ITAT: Allows indexation benefit on long-term capital gains for working MAT liability u/s 115JB

Bangalore ITAT allows assessee’s (a Government undertaking) appeal for AY 2008-09, holds that long term capital gains (‘LTCG’) arrived at by reducing indexed cost of acquisition from asset’s sale proceeds to be considered

Dec 26,2016

ITAT: Loss on sale of securities to 'third party' held as business loss

Mumbai ITAT reverses CIT(A)’s order for AY 1987-88 to 1989-90, allows loss incurred by assessee(dealing in securities)on sale of securities , holds it as  a business loss ; ITAT accepts

Dec 23,2016

ITAT: Revenue earned by Dutch-entity on licensed product’s sale for software use not royalty

Mumbai ITAT reverses CIT(A) order for AY 1998-1999 to AY 1999-2000, revenue earned on sale of licensed product (ERP software) by assessee (a Netherlands based company & ERP software developer) to an Indian

Dec 23,2016

ITAT: Upholds Sec 263-proceedings on Himachal Pradesh CM for ‘non-inquiry’ of ‘unusually’ high agricultural-income

Chandigarh ITAT upholds CIT's revision u/s 263 in case of Virbhadra Singh HUF (Karta Mr Virbhadra Singh is Chief Minister of Himachal Pradesh) for lack of inquiry by AO on

Dec 22,2016

ITAT: Deletes 40(a)(ia) disallowance on payment of finance charges; Follows coordinate bench ruling

Hyderabad ITAT allows assessee-firm’s appeal for AY 2013-14, deletes disallowance u/s 40(a)(ia) on payment of finance charges; Notes that amount paid by the assessee towards the finance charges includes both

Dec 21,2016

ITAT: Upholds Sec.40A(3) disallowance; Exception under Rule 6DD for payment to agent inapplicable

Delhi ITAT dismisses assessee’s appeal for AY 2009-10, upholds disallowance u/s 40A(3) in respect of payment made in excess of Rs. 20,000 to truck union since assessee couldn’t substantiate that

Dec 16,2016

ITAT: Sec 12A amendment allowing charitable registration roll-back 'curative'; Allows retrospective exemption

Amritsar ITAT grants exemption u/s 11 to assessee-trust (running schools) for AYs 2006-07 to 2012-13 despite Sec 12A registration granted subsequently only w.e.f. February 25th 2013 , holds first proviso to

Dec 15,2016

ITAT: Sets-aside Sec.14A disallowance absent AO's examination of assessee's "no expenses" claim

Mumbai ITAT sets aside Sec 14A disallowance for AY 2010-11 made without considering and addressing assessee's claim that no expenditure was incurred to earn exempt income as all investments were routed

Dec 09,2016

ITAT: Interprets Sec.42(2)(b) on oil-exploration income; DRP-route inapplicable absent income-variation, tax-rate change irrelevant

Chennai ITAT allows assessee’s (US Company engaged in exploration/ processing of oil and natural gas) appeal for AY 2010-11, holds that consideration received on transfer of participation rights/interests in oil banks and overriding royalty

Dec 01,2016

ITAT: Grants Sec. 10A deduction on profits post-disallowance although recent Circular's scope restricted

Hyderabad ITAT dismisses Revenue’s appeal, grants deduction u/s 10A to assessee (engaged in software development) in respect of amounts relating to disallowance u/s 40(a)(ia) for AY 2007-08; Revenue denied deduction

Nov 29,2016