ITAT: Renouncing ‘occupancy rights’ in property under sub-lease not other income but capital gains

Right of occupation under sub-tenancy is a capital asset; Extinguishment of such right amounts to ‘transfer’; Consideration for extinguishment of such rights taxable as 'capital gains' and not as 'income

Apr 24,2012

ITAT: Rejects transfer of business through separate agreements, taxes it as slump sale

Transfer of Sealants and Adhesive Business through separate agreements for tangible and intangible property, taxable as slump sale u/s 50B; Separate agreements read together, indicated sale of business as a whole

Apr 20,2012

ITAT: Refuses condonation of delay in Dept's appeal, Calls it negligence or inaction

ITAT refuses to condone delay of 851 days in filing appeal by IT Department; IT Department cannot take advantage of negligence or inaction to seek condonation; SC ruling in Post Master General

Apr 19,2012

ITAT: Sec 12A benefit not available to revised objects unless intimated, examined by AO

Sec. 12A benefit cannot be automatically extended to amended clauses of memorandum & bye-laws of the society; Benefit u/s 12A not available to revised objects if assessee fails to intimate the

Apr 19,2012

ITAT: Right to receive consideration under land development agreement attracts capital gains

Development agreement giving right to receive a fixed share in the built-up area and putting the developer in possession of land constitutes ‘transfer’ u/s 2(47); Capital gains taxable in the

Apr 18,2012

ITAT: Follows Cal HC decision over ITAT SB ruling; Deletes Sec 40(a)(ia) disallowance 

Amendment to Sec 40(a)(ia) extending time limit for deposit of TDS, retrospective in nature; Pre 2010, Sec 40(a)(ia) disallowance not attracted if TDS paid before the due date of filling

Apr 17,2012

ITAT: Conducting distance education for University on fee sharing basis not a charitable activity 

Conducting distance education and online program of University on fee sharing basis not a ‘charitable purpose’ u/s 2(15) of the Act; Education activities not carried out as a charitable endeavor

Apr 17,2012

ITAT: Block assessment order u/s 153C without JCIT's approval invalid 

Block assessment orders passed u/s 153C without obtaining prior consent of JCIT u/s 153D null and void; Requirement of pre-approval not restricted only to block assessment of person searched but

Apr 16,2012

ITAT: Beneficial tax rate under DTAA vs Act applies separately to each royalty agreement 

Each royalty agreement, dated before and after June 2005, constitutes separate source of income; Tax rates prescribed u/s 115A, separately comparable with DTAA rate depending on agreement date; Beneficial provisions

Apr 16,2012

ITAT: Even single building qualifies as housing project, eligible for Sec 80IB benefit

Date of approval of building plan, and not date of approval of project, relevant for determining period of project completion u/s 80IB; Even single building satisfying conditions u/s 80IB qualifies

Apr 13,2012