ITAT: Intranet payment & SAP charges taxable as equipment royalty; Rejects reimbursement plea

Delhi ITAT rules that payment made by assessee (Indian subsidiary company) during AY 2000-01 to 2006-07, to its German parent towards intranet charges and SAP software, amounts to royalty under

Nov 29,2017

ITAT: Paying revaluation surplus to retiring partners not 'colourable device'; Rejects Sec. 45(4) application

Mumbai ITAT deletes capital gains addition u/s. 45(4) in the hands of assessee-firm (engaged in real-estate development) upon making payment to retiring partners on account of settlement of their accounts

Nov 27,2017

ITAT: Milk processing unit transfer, slump-sale u/s. 50B; Rejects 'only specific assets transfer' plea

Pune ITAT holds that, transfer of milk processing unit by individual-assessee (engaged in manufacturing of Sterilized Flavored Milk [‘SFM’]) to transferee company during AY 2011-12 is a slump sale u/s

Nov 24,2017

ITAT: Taxpayer’s share transaction, not bogus merely because SEBI initiated investigation against broker

Mumbai ITAT allows assessee-HUF’s long term capital gains claim on sale of shares for AY 2005-06, deletes unexplained cash credit addition u/s. 68, follows co-ordinate bench ruling in Indravadan Jain

Nov 24,2017

ITAT: Rejects business loss claim for write-off of rental deposit

Bangalore ITAT upholds disallowance for write-off of rental deposit made by assessee-company to M/s. Black Pearl (‘party’) for the premises during AY 2010-11, as assessee could not establish that the

Nov 24,2017

ITAT: Deletes addition of on-money receipt against disputed land ; Absent corroborative evidence

Ahmedabad ITAT deletes undisclosed income addition on assessee – company during AY 2011-12, holds that, Revenue failed to collect sufficient evidence for holding that the assessee has received money for

Nov 24,2017

ITAT: Receipt of trivial refundable security on JDA execution, not taxable as capital gains

Bangalore ITAT deletes addition made on account of amount received by the assessee during AY 2007-08 on execution of the Joint Development Agreement (JDA), holds it as only a refundable

Nov 24,2017

ITAT: Treats liability towards unclaimed plot allotment refunds outstanding beyond 3 years as income

Chandigarh ITAT partly allows assessee’s (a State Infrastructure development company) appeal challenging addition on account of unclaimed refund of application money for allotment of plots during  AY 2005-06, directs AO

Nov 24,2017

ITAT: Bond transactions with Harshad Mehta not hit by Sec. 94(4) considering interest exemption

Mumbai ITAT allows assessee’s (a leasing and investment company) claim of short-term capital loss for AY 1992-93, rejects application of Sec. 94(4) to assessee’s transaction of purchase and sale of

Nov 23,2017

ITAT: Denies Sec. 80IC deduction on interest-subsidy, rent absent nexus with eligible business

Delhi ITAT allows Sec. 80IC deduction on  interest on debtors and foreign exchange fluctuation gains, however denies deduction on interest subsidy and royalty / rent received during AY 2009-10; ITAT

Nov 23,2017