ITAT: Expenses written back taxable u/s 41(1) despite earlier years income being exempt u/s 80P

Jaipur ITAT rules against a co-operative Bank (assessee, who was eligible for Sec. 80P exemption prior to subject AY 2007-08), upholds addition u/s. 41(1) with respect to transfer to Reserve

Jul 11,2017

ITAT: Grants partial benefit u/s. 54F, no relaxation for cheque returned un-encashed for technical glitches

Mumbai ITAT grants partial exemption to assessee u/s 54F to the extent of capital gains utilised for purchase / construction of new property; During AY 2011-12, assessee claimed to have

Jul 07,2017

ITAT: Loss set-off mandatory before allowing deduction for bad-debts provision u/s. 36(1)(viia)

Kolkata ITAT dismisses assessee’s (a public sector bank) appeal for AY 2004-05, holds that effect of brought forward losses u/s. 72 has to be given prior to allowing deduction towards

Jul 07,2017

ITAT: Follows co-ordinate bench's Zee Media ruling for amortizing 'content cost' to broadcasting company

Mumbai ITAT rules on allowability/ amortization of content cost (relating to inventories of film rights & TV programmes) incurred by assessee (engaged in telecasting of TV channel and providing broad

Jul 07,2017

ITAT: Significant movement in investment portfolio triggers Sec. 14A disallowance on administrative expenses

Bangalore ITAT upholds disallowance u/s. 14A read with Rule 8D on account of administrative expenses (i.e. indirect expenses) with respect to dividend income earned during AY 2008-09; Rejects assessee’s stand that

Jul 07,2017

ITAT: US-company's implementation services relating to software licensing taxable, 'make available test' inapplicable

Bangalore ITAT rules that payment received by a US software company (‘assessee’) for rendering implementation, consultancy and maintenance services in connection with ‘customized’ software licensed to Indian customers, amounts to

Jul 05,2017

ITAT: Accepts Electricity Board's price as ‘market price’ for captive unit's Sec. 80IA claim

Mumbai ITAT upholds Reliance Industries’ (‘assessee’) computation of deduction u/s. 80IA in respect of its power generation undertaking for AY 2007-08, approves assessee’s action of treating the price at which

Jul 04,2017

ITAT: Services without employee's physical presence in India relevant in Service PE conclusion

Bengaluru ITAT rules in favour of Revenue for AYs  2010-11 and 2011-12, holds that consideration received by assessee (a UAE based group company) from ABB Ltd. (assessee’s Indian counterpart) pursuant

Jul 03,2017

ITAT: Deletes Sec. 14A addition absent ‘actual’ expenditure incurred, no ‘arbitrary’ Rule 8D application

Mumbai ITAT deletes addition u/s. 14A in case of assessee (a finance company), notes that during relevant AY 2008-09, assessee suo-motu disallowed Rs. 15 lakh (approx.) u/s. 14A towards interest

Jul 03,2017

ITAT: Deletes notional profit addition on property sale, quashes reference to DVO

Chandigarh ITAT deletes notional profit addition on sale of property constituting assessee's ‘stock-in-trade’ for AY 2010-11, holds that reference to the Valuation Officer (‘DVO’) was illegal, being made under general provision u/s 131(1)(d);

Jun 30,2017