ITAT: AO can assess income lower than returned income despite resulting in refund

Kolkata ITAT upholds CIT(A)’s direction to tax the income from mutual funds after excluding principal sum of investment even if it results in an assessment below the returned income and

May 18,2018

ITAT: Restricts disallowance u/s 14A to quantum of exempt income; Cites Article 265 of Constitution

Mumbai ITAT restricts disallowance u/s 14A to the amount of exempt income for AY 2012-13 notwithstanding that the assessee had made disallowance of higher amount in return of income; Notes

May 18,2018

ITAT: Pre-2016, AO can't curtail R&D unit's weighted deduction u/s 35(2AB) citing DSIR-approved expenditure

Pune ITAT rejects Revenue’s plea for AY 2009-10 that deduction with respect to Research & Development (R&D) expenditure u/s 35(2AB) is restricted only to the extent of approval granted by

May 18,2018

ITAT: Assessee can raise 'slump sale v exchange' issue in appeal; Estoppel principle inapplicable

Mumbai ITAT holds that assessee was entitled to raise additional ground in reassessment proceedings at appellate stage claiming its transaction of transfer of packing division not in the nature of

May 17,2018

ITAT: Explains law on determining jurisdictional ITAT bench upon change of AO's jurisdiction

Ahmedabad ITAT opines that location of AO, at the point of time when Tribunal hears and determines the case, is relevant for determining jurisdiction of bench to hear stay/appeals, however, 

May 14,2018

ITAT: Encashment of bank guarantee for non-fulfilment of contract work, a business expenditure

Delhi ITAT allows deduction u/s 37(1) of Rs. 208 lacs to assessee (engaged in operating and running of bus shelter and the advertisement) for AY 2009-10 against encashment of bank guarantee by Delhi

May 12,2018

ITAT: Micro-finance to poor at higher interest, not ‘relief of poor’; Denies exemption u/s. 11

Cochin ITAT denies exemption to assessee-trust for AY 2007-08 and AY 2009-10, rules that  assessee’s activities of providing micro finance to poor is purely commercial  in nature and there is

May 11,2018

ITAT: Adwords program payment nothing but 'royalty', rejects Google's equalisation levy defence

Bengaluru ITAT adjudicates issue of taxability of Google’s Adwords program payment in light of HC direction to dispose of appeals independently without being influenced by earlier ITAT order, reconfirms characterization

May 11,2018

ITAT: Share premium receipt, capital account transaction; Deletes Sec 68 addition, cites Voda ruling

Mumbai ITAT deletes Sec. 68 addition on account of share premium received  by assessee-company  during AY 2012-13 from its Hong Kong based holding companies; Relies on Bombay HC ruling in case of

May 10,2018

ITAT: Tax deduction u/s. 194C no reason to treat genuine developer as contractor; Allows Sec. 80IA benefit

Mumbai ITAT allows Sec 80IA benefit to assessee engaged in construction and development of infrastructure facilities, holds that merely because assessee is 'contractor' to the government for development of roads,

May 05,2018