ITAT: Additions u/s 153A absent backing of incriminating material unsustainable

Kolkata ITAT allows assessee’s (partnership firm) appeal for AY 2007-08, holds that the issue of additional depreciation could not be examined by the AO in assessment proceedings u/s 153A as

Nov 03,2016

ITAT: Call option fees for securing investor’s risk allowable as business expenditure

Delhi ITAT dismisses Revenue’s appeal for AY 2007-08, call option fee paid by assessee company (providing investment advisory) for the purpose of earning origination fee allowable as business expenditure; Notes

Nov 03,2016

ITAT: Deletes concealment penalty on subsequently offered income, details available in Form 26AS

Pune ITAT allows assessee’s (NRI, individual) appeal challenging concealment penalty levied u/s 271(1)(c) for AY 2010-11; AO levied penalty u/s 271(1)(c) as assessee had failed to declare income from capital gains

Nov 02,2016

ITAT: Investment of actual sale-proceeds, not deemed consideration u/s 50C, relevant for exemption u/s 54

Visakhapatnam ITAT allows exemption u/s 54 to assessee-doctor for investing net sale-consideration on sale of residential property during AY 2007-08 in construction of new residential house property; Assessee has computed

Nov 02,2016

ITAT: Explains Tribunal's powers on adjudicating "general" grounds, recalls order on merits

Ahmedabad ITAT allows assessee’s rectification petition for AY 2010-11, holds that in its earlier order, ITAT committed ‘mistake’ in adjudicating Departmental appeal  on merits, thus, alters outcome of appeal as

Nov 01,2016

ITAT: Expenditure towards gifting of shares for setting up subsidiary's business deductible u/s 37

Cochin ITAT allows assessee's claim for deduction u/s 37 towards gift of subsidiary company’s shares to a key employee (Doctor) for his contribution in setting up a super specialty hospital

Nov 01,2016

ITAT: Repairs carried by tenant no bar to grant "statutory" deduction u/s 24(a)

Chandigarh ITAT grants  standard deduction u/s 24(a) @ 30% on income from house property derived by leasing out of house property for AY 2011-12 ; ITAT notes that the deduction was

Oct 27,2016

ITAT: Factors in Jayalalithaa's "public service" pre-occupation, condones 2000 days appeal filing delay

Chennai ITAT condones inordinate delay of 2255 days in appeal filed by assessee (Selvi J. Jayalalithaa) in the interest of justice for AY 1997-98; Notes that assessee couldn’t pursue the case

Oct 27,2016

ITAT: Allows indexation benefit from 1981 despite property inherited in 2002; Construes Sec 48 harmoniously

Kolkata ITAT rules in favour of assessee-individual, directs adoption of cost inflation index (‘CII’) for year 1981 while computing capital gains on sale during AY 2007-08 of ‘inherited’ property ; Rejects Revenue’s

Oct 27,2016

ITAT: Allows depreciation u/s 32 on brand-acquisition despite subsequent amalgamation with original owner

Chennai ITAT allows depreciation claim u/s 32 for AY 2011-12 on brand ‘Ishtaa’ acquired by assessee (engaged in manufacturing and sale of gold and diamond jewellery) from its associate company

Oct 26,2016