ITAT: Disallows MTM loss on forex forward contract cover, distinguishes Woodward Governor ruling

Delhi ITAT disallows assessee’s claim for deduction on account of marked to market (MTM) losses on foreign exchange forward contract for hedging export receivables from related entity, distinguishes SC ruling

Jun 05,2017

ITAT: Upholds royalty taxation, terms Standard Operating Procedures as information concerning scientific experience

Ahmedabad ITAT holds assessee-company in default u/s 201 for non-deduction of TDS u/s. 195 on payment to a German company for sharing SOPs (Standard Operating Procedures), rules that payment constitutes

Jun 02,2017

ITAT: Delivers triple whammy, rejects depreciation claim on 'govt. approvals', non-compete & goodwill

Delhi ITAT rejects depreciation claim u/s. 32 on intangible asset of ‘Government Authorizations/Approvals’ acquired by assessee-company (a subsidiary of a US company, who manufactures franking machines) under  a business transfer agreement (‘BTA’) for AYs

Jun 01,2017

ITAT: Denies ‘pass-through’ treatment to investment trust, beneficiaries’ identity / share unascertainable

Chennai ITAT denies ‘pass through’ status to TVS Investment iFund (assessee, AOP Trust), in respect of bank interest income received on money collected under contribution agreement from high net worth

Jun 01,2017

ITAT: Declines stay to taxpayer involved in suspicious transactions, rejects 'financial difficulty' plea

Ahmedabad ITAT dismisses assessee-company’s stay application seeking an ‘out of turn’ hearing of the appeal on merits and a simultaneous stay on collection and recovery of the related tax and

May 29,2017

ITAT: Holds land as agricultural as AO failed to prove commercial activities

Chennai ITAT rules in assessee’s favour, holds land as ‘agricultural’ in character and consequently the gains arising on its land-sale as non-taxable for AY 2010-11; AO had treated land as

May 26,2017

ITAT: Grants stay of penalty proceedings pending disposal of quantum proceedings

Delhi ITAT grants stay of penalty proceedings pending disposal of quantum appellate proceedings before it in case of Oracle India Pvt. Ltd. for AYs 2006-07 and 2007-08; Firstly, ITAT relies on plethora

May 25,2017

ITAT: Upholds unexplained cash-credit addition u/s. 68; Mere balance confirmation doesn’t prove transaction genuineness

Ahmedabad ITAT upholds unexplained cash credit addition u/s 68 in case of an individual-assessee for AY 2007-08 with respect to receipt of unsecured loans; AO reopened assessee’s case and made

May 24,2017

ITAT: JDA results in land-transfer; Sec. 2(47)(v) doesn’t contemplate ‘exclusive’ possession of developer

Chennai ITAT rules that land-transfer shall be taxable in the year of entering into the Joint Development Agreement (‘JDA’) and not in relevant AY 2011-12 (when constructed area was transferred),

May 24,2017

ITAT: Restricts assessee's Sec. 54 deduction claim, observes diversion of sale proceeds into business

Chennai ITAT restricts assessee’s (individual) claim for capital gains exemption u/s 54 to the extent of amount utilised for construction of property for AY 2010-11; Takes note of Revenue’s finding

May 19,2017