ITAT: Denies deduction u/s. 57 for PMS, professional charges and salaries against dividend / interest income

Bangalore ITAT denies assessee-individual’s claim of deduction u/s. 57 for PMS charges, salaries, professional charges against the dividend / interest income (assessable as income from other sources) for AY 2012-13;

May 04,2018

ITAT: Allows Sec. 80P deduction on co-operative society’s interest income from investments with co-operative bank

Mumbai ITAT allows Sec. 80P deduction on interest income derived by a co-operative society (‘assessee’) from its investments held with a co-operative bank during AY 2014-15; Refers to Sec. 80P(2)(d) 

May 04,2018

ITAT: Quashes TDS default proceedings u/s. 201 considering employer’s ‘bonafide’ estimate of salary

Bangalore ITAT quashes Sec. 201(1)/(1A) proceedings on assessee-employer (a State Power Transmission company, ‘KPTCL’)  with respect to TDS default u/s. 192  for AYs 2013-14 and 2014-15 on leave encashment payments

May 03,2018

ITAT: Activities for promoting Lord Krishna consciousness facilitate trust's objectives, grants Sec u/s 11 exemption

Mumbai ITAT dismisses Revenue’s appeal and allows exemption u/s 11 to assessee-trust during AY 2009-10, rules that activities of the trust were directed for promoting its objects of vegetarianism and

Apr 27,2018

ITAT: Payment for services involving evaluation of LNG vaporizers not FIS under India-US DTAA

Delhi ITAT holds that services provided by US entity did not make available technical knowledge, skill, know-how etc to the assessee and thus, does not qualify as fee for included

Apr 27,2018

ITAT: Collection-charges, retained by airline operators from passenger service-fees subject to 194H

Bangalore ITAT upholds applicability of TDS u/s 194H on cash discount/ collection charges retained by Airline Operators while paying passenger service fees (PSF) to Delhi International Airport Pvt. Ltd (assessee)

Apr 27,2018

ITAT: Rejects Revenue's attempt to tax Flipkart's 'foregone profits' by traveling beyond 'book results'

Bangalore ITAT allows Flipkart India’s (assessee) appeal challenging disallowance of product discounts as capital expenditure, rejects AO/CIT(A)’s conclusion that assessee’s strategy of selling goods at lower than cost price leads

Apr 26,2018

ITAT: Expenditure on tangible assets for inhouse R&D facility deductible, exclusion u/s 43(4)(ii) inapplicable

Bangalore ITAT allows assessee-company’s claim of deduction u/s 35(1)(iv) r.w.s 35(2)(ia) for AY 2008-09 towards purchase of tangible assets for its in-house R&D facility, rejects Revenue’s contention that expenditure incurred

Apr 26,2018

ITAT: Grants Sec. 80P benefit, distinguishes Citizens Society SC-ruling; Assessee, not co-operative bank

Cochin ITAT dismisses Revenue’s appeal against CIT(A) order allowing deduction u/s 80P to assessee (primary agricultural co-operative society), distinguishes SC ruling in Citizens Co-operative Society; Notes that SC had denied

Apr 23,2018

ITAT: Export commission to non-resident agents not taxable even post Circular 7/2009

Agra ITAT deletes disallowance u/s 40(a)(i) for export commission paid to foreign agents without deducting tax during AYs 2010-11 and 2011-12; AO had disallowed the export commission on the ground

Apr 20,2018