ITAT

ITAT: Deletes interest u/s 201(1A) pre-2012 as auditor's certificates of deductee having paid taxes obtained

Delhi ITAT deletes interest levy u/s. 201(1A) with respect to TDS default by assessee-company (providing TPA services for medical insurance policies) on payment made to various hospitals during AY 2009-10,

Sep 14,2018

ITAT: Arbitration settlement payment to partner on firm-dissolution, capital receipt ; Deletes capital-gains addition

Mumbai ITAT dismisses Revenue’s appeal, rules that sum (Rs 2.95 Cr) received by individual-assessee during AY 2010-11 pursuant to his retirement and dissolution of partnership firm is a capital receipt,

Sep 14,2018

ITAT: Technical services ‘made available’ through deputed personnel; Salary recharge - FTS, not reimbursements

Chennai ITAT rules that payment received by a foreign company from its Indian subsidiary towards salary cost recharge of employees deputed in India, constitutes FTS for AY 2013-14 and not

Sep 14,2018

ITAT: Deletes Sec. 56(2)(viib) addition for family owned co. absent possibility of black money generation

Chennai ITAT deletes addition u/s. 56(2)(viib) in hands of a private limited co. (assessee) despite shares allotted at huge premium of Rs. 23,096 per share during AY 2014-15; Noting that

Sep 12,2018

ITAT: Deduction u/s 10A(1) available despite belated return filing, dismisses Revenue's appeal

Bangalore ITAT allows Sec. 10A(1) deduction to assessee-individual for AY 2010-11 , holds that the proviso below Sec. 10A(1A)  which mandates return filing within Sec. 139(1) due date is not applicable to assessee's

Sep 10,2018

ITAT: Deletes share-premium addition u/s 56(2)(viib); AO cannot change assessee's valuation method

Jaipur ITAT deletes addition u/s 56(2)(viib) towards share premium received by assessee (private limited company), holds that option to choose valuation methodology for unquoted shares i.e. NAV method under Rule

Sep 07,2018

ITAT: AO can’t overturn HC judgment merely because SLP is pending before SC

Chennai ITAT rules that AO cannot reopen assessment and withdraw Sec. 80-IA deduction claim already allowed by jurisdictional HC merely on the basis that the SLP was pending before the

Sep 07,2018

ITAT: AO’s assessment powers u/s. 153C in search cases can’t render reassessments u/s. 147 ‘repugnant’

Ahmedabad ITAT upholds re-assessment on assessee-individual for AY 2012-13 initiated based on a Banakhat (agreement to sale) found during search action in third party’s premises, rejects assessee’s stand that the

Sep 07,2018

ITAT: Quashes re-assessment, AO took possible view of taxing FD interest under ‘business income’

Mumbai ITAT quashes re-assessment proceedings initiated u/s 147 after 4 years from the end of relevant AY where the AO had taken one of the plausible and possible view of

Sep 07,2018

ITAT: Accepts STCG treatment relating shares declared as investments, cites CBDT circular 6/2016

Pune ITAT rules that gains earned by assessee-company during AY 2007-08 on sale of shares should be assessed as ‘short-term capital gain’ and not business income, rejects Revenue’s stand that

Sep 07,2018

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