ITAT: Income received by Nusli Wadia from Late Mr Dinshaw’s ‘Estate’ not taxable

Income distributed by ‘Estate’ after payment of tax by ‘administrator’ not taxable as “income” of the recipient: Mumbai ITAT 

Jul 18,2011

ITAT: Co-venturer eligible for deduction u/s 80(IA)(4) for infra project even if contract awarded to JV

JV partner executing infra development work eligible for deduction u/s 80‑IA(4) even if project awarded to JV: Visakhapatnam ITAT 

Jul 14,2011

ITAT: Sec 80IA deduction allowed to a developer of infrastructure facility who does not operate or maintain such facility

Sec 80IA deduction allowed to a developer of infrastructure facility, who does not operate or maintain such facility; conditions laid down in Sec 80IA(4) not cumulative

Jul 13,2011

ITAT: Sec 80IB(10) deduction available though area of few units exceed 1500 sq ft

Sec 80IB deduction cannot be denied for entire project where area of few residential units exceeded 1,500 sq ft: Chennai ITAT, Third Member Ruling

Jul 11,2011

ITAT: Banks qualify as 'Financial Institutions', eligible for deduction u/s 36(1)(viii)

Banks covered as 'Financial Institutions' and eligible for deduction u/s 36(1)(viii), prior to amendment by Finance Act, 2007;  Amendment to Sec 36(1)(viii) clarificatory

Jul 08,2011

ITAT: Sec 10A deduction available despite STPI approval as 'expansion'

Deduction u/s 10A cannot be denied merely based on STPI's approval as "Expansion" of unit, instead of approval as "New Unit"

Jul 08,2011

ITAT: ITAT bars adjustment of refund pending stay order

ITAT bars adjustment of earlier year's refund after extending stay order on demand

Jul 07,2011

ITAT: No interest accrual during pendency of legal dispute

No accrual of interest income where HC order to award interest on deposit challenged before SC: Mumbai ITAT 

Jul 06,2011

ITAT: Despite TDS u/s 194I, studio rentals taxable as Business Income

Studio rentals taxable as Business Income and not House Property

Jul 01,2011

ITAT: Transfer of sales contract taxable as capital gains

Transfer of ‘sales contract’ taxable as capital gains and covered as “right to manufacture, produce or process any article or thing” u/s 55(2)(a); SC ruling in B.C.Srinivasa Setty not applicable

Jun 29,2011