ITAT: Accepts share-trader's LTCG treatment; CBDT’s TDS clarification on DEMAT charges, retrospective

Delhi ITAT accepts assessee’s (engaged in purchase - sale of shares and mutual funds) claim of long term capital gains for AYs 2008-09, 2009-10 & 2011-12 with respect to gains

Sep 06,2018

ITAT: Deletes notional income on builder’s unsold flats; Cites 2017 amendment to Sec. 23

Mumbai ITAT upholds CIT(A)’s order deleting notional income addition u/s. 23 with respect to assessee-builder’s unsold flats lying vacant for AY 2009-10; Notes that AO had computed deemed income from

Sep 04,2018

ITAT: Political misuse apprehension no ground for not furnishing info; Confirms Sec. 272A Penalty

Delhi ITAT upholds levy of penalty u/s. 272A(1)( c) on Young Indian (assessee) for AY 2011-12 for non-furnishing of information requisitioned under the summons issued u/s 131(1A), holds that “the

Aug 31,2018

ITAT: Deletes addition u/s. 41(1) for deferred sales-tax liability relating to 'already transferred' undertaking

Mumbai ITAT deletes addition made u/s 41(1) with respect to deferred sales-tax liability appearing in the books of account under the head ‘liabilities’, relating to ‘already transferred’ Jejuri undertaking; Rejects

Aug 31,2018

ITAT: Condones 1005 days delay, erstwhile CA's wrong advice resulted in belated appeal filing

Mumbai ITAT condones delay of 1005 days and admits appeal of assessee-company for AYs 2007-08, 2008-09 and AY 2010-11, notes that assessee’s erstwhile CA wrongly advised resulting into belated filing

Aug 31,2018

ITAT: Liaisioning charges paid to foreign company for project outside India not liable to TDS u/s 195

Mumbai ITAT deletes disallowance made by the AO u/s 40(a)(i) on liaisoning charges paid to Saudi Arabian company for project in Saudi Arabia, holds that payment not liable for tax

Aug 31,2018

ITAT: Denies deduction u/s. 35AB as Daimler Chrysler neither paid / allotted shares to know-how supplier

Pune ITAT denies assessee's claim for deduction u/s 35AB with respect to technical knowhow fee for AY 1998-99, holds that assessee neither paid nor issued shares in lieu of payment to supplier

Aug 31,2018

ITAT: Legal heir not taxable for deceased's Swiss account deposit income arising post-death

Mumbai ITAT  rules on taxability of deceased assessee’s (Late Shri Vrajlal C Mehta) income arising post his death, holds that the right person to be assessed is “Estate of late Vrajlal C Mehta” u/s.

Aug 30,2018

ITAT: Upholds presumptive taxation u/s. 44AD absent production of ‘books’; Applies ‘peak credit’ theory for unexplained deposits

Kolkata ITAT upholds AO’s action in invoking Sec. 44AD (which provides for taxation of eligible businesses on presumptive basis) for AY 2011-12 in case of assessee-individual (engaged in the business

Aug 30,2018

ITAT: Rejects facade of documentation created by ​conduit; Confirms share capital addition u/s 68 pre-2012

Delhi ITAT confirms Rs. 80 lakh bogus share capital subscription addition u/s 68 in case of assessee (a private limited company) for AY 2005-06, also confirms unaccounted expenditure addition in

Aug 29,2018