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

ITAT: Belatedly e-TDS return filing owing to ‘technical hitch’, a 'reasonable-cause'; Deletes penalty

Pune ITAT deletes penalty levied u/s 272A(2)(k) for belated filing of TDS returns/statements for AY 2011-12, grants immunity u/s 273B as ‘reasonable cause’ established; Notes that pursuant to amendment by

Oct 26,2016

ITAT: Management fees not FTS absent ‘make-available’ of technology, notes indefinite contract period

Kolkata ITAT reverses DRP’s order for AY 2010-11, revenue earned by assessee company (tax resident of Finland) in respect of management support and other services rendered to its Indian group company not taxable as fees

Oct 25,2016

ITAT: Excludes growth fund not yielding exempt income from Sec. 14A disallowance

ITAT allows assessee’s (engaged in asset management of mutual fund) appeal for AY 2008-09, deletes disallowance u/s 14A; Notes that assessee had disallowed a sum u/s 14A r.w.r 8D(2)(iii) however, Revenue had proceeded on an

Oct 22,2016

ITAT: Payment to particular transporter to be aggregated for Sec 194C purposes; Upholds Sec 40(a)(ia) disallowance

Bangalore ITAT upholds Sec 40(a)(ia) disallowance for TDS default for AY 2008-09, rules that payment made to each lorry owner /driver in excess of Rs. 50,000 for transporting iron-ore was

Oct 21,2016

ITAT: Upholds law firm's 'goodwill' institutionalization by corporatization; Allows deduction for license-fees

Delhi ITAT allows deduction u/s  37 for license fee paid by Remfry & Sagar (assessee, a law firm) to Remfry & Sagar Consultants P. Ltd.(‘RSCPL’) for use of goodwill in

Oct 21,2016

ITAT: Grants retrospective exemption u/s 11 to trust even though Sec 12A registration granted subsequently

Bangalore ITAT allows exemption u/s 11 to assessee-trust for AYs 2004-05 to 2007-08 despite Sec 12A registration granted only w.e.f. April 1, 2008, holds first proviso to Sec 12A(2) inserted

Oct 20,2016

ITAT: Clinical trials & R&D payments to Malaysian subsidiary taxable as FTS

Bangalore ITAT rules that payment by assessee (a stem cell research company based in India) to its Malaysian subsidiary (‘MS’) for carrying out clinical trial and R&D pursuant to Product

Oct 19,2016

ITAT: Upholds 271(1)(c) penalty on Mauritian-bank’s “fancy" double deduction claim

Mumbai ITAT upholds penalty levy u/s 271(1)(c) on a Mauritian Bank (‘assessee’) for furnishing inaccurate particulars of income by claiming capital expenditure (towards acquisition of fixed asset) as a deduction in addition

Oct 17,2016