ITAT: Profit sharing between Dr. Reddy’s India and Switzerland, not a colourable device; Allows deduction

Hyderabad ITAT grants deduction to assessee [Dr. Reddy’s Laboratories Ltd., India (‘DRL, India’)] in respect of profit shared with DRL, Switzerland (‘DRL, SA’) for AY 2009-10 holding the arrangement to be bonafide; Pursuant to

May 17,2017

ITAT: Characterises land as non-agricultural, absent agricultural operations; Spontaneous vegetation, land location irrelevant

Chennai ITAT holds that gains arising on sale of land shall be exigible to capital gains tax for AY 2012-13, characterises assessee-individual’s land (inherited from father) as non-agricultural, despite purchased

May 15,2017

ITAT: Forfeited media rights advance not capital loss; Grants deduction to Zee Entertainment

Mumbai ITAT allows deduction u/s. 37 to Zee Entertainment (‘assessee’) with respect to write off of advance given to BCCI, rejects Revenue's stand that it represents a capital loss as it is in relation to

May 12,2017

ITAT: Confirms penalty, depreciation claim 'false' absent use; Trial-run at supplier's place irrelevant

Chennai ITAT upholds levy of penalty u/s 271(1)(c) on false depreciation claim made by assessee company on the furnace for AY 2004-05; Assessee had argued that the machinery (i.e furnace)

May 10,2017

ITAT: NR-payment for training/collaborative research, FTS; Rejects alternate plea of Sec. 44BB applicability

Delhi ITAT holds that payment made by ONGC (as representative  assessee) to a Canadian university (‘NR’) for collaborative research, participation, training and maintenance services of air injection equipment (used for

May 08,2017

ITAT: Hyundai-India's interest payments to Standard Chartered & HSBC Mauritius not taxable absent PE

Chennai ITAT deletes Sec. 40(a)(i) expense-disallowance, interest payments by Hyundai Motor India Ltd. (‘assessee’) to Standard Chartered (‘SCB-M’) and HSBC banks (‘HSBC-M’), Mauritius not subject to Sec. 195 TDS for

Apr 28,2017

ITAT: Directs CIT(A) to admit additional evidence; non-cooperation from CA, ‘reasonable cause’

Mumbai ITAT restores the matter back to CIT(A), in second round of litigation, directs CIT(A) to admit all additional evidences filed by assessee-company in remand proceedings for AY 2008-09; Notes

Apr 28,2017

ITAT: Christian religious society exempt u/s 11; Charity definition u/s 2(15) inapplicable to religious organization

Chennai ITAT grants Sec. 11 exemption to assessee (a Christian Religious Society), holds that publication and distribution of Christian literature, religious books amounts to a religious activity eligible for exemption; Notes

Apr 27,2017

ITAT: Revenue to examine FTC allowability against MAT, cautions on MAT-credit double benefit

Ahmedabad ITAT directs Revenue to consider assessee-company’s foreign tax credit (FTC) claim for AYs 2008-09 and 2009-10 on taxes withholding in China despite no such claim made through return of income, but remits matter

Apr 25,2017

ITAT: No Sec. 194A TDS on Bank’s interest provisioning under CBS software reversed subsequently

Bangalore ITAT remits matter to AO for reconsideration on issue of short remittance of TDS by State Bank of India (‘assessee’) on interest payments to the term depositors for AY

Apr 21,2017