ITAT: Rejects taxpayer’s LTCG exemption claim citing dubious trading in ‘penny stocks’

Bangalore ITAT rejects assessee-individual’s claim of ‘exempt’ long term capital gains (‘LTCG’) of Rs. 42 lakh arising on sale of ‘penny stocks’ during AY 2015-16, upholds AO’s stand that the

Oct 17,2018

ITAT: Signing investment management agreement sufficient for AMC's business set-up; Allows expenses

Mumbai ITAT allows assessee’s claim of deduction for revenue expenses incurred after its incorporation in September, 2006, rejects Revenue’s stand that expenses cannot be allowed in subject AY 2007-08 as

Oct 17,2018

ITAT: Rejects Revenue’s unquoted shares valuation by substituting book value with fair value pre-2017

Mumbai ITAT quashes PCIT’s revisionary order u/s. 263 directing AO to recalculate valuation of unquoted shares under Rule 11UA for Sec 56(2)(viia) purpose by replacing book value of assets with

Oct 16,2018

ITAT: Guj HC 's Vijay Ship ratio on ‘Usance interest’ holds water; Merger Doctrine inapplicable

Rajkot ITAT confirms Sec. 40(a)(i) disallowance for TDS default on payment of usance interest by assessee (an Indian co.) on delayed import payments to its Singaporean holding co. during AY

Oct 15,2018

ITAT: Allows non-resident deductee’s Sec. 244A interest claim on TDS refund, CBDT circular 7/2007 inapplicable

Delhi ITAT rules that Whirlpool Corporation (assessee based in US) is entitled to interest u/s. 244A on the refund of TDS deducted during AY 1997-98; Notes that the assessee is

Oct 15,2018

ITAT: ‘Cost of construction’, not SRO-value, relevant while computing LTCG on land-transfer under JDA

Hyderabad ITAT rejects assessee-company’s stand for adopting SRO (Sub-registry office) value of land while computing capital gain on transfer of land to developer under JDA, rules that cost of construction

Oct 12,2018

ITAT: Incentive received under Marketing Agreement for passing on to sub-distributors not distributors income

Delhi ITAT deletes addition of sum received by assessee (a trading company) under Marketing Assistance Programme (MAP) since it was passed on to customers (sub-distributors) as incentive, observes that the

Oct 12,2018

ITAT: Hedging contracts with Banks, non-speculative; Allows deduction for premium & interest

Delhi ITAT allows deduction  to assessee co. for amount incurred towards premium and interest components under the hedging contract entered with two foreign banks during AYs 2007-08 and 2008-09; Assessee had

Oct 11,2018

ITAT: 'Line production’ services for shooting ‘Fear Factor’ in South Africa, not FTS/royalty

Mumbai ITAT holds that consideration received by assessee (a South African co.) for providing line production services to Indian counterpart for shooting of ‘Fear Factor’ in South Africa during AY

Oct 10,2018

ITAT: Sec 40(a)(i) disallowance provision cannot be read into Mauritius treaty while computing PE profits

Delhi ITAT rejects AO’s invocation of Sec. 40(a)(i) disallowance for non-deduction of TDS on salaries paid by assessee (a Mauritian co.) to employees relating to its projects in India during

Oct 10,2018