ITAT: Delivers mixed bag for Analjit Singh on Rs. 1000+ cr capital-gains addition vis-à-vis Vodafone call/put options

Delhi ITAT confirms substantial portion of capital gain addition on sale of shares of Scorpio Beverages Pvt. Ltd. (‘SBPL’, a company owned by assessee) by Analjit Singh (‘assessee’) to CGP

Dec 05,2017

ITAT: Third party reimbursements routed through parent not taxable absent rendering of services

Kolkata ITAT rules that payment received by assessee (a US company engaged in manufacturing and sale of bearings) from its Indian subsidiary (‘TIL’) towards reimbursement of expenses for the services

Dec 04,2017

ITAT: Upholds penalty, distinguishes jurisdictional HC on non-striking inappropriate portion in pre-printed notice u/s. 274

Hyderabad ITAT upholds penalty levy on assessee-individual with respect to non-recording of bank-deposits  during AY 1999-00; Rejects assessee’s stand that no addition was made to the income admitted in the

Dec 04,2017

ITAT: Interest earned on FDs, inextricably linked with the project, capital receipt, not IFOS

Mumbai ITAT holds that the interest earned by Kamat Hotels (‘assessee’) for AY 2008-09 by temporarily parking the FCCB funds in banks, pending its full deployment in the ongoing construction

Dec 01,2017

ITAT: Holds ‘Tax’ effect for maintainability of appeal as exclusive of education cess

Mumbai ITAT dismisses Revenue’s appeal for AY 2012-13 on the ground that the present appeal is not maintainable pursuant to CBDT Circular No. 21 dated December 10, 2015, since, the

Dec 01,2017

ITAT: Deletes disallowance u/s 40(a)(ia) for payment under cost sharing agreement; Upholds reimbursement plea

Mumbai ITAT deletes disallowance u/s. 40(a)(ia) for cross charges paid by assessee - company (engaged in the business of trading of pharmaceutical products), without deducting TDS, to its sister concern

Dec 01,2017

ITAT: Deletes penalty levied in absence of specific charge in standard - printed notice issued u/s 274 r.w.s. 271(1)(c)

Mumbai  ITAT deletes penalty levied on assessee u/s 271(1)(c) during AY 2005-06 and AY 2006-07, holds that AO did not struck off the irrelevant clause of the standard printed notice

Dec 01,2017

ITAT: Addl. CIT's satisfaction, not approval necessary for reopening; Upholds reassessment, approval by CIT irrelevant

Ahmedabad ITAT upholds re-assessment proceedings in case of assessee-individual for AY 2005-06, rejects assessee’s stand that since the AO had obtained prior approval for reopening from CIT, and not from Joint/Additional

Dec 01,2017

ITAT: Share premium not taxable as ‘income from other sources’; Sec. 56(2)(viib) prospective

Jaipur ITAT rejects AO’s invocation of Sec. 56(1) to tax share premium money received by assessee-company (one of the Motisons Group of companies) during AY 2009-10, clarifies that share premium amount cannot be taxed

Nov 30,2017

ITAT: Discusses principles for invoking Article 24 of India-Singapore DTAA, explains ‘subject to tax’

Rajkot ITAT considers principles relevant for applicability of Article 24 of India-Singapore DTAA with respect to denial of treaty benefit on freight income earned by a Singaporean based shipping co. (‘assessee’) during

Nov 29,2017