ITAT: Upholds eligible unit's loss set-off against profit from another for Sec 80-IC deduction

ITAT rejects assessee's claim that for computing deduction u/s 80-IC, loss from one eligible unit cannot be set off against profit of another eligible unit for AY 2010-11 and 2011-12;

Aug 22,2018

ITAT: Legal/professional fees inextricably linked to strategic stake sale, grants Sec 48 deduction against LTCG

Mumbai ITAT allows deduction u/s. 48 for legal, financial, professional fees of Rs. 43 lakh incurred by GIC Housing Finance Ltd (‘assessee’) in connection with transfer/sale of shares of LICMF-AMC

Aug 22,2018

ITAT: Upholds interest on property purchaser for TDS-default despite taxes paid by NRI-seller

Chandigarh ITAT upholds interest liability u/s 201(1A) on assessee (property purchaser) for AY 2010-11 for failure to deduct TDS on consideration paid to resident power of attorney (‘POA’) holder on

Aug 21,2018

ITAT: Penalty for Trust’s belated return filing, mandatory pre-2012; 'Reasonable cause’ defense inapplicable

Bangalore ITAT upholds penalty levy u/s 272A(2)(e) on assessee-Trust for AY 2009-10, for filing of return of income u/s 139(4A) with the delay of 541 days; Rejects assessee’s stand that

Aug 20,2018

ITAT: Reckons property holding period from provisional allotment date, accepts LTCG-treatment

Kolkata ITAT rules that gains arising on sale of flats by assessee-individual during AY 2011-12 were assessable as long term capital gains (‘LTCG’), allows Sec. 54 benefit; During relevant AY,

Aug 20,2018

ITAT: Holds property not transferred in year of entering into JDA absent handing-over of possession

Chennai ITAT holds that transfer of property by assessee under Joint Development Agreement (JDA) took place in subsequent AY 2013-14 ( in which supplementary agreement transferring property was entered) and

Aug 17,2018

ITAT: Quashes revision to deny Sec 10(23FB) exemption to real-estate VCF, Rejects SEBI-violation allegations

Mumbai ITAT allows exemption u/s. 10(23FB) to assessee (a registered Venture Capital Fund) in respect of income earned out of investments made in Venture Capital Undertaking (‘VCU’) for AY 2013-14, quashes CIT’s

Aug 17,2018

ITAT: Deletes capital-gains adjustment u/s 115JB, accepts authenticity of accounts prepared under Companies Act

Mumbai ITAT deletes adjustment made by AO towards capital gains arising to assessee-company on sale of property during AY 2012-13 while computing book profit u/s 115JB, rules that AO has

Aug 17,2018

ITAT: Grants India-Mauritius DTAA benefit on interest, accepts TRC for inferring beneficial ownership

Mumbai ITAT rules that interest income earned by HSBC Bank (Mauritius) Ltd. (‘assessee’) from investments in debt securities made in accordance with the SEBI Regulations during AY 2011-12, not taxable

Aug 17,2018

ITAT: Deletes LTCG-addition on POA-holder; Revenue's action arbitrary, declines ‘remand back’ plea

Ahmedabad ITAT deletes long term capital gains (‘LTCG’) addition made on assessee-individual, who merely acted as a constituted Attorney in respect of sale of immovable properties by NRIs during AY

Aug 17,2018