ITAT: Deletes Sec. 56(2)(viib) addition on preference shares; Approves valuer's FMV calculation

Kolkata ITAT deletes addition u/s. 56(2)(viib) in case of assessee-company (engaged in investment and financing) with respect to issuance of 0.1% redeemable non-cumulative preference shares (‘RNCPS’, of face value Rs.10

Dec 13,2017

ITAT: Holds assessee as 'investor' in shares, rejects taxation of gains as 'business income'

Kolkata ITAT dismisses Revenue’s appeal, treats profits on sale of shares (3 scrips) which were sold in less than a month's time as 'short term capital gains' and not  'business

Dec 08,2017

ITAT: Deletes penalty u/s 271(1)(c) for failure to disclose part-payment on land deal

Amritsar ITAT deletes penalty u/s 271(1)(c) levied on assessee-individual (an uneducated villager) for AY 2009-10 on account of non-disclosure of receipt of part payment in respect of unsuccessful land deal

Dec 08,2017

ITAT: Rejects revision of reassessment order on issue not raised in reopening reasons

Delhi ITAT quashes revision u/s 263, holds that PCIT cannot seek to revise order u/s 147 on an issue which was not subject matter of reassessment; Notes that the AO

Dec 08,2017

ITAT: Allows deduction of administrative/selling expenses; Refers ICAI guidance-note for real-estate projects

Delhi ITAT allows revenue deduction for administrative and selling expenses (including advertisement, business promotion expenses, brokerage and commission, software development charges)   to  assessee (engaged in real estate and commercial project

Dec 08,2017

ITAT: Treats income disguised as sales as ‘undisclosed’; Terms assessee a ‘conduit/ shell’

Delhi ITAT reverses CIT(A)’s order, holds that assessee-company (allegedly engaged in the business of purchase and sale of fabric) introduced undisclosed income under the garb of purchases/ sales of fabric

Dec 08,2017

ITAT: UK-parent's guarantee-fee income from Indian subsidiaries taxable as 'other income', not 'interest'

Delhi ITAT holds that guarantee fees received by non-resident assessee-company for AY 2011-12 in respect of guarantees provided to support credit facilities availed by its subsidiaries in India is taxable

Dec 08,2017

ITAT: Grants UAE treaty benefit, holds LOB inapplicable; Accepts CIT(A)'s POEM observations

Rajkot ITAT holds that income of assessee (a UAE Co.) arising from operation of ships in India, not taxable, grants relief under Article 8 of India-UAE DTAA for AY 2008-09;

Dec 06,2017

ITAT: Parting with profit-share under MOU not 'diversion by overriding title', upholds taxability

Hyderabad ITAT holds that share of profit paid by assessee-builder to SIDCPL (one Infrastructure Development company) under the terms of MoU, not diversion of income by overriding title, but only

Dec 06,2017

ITAT: Deletes protective addition on shareholder-assessee considering substantive addition on overseas-companies

Delhi ITAT deletes protective addition of Rs.371.34cr in respect of income of overseas companies made in the hands of shareholder assessee (individual) while conducting search and seizure operation u/s 132(1)

Dec 06,2017