ITAT: Quashes assessment u/s. 153A, distinguishes Gunjan Girishbhai Mehta (SC) ruling

Delhi ITAT quashes Sec. 153A assessment on assessee company for AY 2004-05, holds the same as invalid in the absence of search u/s 132; Observes that Revenue failed to substantiate

Jun 16,2017

ITAT: Restores case to AO for ‘denovo’ assessment; Denies assessee’s illegitimate grievance

Delhi ITAT restores the matter for AYs 2008-09 and 2009-10  to the file of AO for making denovo assessment, after making necessary verification/inquiry/investigation, etc. in accordance with law, expresses no

Jun 16,2017

ITAT: Sec. 10A tax-holiday period to be reckoned from date of re-locating to STPI unit

Chennai ITAT upholds denial of Sec. 10 deduction in reassessment proceedings for AY 2009-10 initiated within four-years period; Rejects assessee’s stand that AO had allowed deduction u/s. 10A in original

Jun 16,2017

ITAT: No Sec. 194C TDS on vehicle hire-charges; Upholds land-sale characterization as business

Visakhapatnam ITAT upholds treatment of profit on sale of agricultural land as business income of assessee, deletes capital gains addition for AY 2007-08; Notes that assessee converted his investment (i.e. agricultural

Jun 16,2017

ITAT: Annuls assessment; AO's failure to make reference to valuation officer u/s. 50C(2), fatal

Delhi ITAT upholds CIT(A)’s order annulling assessment, quashes invocation of Sec. 50C(1) (relating to substitution of sale consideration with stamp duty valuation) while computing capital gains on sale of land

Jun 13,2017

ITAT: Interprets words 'any payment' u/s 2(22)(e); Deletes addition as assessee not ‘real beneficiary’

Delhi ITAT deletes deemed dividend addition u/s. 2(22)(e) in the hands of assessee-individual for AY 2010-11 with respect to transfer of commercial space between two entities in which assessee held

Jun 13,2017

ITAT: Exempts salary credits to seafarer’s NRE account, grants benefit of ‘vague’ CBDT circular

Kolkata ITAT holds that remuneration received by assessee-individual (a non-resident engaged as a ‘master’ with a foreign shipping company) in his NRE account in India, not taxable for AY 2011-12;

Jun 12,2017

ITAT: Upholds Sec.14A disallowance; No specific format prescribed for recording AO's satisfaction

Bangalore ITAT upholds expense disallowance u/s. 14A, however, directs that business income increased by the amount of disallowance, should be considered for computing deduction u/s. 10A in case of assessee

Jun 12,2017

ITAT: Allows deduction for software development expenditure incurred in earlier AY considering technological obsolescence

Delhi ITAT allows business loss deduction u/s. 28 to assessee-company (engaged in the business of software development and sale of software products) in AY 2009-10 for write-off of software development

Jun 06,2017

ITAT: Vents frustration at Revenue's frivolous, ritualistic, environment unfriendly appeal; Urges systemic reform

Ahmedabad ITAT dismisses Revenue’s appeal for AYs 2005-06 and 2006-07, challenging CIT(A)’s order, who had deleted the penalty levied u/s 271(1)(c) by AO on the ground that related quantum disallowance

Jun 05,2017