ITAT: Allows Sec. 80IB(3) deduction despite ceasing to be SSI-unit, differs from co-ordinate bench

Pune ITAT grants SSI (Small Scale Industry) status linked deduction u/s.80IB(3)(ii), despite assessee-company ceases to be a SSI undertaking in relevant AY 2010-11; Notes that assessee was incorporated as an

Oct 24,2017

ITAT: Reckons property holding period from date of sale-deed, not allotment letter

Mumbai ITAT reckons holding period of the property from the day on which the assessee got right over the property by virtue of a valid sale agreement, upholds Revenue’s action

Oct 18,2017

ITAT: Considers Indian traditions, grants partial relief for ornaments received by relatives sans evidence

Mumbai ITAT grants partial relief to assessee (a married Muslim woman)  pursuant to investment made in Fixed deposits from sale of undisclosed gold ornaments for AY 2005-06, deletes undisclosed income addition

Oct 18,2017

ITAT: Share broker's loss on shares held as investments, a 'speculation loss’, not STCL

Mumbai ITAT treats loss suffered by assessee-company (engaged in share broking business) on sale of shares held by it as investments, as speculation loss for AY 2012-13, upholds Revenue’s invocation

Oct 16,2017

ITAT: Sec 54B capital gains relief available though new property purchased without registration

Chandigarh ITAT allows benefit of deduction u/s 54B against capital gains earned on sale of agricultural land ​to individual-assessee for AY 2014-15,​ holds that assessee had obtained possession of ​new ​agricultural property

Oct 13,2017

ITAT: Allows interest-deduction of closed units to operational unit in light of pending winding-up proceedings

Delhi ITAT allows assessee-company’s ( a PSU) claim of interest expenditure for AY 2009-10 payable on working capital loan, rejects Revenue’s stand that majority of the loan pertained to closed

Oct 13,2017

ITAT: Running a department store, not property exploitation simpliciter; Rejects house property income characterization

Mumbai ITAT accepts assessee's contention that income earned from running a departmental store was taxable as 'íncome from business'; Notes that assessee provided facility of collection counter of sales proceeds

Oct 13,2017

ITAT: Rejects AO's backdoor entry to initiate re-assessment taking shelter of Sec 150's extended timeline

Jaipur ITAT quashes AO’s order for AY 2001-02, on grounds of initiation of proceedings against assessee (non-resident Indian) beyond time prescribed u/s 149; Out of 'protective' ​addition of Rs. 12

Oct 13,2017

ITAT: Additional depreciation u/s 32(1)(iia) not optional; Higher depreciation rates in books permissible under MAT

ITAT order for Cairn India for AY 2011-12 deals with range of corporate tax issues such as Sec 14A disallowance in normal computation and under MAT, mandatory nature of the

Oct 12,2017

ITAT: No distinction between employees' & employer's contribution under PF Act; Allows deduction u/s 43B

Kolkata ITAT rules in assessee’s favour, grants deduction for employees' contribution to Provident Fund (PF) deposited after due date under PF Act, but before last date for filing income-tax return

Oct 11,2017