ITAT: Upholds assessee's right to appeal for 'Nil' TDS-liability declaration despite favourable CA-certificate

Ahmedabad ITAT rules that assessee (a Pharma co.) entitled to go in appeal before CIT(A) u/s. 248 despite not being called upon to withhold TDS u/s. 195 on foreign remittances made

Jul 24,2018

ITAT: Deletes Sec. 68 addition on share-sale; Assessee’s involvement in bogus LTCG scam not established

Kolkata ITAT deletes Sec 68 addition for consideration on sale of shares, allows assessee-individual’s LTCG exemption claim; AO had made addition based on information from Investigation Wing that relevant scrip

Jul 24,2018

ITAT: Grants Sec 11 benefit to India Olympic Association, sponsorship contract cannot constitute trade/business

Delhi ITAT allows Sec 11 benefit to Indian Olympic Association for AY 2011-12, holds that sponsorship contract for 2010 Asian Games and Youth Olympic Games does not constitute activity in

Jul 21,2018

ITAT: No notional value on unsold shops held as stock in trade

Mumbai ITAT deletes AO’s addition of notional annual letting value on unsold shops of assessee for AY 2012-13; Notes that the unsold shops were held as stock in trade by

Jul 20,2018

ITAT: Goodwill qualifies for depreciation u/s. 32(1); Follows Smifs Securities

Delhi Tribunal Special Bench rules that goodwill qualifies for depreciation u/s. 32, follows SC ruling in Smifs Securities Ltd. wherein it had ruled that goodwill falls under the expression ‘or

Jul 20,2018

ITAT: Australian company's ONGC contract, divisible; Rejects composite taxability plea

Mumbai ITAT rules that activities carried out by assessee-company (Australian tax resident) under contract with ONGC were separate, divisible and independent of each other and therefore taxability of the revenues

Jul 20,2018

ITAT: Excludes service tax collected from total receipts u/s 44B

Mumbai ITAT holds that service tax collections by the assessee would be excluded from the total receipts for determining income u/s 44B for AY 2011-12 and 2012-13; Notes that Sec.

Jul 20,2018

ITAT: Upholds FTS taxability; 'Make available' condition inapplicable as services linked to royalty

Delhi ITAT upholds taxation  of consideration for providing SAP/CAD software related support as FTS under Article 13(4)(a), being ancillary and subsidiary to the enjoyment of the right / property for

Jul 20,2018

ITAT: Rules on Indian co.’s FTC entitlement on taxes withheld by US subsidiary .

Delhi ITAT rules on assessee’s (an Indian company) entitlement for foreign tax credit (‘FTC’) with respect to taxes withheld by its US subsidiary in accordance with Article 11 of India-US

Jul 20,2018

ITAT: Compounding fine paid by builder for regularising building plan, allowable u/s. 37

Mumbai ITAT allows deduction u/s 37(1) to assessee-builder for compounding fine paid  to Municipal Corporation for regularising the building plan during AY 2010-11; Rejects Revenue’s stand that amount paid was

Jul 19,2018