ income eligible for deduction u/s 10AA and 80IAB; Sec 10AA is a ‘deduction’ provision and not ‘exemption’ provision, even though falls under Chapter

Jun 11,2012

ITAT: Evidence Act discharges taxpayer's burden u/s 68 on furnishing creditor identity 

ITAT Third Member decision deletes income addition u/s 68 for loan received by cheque; Furnishing identity, bank details and other particulars of creditors sufficient to discharge onus on assessee; Assessee

Jun 08,2012

ITAT: Denies loss carry forward u/s 79, Applies 'separate legal entity' concept 

Company is separate legal entity distinct from shareholders; Transfer of shares by holding company to its director hit by Sec 79; Holding co held shares on its own behalf and

Jun 07,2012

ITAT: Can't tax same income twice though offered in two different years

Same income though wrongly offered in two different years cannot be taxed twice; Revenue authorities duty-bound to demand only legitimate tax dues from an assessee and should not take advantage

Jun 07,2012

ITAT: Compulsory reference to Valuation Officer u/s 50C if assessee objects

AO required to make a reference to Valuation Officer if assessee objects to the adoption of stamp duty valuation u/s 50C; AO’s action in not making reference to Valuation Officer

Jun 06,2012

ITAT: Allows domestic TP relief, higher price to AE can result in 'ordinary profits'

ITAT rejects denial of Sec 80-IA deduction to the power generating unit; A higher profit from related party transaction in comparison to non-related party transactions can be regarded as 'ordinary

Jun 06,2012

ITAT: Original assessment order date to determine time barring of Sec 263 order

Limitation for revision by CIT u/s 263 to be determined based on latest assessment order in which disputed issues have been considered by the lower authorities; Revision order passed by

Jun 05,2012

ITAT: Father eligible for Sec 54EC relief on minor children's investments exceeding Rs 50 lakhs 

Clubbing of income should be made on 'net' income and not 'gross' income; Father entitled to Sec 54EC benefit for investment of Rs 50 lakh each made by minor children

Jun 05,2012

ITAT: Golf Club not carrying business, eligible to tax relief following ICAI ruling 

Cannot cancel Golf club's registration without proving that the activities were non-genuine or not according to object clause; To deny tax benefit, necessary to establish that activities are carried out

Jun 04,2012