ITAT: Bogus donation cannot be a ground for cancelling registration u/s 12AA

Kolkata ITAT dismisses CIT(E)’s order, holds that  bogus donations cannot be a ground of cancelling Sec. 12AA registration as long as the objects of the trust are within the provisions

Sep 29,2017

ITAT: Quashes penalty u/s 271(1)(b) levied for non-compliance with statutory notices; Holds breach 'venial'

Delhi ITAT quashes penalty u/s 271(1)(b) levied for failure to comply with the statutory notices/ date fixed for hearing for AYs 2002-03 to 2008-09, grants immunity u/s. 273B;  Takes notes of assessee’s

Sep 29,2017

ITAT: Equity from directors' daughter not transaction between strangers, deletes 'unexplained credit' addition

Ahmedabad ITAT deletes unexplained cash credit addition with respect to share application money received by assessee (a private limited company) during AY 2010-11 from one of the shareholder (who is

Sep 29,2017

ITAT: ITAT Special Bench- Lays down law on penalty for self-assessment tax payment default in original return

ITAT Special Bench (ITAT SB) holds that penalty u/s. 221(1) attracted for default in payment of self-assessment tax due u/s 140A while filing original tax-return even though assessee subsequently files

Sep 28,2017

ITAT: ONGC’s ‘signature bonus’ for demitting 60% rights in oil fields, a capital receipt

Delhi ITAT rules that ‘Signature bonus’ of  about Rs. 220 cr. received by ONGC (‘assessee’) for demitting 60% of rights in the oil fields  during AY 1995-96, a non-taxable capital receipt;

Sep 28,2017

ITAT: Delay in filing return u/s 148 cannot be a ground to deny Sec. 54F exemption

Mumbai ITAT upholds assessee's right to claim capital gains exemption u/s. 54F in a belated ‘return of income’ filed in compliance to a notice issued u/s 148, however, restores matter back to

Sep 26,2017

ITAT: Recording AO's satisfaction 'must' for rejecting assessee's calculation; Deletes Sec. 14A disallowance

Mumbai ITAT deletes Sec. 14A disallowance for AY 2009-10  in case of assessee company (a Morgan Stanley group company engaged providing asset management services); During relevant AY, assessee had suo-motu made

Sep 25,2017

ITAT: Discards 'loan defense' of taxpayer consciously withholding investment source; Upholds Sec 263 revision

Mumbai ITAT upholds revision of the assessment order u/s 263 on assessee (viz. Parth Ajit Pawar), holds that the assessee during assessment consciously withheld actual source of investment of Rs. 5 Cr

Sep 25,2017

ITAT: Deletes concealment penalty on 'tax compliant' Harish Salve; Declared income shows bona fide

Delhi ITAT deletes penalty u/s 271(1)(c) in the case of legal luminary & Senior Advocate Harish Salve for AY 2010-11 absent any malafide intention to conceal income or furnish inaccurate particulars; Notes that

Sep 22,2017

ITAT: Grants Sec. 54G exemption despite investing gains after 9 years of shifting undertaking

Mumbai ITAT allows assessee-company’s claim of exemption u/s 54G  for AY 2004-05 with respect to capital gains arising on sale of land, rejects Revenue’s denial on the ground that investment

Sep 22,2017