ITAT: Lays down guidelines regarding application of DCF method of share valuation for Sec 56(2)(viib)

Bangalore ITAT rules on application of Discounted Cash Flow (DCF) method of share valuation for the purpose of Sec 56(2)(viib), holds that the first and foremost critical input for DCF

Jan 09,2019

ITAT: Auditor not 'accountant' for share valuation under Rule 11UA; Affirms AO's NAV based valuation

Bangalore ITAT rules that the auditor cannot be an accountant for the purposes of Rule 11UA (2) [dealing with share valuation for the purpose of excess share-premium taxability u/s 56(2)(viib)];

Jan 08,2019

ITAT: Partners remuneration deductible u/s. 40(b)(v) despite 'quantum' not specified in partnership deed

Mumbai ITAT allows assessee-firm's claim of remuneration paid to its partners during AY 2014-15, rejects Revenue's stand that since the partnership deed did not specify the quantum of remuneration nor

Jan 07,2019

ITAT: Deletes penalty for TDS non-deduction on LTC towards foreign leg of travel

Jaipur ITAT deletes penalty u/s 271C for non-deduction of tax on leave travel payment to employees with respect to foreign leg of travel, accepts assessee's 'reasonable cause' plea u/s 273B;

Jan 07,2019

ITAT: Remands convertible preference shares valuation for taxation u/s. 56(2)(viib) by determining 'true' nature of shares

Bangalore ITAT restores matter on taxability u/s. 56(2)(viib) for excess share premium received by assessee co. upon issue of Compulsory Convertible Preference Shares (CCPS) during AY 2015-16, directs CIT(A), “to

Jan 04,2019

ITAT: 'Time writing charges' paid to sister-concern not FTS ; TDS u/s 195 inapplicable

Delhi ITAT rules that 'time writing charges' paid by assessee-company (engaged in midstream gas marketing operations in India) to its UK based AE during AY 2010-11 cannot be termed as

Jan 04,2019

ITAT: Lease premium to MMRDA for acquisition of lease-hold rights in land, not liable for TDS u/s 194-I

Mumbai ITAT rules that the lease premium paid for acquiring lease rights on immovable property from MMRDA, not rent, holds assessee-bank not liable to deduct TDS u/s. 194I; Assessee had

Jan 04,2019

ITAT: Service-tax / R&D cess borne by Indian service recipient, non-taxable in NR's hands

Mumbai ITAT rules that the element of Service Tax and Research & Development Cess which is collected, paid and borne by the service recipient (i.e. Indian entities) cannot be considered

Jan 04,2019

ITAT: Applies adjustment analogy u/s. 140A regarding tax-payments to 'refunds'; Accepts taxpayer's Sec. 244A interest computation

Mumbai ITAT accepts assessee-Bank's methodology for computation of interest on refund u/s. 244A for AY 1995-96, applying the ratio of co-ordinate bench ruling in Union Bank of India, ITAT directs

Jan 03,2019

ITAT: Allows write-off of advances to wife; Jackie Shroff not 'doomed' by BOOM

Mumbai ITAT allows advances written off by Jackie Shroff (assessee) during AY 2009-10, treats it as business loss u/s. 28 as money advanced to wife for funding her production house

Jan 03,2019