ITAT: Construes "residential house" to include furniture, notwithstanding two agreements; Allows Sec. 54 deduction

Ahmedabad  ITAT allows assessee-individual’s claim of deduction u/s 54 in entirety for investing the capital gains in residential house alongwith furniture & fixtures during AY 2011-12 despite 2 separate agreement

Feb 12,2018

ITAT: Allows co-operative society’s Sec. 80P claim on interest income; Distinguishes Totgars ruling

Bengaluru ITAT allows Sec. 80P benefit to assessee-society (engaged in providing credit facilities to the members) with respect to interest earned on deposits made in cooperative societies / banks during

Feb 12,2018

ITAT: Installation and commissioning fees of machinery installed outside India not FTS, Sec.195 inapplicable

Chennai ITAT holds that payment made by the assessee to non-resident Canadian company for ​ installing and commissioning of desalination equipment outside India during AY 2009-10 is not in the

Feb 09,2018

ITAT: Deletes addition u/s 115JB towards subsidized cost debited in accounts as per Companies Act

Mumbai ITAT deletes addition made by Revenue towards book profit computed u/s 115JB during AY 2011-12 with respect to amortization of subsidized cost on sale of projectors, holds that once

Feb 09,2018

ITAT: Denies exemption u/s 54F due to absence of certainty of honour of sale agreement

Hyderabad ITAT disallows assessee’s claim of exemption u/s. 54F for AY 2014-15 with respect to capital gains (on sale of property) invested in a residential house, observes that the agreement

Feb 09,2018

ITAT: Reliance Communication's software payments for wireless network operation, not royalty under DTAA

Mumbai ITAT rules that payment by Reliance Communication Ltd. (‘assessee’) to non-resident vendors (based in Australia, Israel, Sweden, Singapore and USA) for supplying software, not royalty under respective DTAA, holds

Feb 08,2018

ITAT: Quashes revision; Creditworthiness, genuineness of share application money from Swiss entity proved

Delhi ITAT quashes revision u/s 263 for AYs 2006-07 to 2010-11 with respect to share application money received by assessee (an Indian telecom private limited company) from its Swiss holding

Feb 07,2018

ITAT: Capgemini's Hyderabad unit not 'new unit', but grants Sec. 10A benefit as expansion

Pune ITAT rejects Capgemini Technology’s (‘assessee’) Sec. 10A claim in respect of undertaking established at Hyderabad during relevant AY 2010-11, however, accepts assessee’s alternate claim that the undertaking at Hyderabad

Feb 05,2018

ITAT: Disapproves CBDT Instruction terming MTM loss as notional, cites Delhi HC ICDS ruling

Agra ITAT holds that losses arising to assessee-individual on account of trading in currency derivatives,  neither speculative nor notional, allows set-off  against other business income for AYs 2013-14 and 2014-15; Firstly,

Jan 30,2018

ITAT: Sec 50C not applicable to TDS u/s 195; Refuses to grant non-discrimination article benefit

Hyderabad ITAT upholds assessee's liability to deduct tax at source u/s. 195 on payment of sale consideration for immovable property to non-resident vendors (based in US) during AY 2010-11, however,

Jan 29,2018