ITAT: Allows derivative-future segment loss set-off against delivery-based cash segment to share dealer

Mumbai ITAT allows inter-se  set-off of profit/ loss between cash segment and future segment of assessee-company  dealing in cash future arbitrage for AY 2009-10; Rejects Revenue’s stand that set-off should

Dec 30,2016

ITAT: Rejects exclusion of strategic investments in Sec 14A-disallowance computation, reverses CIT(A) order

Mumbai ITAT rules against taxpayer & reverses CIT(A), denies relief from Sec 14A in respect of strategic investment made by assessee (a cooperative bank) in its subsidiary company;  Observes that the statute does

Dec 29,2016

ITAT: Payments by SMS-provider to telecom-operator towards connectivity charges not royalty; Sec. 194J inapplicable

Mumbai ITAT reverses CIT(A)’s order for AY 2011-12, payments made by assessee (a bulk SMS provider) to domestic telecom operator towards connectivity charges not taxable as royalty within the meaning of Sec. 194J;

Dec 27,2016

ITAT: Allows depreciation on goodwill claimed during assessment sans filing revised return

Ahmedabad ITAT dismisses Revenue’s appeal for AY 2010-11, allows depreciation on ‘goodwill’ claimed by the assessee – company during the course of assessment proceedings vide a revised computation of income

Dec 26,2016

ITAT: Allows indexation benefit on long-term capital gains for working MAT liability u/s 115JB

Bangalore ITAT allows assessee’s (a Government undertaking) appeal for AY 2008-09, holds that long term capital gains (‘LTCG’) arrived at by reducing indexed cost of acquisition from asset’s sale proceeds to be considered

Dec 26,2016

ITAT: Loss on sale of securities to 'third party' held as business loss

Mumbai ITAT reverses CIT(A)’s order for AY 1987-88 to 1989-90, allows loss incurred by assessee(dealing in securities)on sale of securities , holds it as  a business loss ; ITAT accepts

Dec 23,2016

ITAT: Revenue earned by Dutch-entity on licensed product’s sale for software use not royalty

Mumbai ITAT reverses CIT(A) order for AY 1998-1999 to AY 1999-2000, revenue earned on sale of licensed product (ERP software) by assessee (a Netherlands based company & ERP software developer) to an Indian

Dec 23,2016

ITAT: Upholds Sec 263-proceedings on Himachal Pradesh CM for ‘non-inquiry’ of ‘unusually’ high agricultural-income

Chandigarh ITAT upholds CIT's revision u/s 263 in case of Virbhadra Singh HUF (Karta Mr Virbhadra Singh is Chief Minister of Himachal Pradesh) for lack of inquiry by AO on

Dec 22,2016

ITAT: Deletes 40(a)(ia) disallowance on payment of finance charges; Follows coordinate bench ruling

Hyderabad ITAT allows assessee-firm’s appeal for AY 2013-14, deletes disallowance u/s 40(a)(ia) on payment of finance charges; Notes that amount paid by the assessee towards the finance charges includes both

Dec 21,2016

ITAT: Upholds Sec.40A(3) disallowance; Exception under Rule 6DD for payment to agent inapplicable

Delhi ITAT dismisses assessee’s appeal for AY 2009-10, upholds disallowance u/s 40A(3) in respect of payment made in excess of Rs. 20,000 to truck union since assessee couldn’t substantiate that

Dec 16,2016