ITAT: Promoter Co's investment activities not 'business'; Disallows GVK's Rs 164 cr interest deduction u/s 36(1)(iii)

Hyderabad ITAT denies Sec. 36(1)(iii) deduction for finance cost of Rs. 164 cr. incurred by assessee-company (a promoter company for the GVK group of companies) for advancing interest-free loan to

Jul 06,2018

ITAT: Reverses CIT(A) order, confirms concealment penalty for mala fide agricultural income claim

Delhi ITAT reverses CIT(A) order, confirms penalty u/s 271(1)(c) on assessee for making mala fide claim of agricultural income; In the quantum proceedings, co-ordinate bench had disallowed the exemption u/s

Jul 06,2018

ITAT: Revenue’s non-filing counter-affidavit, ‘sufficient cause’ for condoning taxpayer’s over 2000 days delay

Cochin ITAT condones delay of 2819 days in filing appeal by assessee-company for AY 2006-07, allows deduction u/s.80IB on the job work income relying on co-ordinate bench ruling in assessee’s

Jul 06,2018

ITAT: No Sec. 195 TDS on air-freight paid by Logistic co. on Indian clients' behalf

Delhi ITAT deletes Sec. 40(a)(i) disallowance of Rs. 120 cr. for airfreight payments made by assessee (a logistic and Cargo handling company) without TDS to non-resident parties during AY 2014-15;

Jul 06,2018

ITAT: Allows loss on shares sold off-market to group company, rejects ‘colorable device’ plea

Kolkata ITAT allows the long term capital loss claim on off-market sale of shares by assessee to its group company during AY 2009-10; Rejects Revenue’s stand that the off market

Jul 03,2018

ITAT: One-time license fee for using ‘GMR’ in corporate name, Capex; Allows depreciation

Hyderabad ITAT holds that one-time payment by assessee-company under the trademark and license agreement entered with GMR Holdings Pvt. Ltd., is in the nature of ‘intangible asset’, allows depreciation u/s.

Jul 02,2018

ITAT: Share buy-back at lower than book value, non-taxable u/s 56(2)(viia); Fails ‘property’ test

Mumbai ITAT deletes addition of Rs. 82 lakhs made u/s 56(2)(viia) with respect to shares bought back by assessee (a private limited company) during AY 2014-15 for consideration less than

Jul 02,2018

ITAT: Allows assessee’s full exemption claim u/s. 54, despite property jointly held by spouse and son

Delhi ITAT allows assessee-individual’s exemption claim u/s 54 in entirety for investing the capital gains in a property, which though stood in joint name of assessee, her husband and their

Jun 29,2018

ITAT: Inspection & Testing services not taxable sans 'make available' under India-UK DTAA

Delhi ITAT holds that provision of  services in relation to inspection and survey of imported/exported cargo and certifying in relation to the quality and price, by the assessee (UK company) to Indian

Jun 29,2018

ITAT: Deletes Sec. 40(a)(i) disallowance; Allows MFN clause benefit on FTS payments to Swedish co.

Kolkata ITAT deletes disallowance of fees for technical services (FTS)  u/s 40(a)(i) made by assessee ( a tours and travel company) to a Swedish entity during AY 2008-09, allows benefit under

Jun 29,2018