ITAT

ITAT: No TDS on 'scientific services' of Non-resident individuals; Article 14 to prevail over Article 12

Delhi ITAT holds that payment made by assessee company to individuals (resident of Germany and Switzerland)  for AY 2008-09 and 2009-10 cannot be taxed as 'fees for technical services' under Article 12

Aug 28,2018

ITAT: Holds assessee's transaction in group company shares as sham; Rejects capital loss set-off

Delhi ITAT denies assessee company's claim for set-off of long term capital loss (LTCL) arising on sale of shares against long term capital gains (LTCG) arising on sale of property

Aug 28,2018

ITAT: Squaring off advance outside books, constitutes money laundering; Upholds addition u/s. 69B

Mumbai ITAT upholds unexplained investment addition u/s 69B in respect of unaccounted loan advanced by assessee co. through its bank account, but not reflected in the balance sheet during AY

Aug 27,2018

ITAT: Grants vacancy allowance; Saif Ali Khan's ‘construction defect’ plea not spurious

Mumbai ITAT grants vacancy allowance u/s 23(1)(c)  to Saif Ali Khan Pataudi (‘assessee’)  in respect of his Bandra flats that could not be let out during AY 2012-13;  Notes that assessee had

Aug 27,2018

ITAT: Rejects assessee’s bonafide claim for non-deduction of tax on software license u/s 195

Bangalore ITAT rules that payment by assessee to US company during AY 2007-08 for purchase of license to use their copyrighted software constitutes royalty as per Sec. 9(1)(vi) and Article

Aug 24,2018

ITAT: 'Land' valuation as stock-in-trade to be lower of market value or cost including development-charges

Chennai ITAT directs the AO to value the land held as closing stock by assessee (engaged in real estate) as per the market value stated in the Revenue records of

Aug 24,2018

ITAT: Deletes LTCG addition on land transferred under development agreement sans project completion

Mumbai ITAT deletes long term capital gain (LTCG) addition on individual-assessee during AY 2014-15, rules that until the project is completed on land owned by assessee and the assessee receives

Aug 24,2018

ITAT: Allows deduction u/s 36(1)(viia) on rural advances despite branches situated within 8Kms of town

Chandigarh ITAT allows deduction u/s 36(1)(viia) @ 10% to assessee-bank during AYs 1999-2000 and 2000-01 on rural advances on account of bad and doubtful debts in case of rural branches

Aug 24,2018

ITAT: Seeks 'proper' evidence to nail Jagan Reddy co.'s 'eyebrow' raising share premium receipts

Hyderabad ITAT directs AO to redo the assessment with respect to huge share premium (@ Rs. 1440 per share) received by assessee (a Cement co. in which Andhra Pradesh politician

Aug 23,2018

ITAT: Interest payment under MVAT Act pertains to law infraction; Disallows deduction, nomenclature irrelevant

Mumbai ITAT disallows deduction for interest paid u/s 30(4) of MVAT Act, 2002 for AY 2012-13, holds that “this is penal interest to come clean from the infraction of law

Aug 23,2018

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