ITAT: Hong Kong entity's receipts towards data-processing support not taxable as royalty/FTS

Mumbai ITAT allows assessee’s appeal (a Hong Kong based Company) for AY 2006-07, holds that payments received by the assessee from an Indian bank towards provision of data processing support

Feb 15,2017

ITAT: Confirms Sec. 271(1)(c) penalty; Non-furnishing of MAT-computation only in current year raises doubt

Ahmedabad ITAT upholds concealment penalty of Rs. 98 lakhs u/s 271(1)(c) on assessee-company for failure to pay MAT on book profit u/s 115JB for AY 2007-08, notes that assessee has

Feb 15,2017

ITAT: Allows Sec. 54F capital-gains relief to HUF though property purchased in co-parcener’s name

Chennai ITAT allows Sec. 54F benefit to assessee-HUF despite property purchased in the individual name of coparcener of HUF for AY 2012-13; Observes that though HUF is an independent assessable

Feb 14,2017

ITAT: NR’s project office in India, not installation PE absent contract execution through PO

Kolkata ITAT rules in assessee’s favour for AY 2010-11, holds project office (‘PO’) in India of a Dutch company (‘assessee’) doesn’t constitute assessee’s PE in India under Article 5 of

Feb 10,2017

ITAT: AO’s lower TDS certificate u/s 197, ‘person specific’, not ‘transaction specific’; Deletes interest- levy u/s 201(1A)

Kolkata ITAT deletes interest u/s 201(1A) levied for alleged short deduction of TDS u/s 194A on interest payments made by assessee-company during AYs 2008-09 and 2009-10; Notes that the parties to whom

Feb 10,2017

ITAT: Allows interest deduction u/s 24(b) on vacant property subject to offering ‘notional’ rental-income

Mumbai ITAT holds assessee-company (engaged in letting out properties) eligible for  interest deduction u/s 24(b) subject to declaring of annual letting value (‘ALV’) of the commercial properties for AYs 2008-09

Feb 10,2017

ITAT: FTS, not taxable sans specific FTS article under India-Thai DTAA; Rejects residuary-clause applicability under Article 22

Chennai ITAT rules that payment on account of fees for technical services (‘FTS’) to Thailand based entities by assessee (an Indian co. engaged in automotive business), not FTS for AY

Feb 10,2017

ITAT: Provides retrospective relief for 2015-amendment excluding AOP profit-share from MAT

Mumbai ITAT rules in assessee-company’s favour, holds assessee’s share of income from association of persons (AOP), though credited to Profit and Loss account ('P&L a/c'), be reduced while computing book profits for

Feb 09,2017

ITAT: Denies Sec 80-IB(10) deduction to assessee-builder engaged in construction as mere ‘contractor’

Chennai ITAT denies Sec 80IB(10) deduction to assessee-builder for AY 2009-10, holds assessee was engaged in construction business as a ‘work contractor’ and not ‘developer’; Rejects assessee’s submission that restriction

Feb 09,2017

ITAT: Dismisses Revenue's bogey over Reliance's CCPS issue, deletes Rs. 1500cr unexplained cash credit addition

Mumbai ITAT rules in favour of taxpayers viz. Reliance Utilities Ltd and Reliance Port and Terminals Ltd, deletes Rs. 1,550 Cr addition towards unexplained cash credit u/s 68; AO taxed

Feb 08,2017