ITAT

ITAT: Allows Forex fluctuation losses to PE for working capital loan from Spanish HO

Delhi ITAT allows deduction u/s. 37 for foreign exchange fluctuation losses arising to PE  (project office - PO)of assessee (a Spanish company) during AY 2014-15 on account of advance/loan received from the Head

Jun 29,2018

ITAT: Upholds FTS taxability on NRI based on recitals of TDS certificates

Delhi ITAT confirms CIT(A)’s findings upholding FTS taxability on gross basis for professional fees received by assessee-individual (an NRI residing in UK) from Indian companies during AYs 2006-07 to 2009-10;

Jun 29,2018

ITAT: Grants relief to Karnataka MLA, deletes Rs. 8.85 cr undisclosed income addition

Panaji ITAT deletes addition towards undisclosed income relating to alleged deposits of Rs. 8.85 cr made by Karnataka MLA (assessee) in a co-operative bank during AYs 2009-10 to 2011- 12;

Jun 28,2018

ITAT: Mere TRC non-furnishing cannot disentitle treaty benefits; Explains Sec. 90(4) interplay vis-à-vis treaty override u/s. 90(2)

Ahmedabad ITAT rules that mere non-furnishing of Tax Residency Certificate (‘TRC’) cannot per se be treated as a trigger to disentitle the treaty benefits; During relevant AYs 2013-14 and 2014-15, assessee-company paid  installation

Jun 23,2018

ITAT: Grants retrospective registration u/s 12A on revenue’s failure to dispose within 6 months

Bangalore ITAT allows assessee’s (University) registration application u/s 12A with retrospective effect April 1, 1998 (inception date of university) as the Revenue had failed to grant the registration within the

Jun 22,2018

ITAT: Assessee’s share premium not bogus merely because subscriber held accommodation entry provider

Delhi ITAT sets aside order u/s 263 and deletes addition u/s 68 on account of share premium received by assessee-company during AY 2014-15 from a Kolkata based company ('subscriber company');

Jun 22,2018

ITAT: Share-sale profits, capital gains, not business income for NRI regularly drawing salary

Ahmedabad ITAT holds that gains arising on sale of shares by NRI-assessee through NRI-PIS SBI account as per FEMA Regulations, assessable as ‘capital gains’, rejects Revenue’s treatment of assessing it

Jun 22,2018

ITAT: Confirms Sec. 271D/E penalty on film distributor for accepting / repaying booking advance in cash

Amritsar ITAT confirms penalty levy u/s. 271 D/E  on assessee-firm (engaged in film distribution) for accepting / repaying the film booking advance in cash (in violation of Sec. 269SS/T provisions) during AY 2013-14,

Jun 22,2018

ITAT: Revised return filed u/s 139(5) after issuance of scrutiny notice, valid

Mumbai ITAT rules that "There is no bar / restriction in the provisions of section 139(5) of the Act that the assessee cannot file a revised return of income after issuance of notice

Jun 22,2018

ITAT: AO to examine assessee's warranty provision claim considering the industry perspective

Delhi ITAT sets aside lower authorities order denying deduction for provision of warranty expenses made by assessee (engaged in trading of telecom equipment and provision of installation and commissioning services) during AY

Jun 22,2018

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