ITAT: Land-sale with staff quarters, LTCG despite depreciation claimed; Cites Buyer’s land-development intent

Mumbai ITAT accepts assessee-company’s claim of treating the gains arising on sale of land along with staff quarters as long term capital gain (‘LTCG’), rejects Revenue’s stand that since land along

May 28,2018

ITAT: Disallows excess depreciation claim than under Companies Act for MAT purposes

Chennai ITAT disallows assessee's depreciation claim on windmill in excess of that prescribed under Schedule IV of Companies Act, 1956 while computing book profits as per Sec. 115JB for AY

May 26,2018

ITAT: Deletes concealment penalty on SRK, Dubai villa income taxability not free from doubts

Mumbai ITAT deletes penalty levied u/s 271(1)(c) on Shahrukh Khan (assessee) during AY 2010-11, rules that addition/disallowance made by Revenue with respect to notional income of assessee’s Signature villa in

May 26,2018

ITAT: ITAT: Deletes Sec. 271(1)(c) penalty, assessee under 'bonafide' belief for not returning capital gains

Ahmedabad ITAT deletes penalty u/s 271(1)(c) imposed on individual-assessee, holds that the assessee was under bonafide belief for not showing capital gains in his returned income for AY 2013-14; Assessee

May 26,2018

ITAT: No denial of exemption u/s. 11 for Trust advancing loan in violation of sec.13(1)(d)

Delhi ITAT deletes disallowance of loan advanced by assessee-trust to other charitable institution u/s 10(23C) and u/s 11 during AY 2007-08, rules that only the loan amount advanced by assessee-trust

May 25,2018

ITAT: Marketing fees paid to US subsidiary for soliciting business not liable to Sec 195 TDS

Kolkata ITAT rules that assessee (an Indian BPO company) not liable to deduct TDS u/s. 195 on payment of market support fees to US entities​ (including  assessee's US based wholly owned subsidiary)​ for securing orders and

May 25,2018

ITAT: No TDS on share-broker's borrowing fee payment absent ultimate income recipients' identity

Mumbai ITAT rules that assessee (a stock broking company) cannot be held liable to deduct TDS u/s 194A on borrowing fees paid to National Securities Clearing Corporation Ltd. [‘NSCCL’, a

May 24,2018

ITAT: Franchises agreement doesn't create Indian PE for Dominos ; Distinguishes Formula One ruling

Mumbai ITAT rules that Dominos Pizza International Franchising Inc (a US based company) does not create a PE in India for AY 2012-13 by virtue of the Master Franchises Agreement (MFA) entered with

May 23,2018

ITAT: Upholds validity of Sec. 263 revision and underlying re-assessment; Assessment records outweigh CIT’s observations

Kolkata ITAT upholds Sec. 263 revision on assessee-company for AY 2008-09, rejects assessee’s stand that CIT could not have revised the re-assessment since the latter one was a non est

May 23,2018

ITAT: Deletes concealment penalty despite assessee's stand in reassessment contradictory to SC ruling

Delhi ITAT confirms deletion of penalty u/s 271(1)(c) despite assessee's return pursuant to notice u/s 148 declaring Nil income was not in consonace with SC ruling in Bangalore Club; Notes

May 18,2018