ITAT

ITAT: Allows deduction for doubtful debts provision relying on SC ratio in Vijaya Bank

Chennai ITAT allows assessee’s (a co-operative bank) appeal for AY 2010-11; Revenue made addition of provision created towards NPA and bad debt not written off in the books on the ground

Nov 04,2016

ITAT: NHPC project receipts to Swiss co. taxable, Indian subsidiary constitutes ‘fixed place PE’

Chennai ITAT rules that amount received by assessee (a Switzerland company) pursuant to NHPC project, taxable in India for AY 2008-09,  holds assessee’s Indian subsidiary (‘CIWSPL’) represented through its MD

Nov 04,2016

ITAT: Additions u/s 153A absent backing of incriminating material unsustainable

Kolkata ITAT allows assessee’s (partnership firm) appeal for AY 2007-08, holds that the issue of additional depreciation could not be examined by the AO in assessment proceedings u/s 153A as

Nov 03,2016

ITAT: Call option fees for securing investor’s risk allowable as business expenditure

Delhi ITAT dismisses Revenue’s appeal for AY 2007-08, call option fee paid by assessee company (providing investment advisory) for the purpose of earning origination fee allowable as business expenditure; Notes

Nov 03,2016

ITAT: Deletes concealment penalty on subsequently offered income, details available in Form 26AS

Pune ITAT allows assessee’s (NRI, individual) appeal challenging concealment penalty levied u/s 271(1)(c) for AY 2010-11; AO levied penalty u/s 271(1)(c) as assessee had failed to declare income from capital gains

Nov 02,2016

ITAT: Investment of actual sale-proceeds, not deemed consideration u/s 50C, relevant for exemption u/s 54

Visakhapatnam ITAT allows exemption u/s 54 to assessee-doctor for investing net sale-consideration on sale of residential property during AY 2007-08 in construction of new residential house property; Assessee has computed

Nov 02,2016

ITAT: Explains Tribunal's powers on adjudicating "general" grounds, recalls order on merits

Ahmedabad ITAT allows assessee’s rectification petition for AY 2010-11, holds that in its earlier order, ITAT committed ‘mistake’ in adjudicating Departmental appeal  on merits, thus, alters outcome of appeal as

Nov 01,2016

ITAT: Expenditure towards gifting of shares for setting up subsidiary's business deductible u/s 37

Cochin ITAT allows assessee's claim for deduction u/s 37 towards gift of subsidiary company’s shares to a key employee (Doctor) for his contribution in setting up a super specialty hospital

Nov 01,2016

ITAT: Repairs carried by tenant no bar to grant "statutory" deduction u/s 24(a)

Chandigarh ITAT grants  standard deduction u/s 24(a) @ 30% on income from house property derived by leasing out of house property for AY 2011-12 ; ITAT notes that the deduction was

Oct 27,2016

ITAT: Factors in Jayalalithaa's "public service" pre-occupation, condones 2000 days appeal filing delay

Chennai ITAT condones inordinate delay of 2255 days in appeal filed by assessee (Selvi J. Jayalalithaa) in the interest of justice for AY 1997-98; Notes that assessee couldn’t pursue the case

Oct 27,2016

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