ITAT: Sec. 50C amendment removing hardship by implementing Easwar committee recommendations, held retrospective

Ahmedabad ITAT deletes addition u/s 50C (relating to substitution of sale consideration with stamp duty valuation) while computing capital gains on transfer of land by assessee-individual during AY 2008-09; Assessee had

Oct 10,2016

ITAT: UK-company's receipts from IPL-related services not connected to Indian-PE, taxable as FTS

Delhi ITAT rules that amount of Rs. 23.77 cr (out of the total receipts of Rs. 33 cr) received by assessee (a UK based event management company) pursuant to contract

Oct 06,2016

ITAT: Genuineness of payee not established, mere TDS-deduction not sufficient; Upholds expense dis-allowance

Hyderabad ITAT disallows commission payment by assessee (a transport company) during AY 2011-12 as it failed to prove ‘genuineness of existence of the party’, even though basis for the expenditure

Oct 03,2016

ITAT: Prior-period expense for recasting accounts pursuant to amalgamation allowable

Mumbai ITAT reverses CIT(A) order for AY 1998-99, deletes disallowance of prior period expenses pursuant to amalgamation; Notes that prior period expenses were pursuant to an extra ordinary event of

Sep 30,2016

ITAT: Allows MTM losses; Follows SC ruling in Woodward Governor over subsequent CBDT Instruction

Mumbai ITAT upholds DRP order, allows deduction for marked-to-market losses (‘MTM losses’) on derivative contracts for AY 2010-11 incase of assessee company (engaged in the business of construction contracts, executing facilities and

Sep 30,2016

ITAT: Grants stay extension to ICICI Securities for outstanding demand of 4.31 crores

Mumbai ITAT allows assessee’s application seeking extension of stay in respect of outstanding demand of Rs. 4.31 crores for AY 2010-11; On perusal of the schedule of hearing dates and reasons for adjournment

Sep 30,2016

ITAT: Income from operation of shopping mall assessable as business income

Mumbai ITAT reverses CIT(A) order for AY 2010-11, holds that income from mall operation taxable as business income  and not income from house property; Notes that assessee was incorporated with the

Sep 30,2016

ITAT: Partner's capital constitutes firm's "own-capital", no Sec 14A disallowance on interest to partners

Pune ITAT allows assessee’s (a partnership firm) appeal for AY 2010-11, interest paid to partners on capital contribution not liable for disallowance u/s 14A; On observing that investments in mutual

Sep 29,2016

ITAT: Sec 200A intimation levying Sec 234E fee appealable; Distinguishes Rashmikant Kundalia (Bom HC) ruling

Pune ITAT while adjudicating a bunch of appeals upholds assessee’s grievance, deletes fee levied u/s 234E absent enabling provision u/s 200A prior to June 1, 2015; Observes that the power

Sep 28,2016

ITAT: TDS u/s 195 inapplicable on legal-fees payment to UK-firm for establishing foreign branch

Mumbai ITAT rules that payment of legal fees by Kotak Mahindra Bank (‘assessee’) to UK based firm not royalty/FTS either under India-UK DTAA or under the domestic law, TDS u/s

Sep 28,2016