ITAT: Solar days relevant for Service PE ; Distinguishes ABB FZ-LLC ruling on virtual PE

Bengaluru ITAT rules in favour of assessee (a company based in Saudi Arabia) for AY 2010-11, rejects Revenue’s stand that assessee constituted service PE in India due to presence of 4

Oct 10,2017

ITAT: No STCG absent extinguishment of 'block of asset' in amalgamating company's hands

Bangalore ITAT deletes short term capital gains (‘STCG’) addition u/s. 50 (capital gains on depreciable assets) in case of assessee (‘amalgamating company’) for AY 2003-04; Pursuant to scheme of amalgamation approved by HC w.e.f.

Oct 09,2017

ITAT: Deeming fiction u/s. 50C not applicable to transfer of leasehold rights in land

Mumbai ITAT rules that leasehold rights in land doesn’t come under the ambit of 'land or building' as occurring in Sec. 50C (which deems stamp duty valuation as full value consideration in

Oct 06,2017

ITAT: Allows share trading loss set-off against non-delivery based F & O income

Mumbai ITAT allows share trading (cash division) loss set-off against income from F&O segment to assessee-company (a finance company) for AY 2010-11 ; Revenue had treated share trading loss as

Oct 06,2017

ITAT: Deletes Sec. 271(1)(c) penalty levied for unexplained credit addition u/s. 68 in quantum proceedings

Ahmedabad ITAT deletes penalty imposed u/s 271(1)(c) on assessee with respect to unexplained credit addition u/s. 68 made in quantum proceedings for AY 2005-06; Notes that assessee had received these monies by

Oct 06,2017

ITAT: Investment before extended return filing due date u/s. 139(4) eligible for Sec 54 housing exemption

Ahmedabad ITAT rules that exemption u/s. 54 allowable to assessee-individual for investing capital gains in new residential property  before furnishing return of income within extended due-date u/s. 139(4) for AY

Oct 05,2017

ITAT: Applies CBDT circular on Sec.40(a)(ia) to NR-payments, dismisses appeal as revenue neutral

Ahmedabad ITAT dismisses Revenue’s appeal against deletion of expense disallowance u/s. 40(a)(i) for non-deduction of TDS u/s. 195 by assessee-company (eligible for Sec.10A deduction) for AY 2009-10; Applies CBDT Circular No.

Oct 04,2017

ITAT: Hoardings rent received by co-operative society taxable as 'house property income'

Ahmedabad ITAT rules that hoardings rent received by assessee (a co-operative housing society) during AY 2008-09 for giving permission for installing the hoardings in the compound, assessable as income from

Oct 03,2017

ITAT: Seized cash not 'cash in hand', quashes wealth tax liability

Hyderabad ITAT rules that cash seized from assessee-individual’s premises during AY 2009-10 pursuant to search and seizure operation u/s. 132 of the Income-tax Act, not liable for wealth tax under the

Oct 03,2017

ITAT: Allows interest u/s. 244A on refund of interest u/s. 234B ; Narrow ‘tax’ definition u/s. 2(43) inapplicable

Ahmedabad ITAT upholds CIT(A)’s order and rules in favour of assessee, grants Sec. 244A interest on the refund of interest paid u/s. 234B [relating to advance tax default] for AY 2007-08; As

Oct 03,2017