ITAT: Upholds CIT's revisionary order absent enquiry by AO, cites 2015 amendment in support

Chennai ITAT upholds revision proceedings u/s. 263 on assessee-individual for AY 2011-12, cites amended Sec. 263; Revenue had argued that acceptance of assessee’s return without any enquiry/verification, makes AO’s order

Aug 23,2017

ITAT: Repayable grant a financial arrangement not subsidy, can't reduce from asset WDV

Mumbai ITAT rules that conditional grant received by assessee-company from USA not to be reduced from the WDV of the plant & machinery for the purpose of allowance of depreciation

Aug 22,2017

ITAT: Holds Star India as an independent agent, not PE for Dutch counterpart

Mumbai ITAT holds that assessee’s (a Dutch company and part of STAR group) Indian group company [STAR India Pvt Ltd.(‘SIPL’)] does not constitute assessee’s PE in India for AYs 1998-99 to 2004-05,

Aug 21,2017

ITAT: Quashes Rule 8D invocation absent express recording of dissatisfaction by AO

Mumbai ITAT rejects AO's invocation of Rule 8D, holds that recording a satisfaction as contemplated u/s 14A(2) is a condition precedent before AO invokes Rule 8D to compute disallowance u/s

Aug 18,2017

ITAT: Undisclosed stock taxable as 'business income'; Allows loss set-off, Sec. 115BBE amendment prospective

Jaipur ITAT upholds assessee’s (engaged in export, import and manufacture of precious stones and jewellery) treatment of excess stock / investment found in search as ‘business income’ for AY 2013-14;

Aug 16,2017

ITAT: Cannot deny Sec. 54 exemption claim citing subsequent demolition of new house

Hyderabad ITAT allows Sec. 54 exemption to assessee-individual in AY 2012-13 for investing the capital gains (arising on sale of residential property) in new residential house, holds that entering into

Aug 11,2017

ITAT: Special Bench: Weighing 'preponderance of probability', deletes unaccounted money addition from cigarettes 'twin branding'

ITAT Special Bench (‘SB’) deletes addition in hands of GTC Industries (assessee, a cigarette manufacturing company) on account of premium generated through sale of cigarettes using alleged Twin Branding Mechanism

Aug 09,2017

ITAT: Allows revaluation loss to bank on mid-year inter-category transfer of securities

Amritsar ITAT allows assessee-bank's claim of loss on revaluation of securities and investments on inter-transfer of securities from one category to another for AY 2006-07; Revenue had argued that loss

Aug 08,2017

ITAT: ITAT: Deletes Sec. 40(a)(i) disallowance, allows non-discrimination relief on payments to UK, German entities

Chennai ITAT deletes Sec 40(a)(i) disallowance for belated TDS remittances u/s. 195 on payment of professional charges and corporate maintenance charges by assessee (an Indian company) to  German and UK

Aug 02,2017

ITAT: Denies charity exemption to professional institution; Disseminating information not 'education' for Sec. 2(15)

Chennai ITAT allows Revenue’s appeal for AY 2011-12, denies Sec. 11 exemption to assessee (an institute formed with an objective to promote Indian Composites Industry through collaboration and exchange of information relating to

Jul 31,2017