ITAT: Lease line reimbursements to US parent, not royalty; Cites TPO’s ‘international transaction’ acceptance

Pune ITAT deletes Sec. 40(a)(i) disallowance for non-deduction of TDS u/s. 195 on payment of lease line charges by assessee (an Indian company) to its US parent, holds payment was not

Feb 21,2018

ITAT: Restores Sec. 68 addition; Share applicant’s meager income unable to justify creditworthiness

Mumbai ITAT upholds Sec. 68 addition in the hands of assessee-company with respect to receipt of share application money from an UAE based NRI individual during AY 2010-11, observes that

Feb 20,2018

ITAT: Sec. 80IC deduction claimed through revised return sustainable as original return filed within time

Mumbai ITAT allows deduction u/s. 80IC to assessee-company (engaged in software/hardware business) for AY 2008-09, holds that since assessee claimed Sec.80IC deduction in duly filed revised return u/s 139(5) and

Feb 20,2018

ITAT: Denies loss set-off to pvt. co. having 'listed' parent company; Sec.79 applicable

Mumbai ITAT denies carry forward of losses for AYs 2007-08 to 2010-11 applying provisions of Sec. 79 in case of assessee (which is a subsidiary of HDFC Ltd., a public

Feb 20,2018

ITAT: 'Incriminating' Swiss bank material a damp squib if consequent search yields nothing

Delhi ITAT deletes addition u/s. 69 for AY 2006-07 towards amount alleged to be held by individual assessee in Swiss bank account, holds that in absence of incriminating material found during search

Feb 19,2018

ITAT: ‘Referral-fee’ paid by Indian-Branch of Credit Suisse to Dubai-Branch for referring clients not FTS

Mumbai ITAT holds that ‘referral fee’ paid by Credit Suisse’s (assessee and tax-resident in Switzerland) branch office in India to its branch in Dubai(CSDB) during AY 2011-12 for referring clients

Feb 16,2018

ITAT: Confirms addition for notional interest on security deposit received to circumvent real rent

Mumbai ITAT confirms AO’s addition of notional interest on security deposit received under ‘Leave and License Agreement’ by the assessee for AY 2012-13, holds that the security deposit in the

Feb 16,2018

ITAT: Allows LTCG claim, holds 'agreement to sell', not agreement execution, relevant

ITAT treats capital gains on sale of non-agricultural land as 'long term' for AY 2011-12, holds that the transfer of land in question would be regarded as on the date

Feb 16,2018

ITAT: Accepts Rent Capitalisation Method for determining FMV of tenanted properties

Mumbai ITAT dismisses Revenue’s appeal against CIT(A)’s adoption of Rent Capitalisation Method contemplated in Schedule III – Part B of the Wealth Tax Act, 1957 for determining FMV of tenancies,

Feb 16,2018

ITAT: Daler Mehndi's pre-2004 foreign show income out of Indian tax ambit

Delhi ITAT considers expression 'may be taxed', holds that income earned by Daler Singh Mehndi (‘assessee’) from performing stage shows in USA, Canada, and Netherlands during AYs 2001-02 and 2003-04 is not

Feb 13,2018