ITAT

ITAT: Rejects taxation of salary accrued outside India despite failure to furnish TRC

Bangalore ITAT holds that salary received in India by assessee (non-resident individual) for services rendered in USA not taxable in India despite assessee's failure to furnish tax residency certificate (TRC);

Nov 06,2018

ITAT: Liquidation of stock under ESOP, taxable as ‘capital gains’, not ‘perquisite’

Chennai ITAT rejects AO's stand of taxing entire amount received by assessee (an employee of an Indian company having US parent) on liquidation of stock held by him under the ESOP scheme, as perquisite

Nov 06,2018

ITAT: Seconded employees salary reimbursements, not FIS / FTS; Distinguishes Centrica ruling

Delhi ITAT rules that reimbursement payments (for salary and other costs) made to US company for seconding employees to assessee co. in India during AY 2011-12, does not constitute Fees

Nov 05,2018

ITAT: Rejects disallowance of over Rs. 250 Cr depletion while computing MAT of Cairn India

Delhi ITAT deletes Rs. 253.87 Cr disallowance of the excess depletion while computing book profits u/s 115JB in case of Cairn India Ltd (assessee), holds that AO cannot tinker with the

Nov 05,2018

ITAT: Deletes Sec. 69A addition in Indian beneficiaries' hands for discretionary trust's Swiss account deposits

Mumbai ITAT deletes addition u/s 69A in hands of individual-assessees (Indian residents) towards deposits in the Swiss Bank accounts held by discretionary  trust in which they were beneficiaries; In view of ‘base

Nov 05,2018

ITAT: Holds receipts/awards by cricketer as exempt under CBDT Circular; Follows precedents

Pune ITAT deletes addition of one time receipt (OTB) /award received by the assessee (former cricketer) from BCCI in view of CBDT Circular 447 dated 22.01.1986 for AY 2013-14, notes

Nov 02,2018

ITAT: Allows deduction for municipal taxes pertaining to years when assessee was not owner

Bangalore ITAT allows deduction of payment of municipality taxes made by assessee-company during AY 2015-16 while calculating Annual Let Out Value (ALV) of property purchased in e-auction, rejects Revenue’s stand

Nov 02,2018

ITAT: No concealment penalty regarding capital gains on switch from one MF to another

Kolkatta ITAT deletes penalty u/s 271(1)(c) for capital gains not disclosed by assessee on switch over of investment from one Mutual Fund (MF) scheme to another during AY 2006-07; Holds

Nov 02,2018

ITAT: Highlights Revenue's failure to examine family trust disbursement taxability; Deletes Sec 69 addition

Ahmedabad ITAT deletes addition u/s 69 for AY2008-09, accepts assessee's (non-resident individual) explanation that remittance received in her NRE Bank account in India from UK Bank represented distribution made to

Nov 02,2018

ITAT: Cites F1 test, rejects PE constitution vis-a-vis pipeline project despite commencement date haziness

Delhi ITAT rules that assessee (resident of Mauritius) does not have PE in India for AY 2006-07 w.r.t 2 contracts entered into by it with Hyundai Heavy Industries Co Ltd (first contract) and

Oct 31,2018

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