ITAT

ITAT: Interprets ‘may’ u/s 50C(2); No discretion to AO on referring valuation to DVO

Chennai ITAT rejects AO’s claim that since Sec. 50C(2) has used the expression “may”, it was not compulsory to refer the property valuation matter to the DVO; During relevant AY

Sep 24,2018

ITAT: Allows provision for ‘retrospective’ price reduction on set top boxes

Delhi ITAT grants deduction for provision in respect of price reduction on set top boxes for subject AY 2007-08, notes that price reduction was crystallized after March 31st of relevant

Sep 21,2018

ITAT: Dismisses Revenue’s appeal; Allows SEZ unit loss set-off against normal business income

Delhi ITAT dismisses Revenue’s appeal, allows set off of loss arising in assessee's SEZ unit (eligible for Sec. 10AA benefit) against income from other taxable units for AY 2008-09; Holds

Sep 20,2018

ITAT: Deletes Rs. 2400 cr. addition towards leasing/ land development receipts; MIDC not land owner

Mumbai ITAT deletes addition for Rs. 2,456.50 Cr. received by MIDC (assessee, a State owned industrial development corporation) during AY 2011-12 on account of leasing of plots, providing development activities

Sep 20,2018

ITAT: Actual Sec 80-IA(4) deduction claim relevant for determining 'initial AY', upholds assessee's claim

Mumbai ITAT allows assessee’s (a telecom co.) claim that AY 2007-08 should be reckoned as the initial AY for claiming deduction u/s. 80-IA(4)(ii); though the audit report in Form No. 10CCB for

Sep 19,2018

ITAT: Rejects NAV based valuation for preference shares; Deletes excess premium addition

Mumbai ITAT deletes addition on account of premium received by assessee (a private limited co.) on issue of redeemable preference shares to its holding co. during AY 2011-12; Noting that

Sep 19,2018

ITAT: NR’s monthly return from builder until property possession, taxable as ‘Interest’

Chandigarh ITAT upholds characterization of monthly assured return received by assessee (individual, UK resident) from builder in lieu of advance towards sale price of commercial space in the proposed complex,

Sep 19,2018

ITAT: Upholds relief to "construction SPV", notes income already taxed in shareholders' hands

Mumbai ITAT upholds CIT(A)’s order, deletes addition towards income from sale of Lodha Supremeus building in hands of assessee co. (engaged in land development and construction); Observes that assessee merely

Sep 18,2018

ITAT: Third Member: Interest disallowance, merely based on estimation, not 'disproved' claim; Penalty unsustainable

Agra ITAT Third Member rules in favour of assessee (a finance co.), deletes penalty u/s. 271(1)(c) in respect of interest and commission disallowances for AY 1997-98; Penalty pertained to disallowance

Sep 17,2018

ITAT: Allows depreciation on non-compete fees paid for acquiring partnership interest

Mumbai ITAT allows depreciation on non-compete fees paid by the assessee co. to partners of firm for acquiring the rights in partnership during AY 2006-07, holds it to be intangible

Sep 14,2018

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