ITAT

ITAT: Off-market share-sale to subsidiary not 'colourable device'; Allows long-term capital loss set-off

Pune ITAT allows set-off of long term capital loss on off-market sale of listed shares (which otherwise attract STT if routed through Stock Exchange) against taxable long term capital gains

Mar 14,2017

ITAT: CIT(A) debarred from entertaining new claim u/s 54F not examined by AO

ITAT rules in favour of Revenue for AY 2011-12, denies assessee’s Sec 54F exemption claim, being first made before CIT(A) and not AO; Notes that assessee made the fresh claim

Mar 10,2017

ITAT: Key Takeaways from ITAT's 166 pages order upholding Rs.10,000 cr capital gains tax on Cairn

Delhi ITAT confirms Rs. 10,000 crores capital gains tax on Cairn UK Holdings over sale of its shareholding in Cairn India Holdings to Cairn India Ltd.; Tribunal in an extensive

Mar 10,2017

ITAT: Grants Sec. 11 exemption, explains 2017 amendment on ‘corpus donation’ restriction

Jaipur ITAT grants Sec. 11 exemption to assessee-society (having main objects of promoting education by setting up educational institutions) for AY 2010-11, rejects Revenue’s stand that  assessee society was running

Mar 08,2017

ITAT: Re-characterizes retainership payments to independent professionals as 'salaries'; Applies TDS u/s 192 over Sec 194J

Mumbai ITAT rules that ‘retainership fees’ payment by assessee (a film production company) under the service contract, constitutes ‘salary’, TDS u/s 192 applicable for AY 2005-06, rejects assessee’s stand that

Mar 08,2017

ITAT: AOP of Japanese MNCs not 'foreign company', doesn't qualify as 'eligible assessee' u/s 144C(15)

Delhi ITAT quashes draft as well as final assessment order passed by AO for AY 2007-08 in case of Mitsui Marubeni (‘assessee’, an AOP), not being 'eligible assessee' as defined u/s.

Mar 07,2017

ITAT: Software payments to NR, not royalty under India-Singapore DTAA

Kolkata ITAT holds that software payments by assessee to a Singaporean company, not royalty under Article 12(3) of India-Singapore DTAA for AY 2010-11, Sec 195 TDS not applicable; ITAT observes

Mar 03,2017

ITAT: Retention money not part of "book profit" despite credit to P&L account

Kolkata ITAT excludes retention money from book profits for the purposes of MAT calculation u/s 115JB in case of assessee (engaged in executing turnkey contracts) for AY 2006-07; Rejects Revenue’s

Mar 02,2017

ITAT: Assessee's valuation of second-hand windmill excessive, Upholds depreciation disallowance; Expl.3 to Sec.43(1) applicable

Chennai ITAT upholds AO's action of restricting depreciation claim by invoking Explanation 3 to Sec. 43(1) for determining the actual cost of second-hand windmill acquired by the assessee for AY

Mar 01,2017

ITAT: Upholds penalty u/s 271(1)(c) on salaried individual for concealing capital gains & director fees

Mumbai ITAT upholds concealment penalty u/s 271(1)(c) on assessee-individual ( a salaried employee) for not disclosing income on account of director's sitting fee (Rs. 4 lakh) and short term capital

Feb 28,2017

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