ITAT: Quashes reassessment; Approval wrong authority equivalent to ‘no approval’

Mumbai ITAT quashes re-assessment (initiated beyond 4 years period) on assessee-individual for AY 2007-08; Pursuant to search-seizure operations on Hiranandani group, it was revealed that assessee had made “on money” payments

Jan 25,2018

ITAT: Denies depreciation on non-compete fees being ineligible intangible asset; Follows jurisdictional HC

Delhi ITAT denies depreciation to assessee-company on non-compete fees during AY 2006-07, holds that non-compete fees paid by assessee for acquiring a running business does result in an eligible intangible

Jan 25,2018

ITAT: Deletes addition u/s 41(1) for commission overdue to Kuwaiti agent for over 1400 days

Mumbai ITAT deletes addition u/s. 41(1) [on account of cessation of trading liability] in case assessee-company (engaged in engineering, designing services for oil & gas industry) with respect to outstanding

Jan 25,2018

ITAT: Formal trust deed not prerequisite for registration u/s 12AA/12A

Bangalore ITAT holds that the execution of a formal deed of trust was not necessary for grant of registration u/s 12AA/12A in case of religious trust constituted orally; Relies on

Jan 24,2018

ITAT: No PE for Booz UAE; Revenue’s reliance on AAR in group concern’s case, misplaced

Mumbai ITAT holds that consideration of Rs.112.83 lakhs received by assessee (a UAE based Booz group company) for providing technical/professional personnel to its Indian associated enterprise (i.e. Booz India)  during AY 2011-12, not taxable

Jan 23,2018

ITAT: Grants relief to builders consortium; No transfer absent agreement registration, applies Balbir Singh (SC)

Delhi ITAT rules that amount received by the assessees (who have formed a consortium for the purpose integrated township development) on account of transfer of development rights in the underlying

Jan 22,2018

ITAT: Supply of software not ‘Royalty’ under India-Ireland DTAA; Follows co-ordinate–bench

Mumbai ITAT holds that software  receipts from Reliance not taxable in the hands of assessee-company (tax resident of Ireland) during AY 2010-11 under India-Ireland DTAA ; During the relevant AY,

Jan 19,2018

ITAT: Upholds CIT(A)'s order; Deletes book-profit addition towards diminution in current investment value

Mumbai ITAT upholds CIT(A)’s order for AY 2008-09, holds that the diminution (i.e., difference of cost and fair value as on balance sheet date) in value of current investment being

Jan 19,2018

ITAT: No Sec. 271D penalty for accepting cash loan from sister-in-law and nephew

Kolkata ITAT quashes penalty levied u/s 271D/E (for violating Sec. 269SS/269T conditions by accepting / repaying loan in cash) on individual – assessee during AY 2005-06; During the relevant AY

Jan 19,2018

ITAT: Pharma co's marketing expense deductible, doesn't violate MCI-regulations; CBDT's 2002 circular inapplicable

Mumbai ITAT allows deduction u/s 37 to a Pharma co. (‘assessee’) for AY 2011-12​ in respect of advertisement and publicity expenses, rejects Revenue’s stand that expenditure ​was made in violation of ​Medical Council of India's (​MCI​)regulations; ITAT

Jan 19,2018