ITAT: Holds website development expenditure as revenue in nature, rejects 'enduring benefit' plea

Ahmedabad ITAT holds that website development expenditure incurred by assessee-company during AY 2012-13, is revenue in nature as it did not result in capital base addition of the company but

Jun 22,2018

ITAT: Capital-gains to Singaporean Co. from trading in Indian securities, non-taxable; LOB clause inapplicable

Mumbai ITAT rules that capital gains of Rs. 455.70 Cr. arising to assessee-company (a tax resident of Singapore), pursuant to trading in Indian securities during AY 2011-12, not taxable in

Jun 22,2018

ITAT: Rejects ‘exempt’ demerger plea, however deletes capital-gains addition absent monetary consideration

Kolkata ITAT dismisses Revenue’s appeal for AY 2009-10, deletes long term capital gains (‘LTCG’) addition u/s. 50B, made by the AO on transfer of Trading and Distribution (‘T&D’) division of

Jun 22,2018

ITAT: Assessment on ‘wound-up’ entity not nullity; Remands matter to adjudicate on assessment validity

Delhi ITAT rules that assessment made u/s. 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 (‘the Act’), on a Cyprus based Company (assessee, which had voluntarily wound up in May,

Jun 21,2018

ITAT: Upholds Sec. 40(a)(i) dis-allowance in 'entirety'; Rejects reliance on 2015-circular for proportionate dis-allowance

Mumbai ITAT upholds disallowance u/s. 40(a)(i) for the entire amount of testing charges paid by assessee-company to German party without TDS during AY 2012-13; Rejects assessee’s stand that in view

Jun 19,2018

ITAT: Trade advance driven by commercial consideration, not deemed dividend; Applies 2017 CBDT-circular

Chennai ITAT confirms CIT(A) order, rejects deemed dividend addition u/s. 2(22)(e) in hands of assessee-individual during AY 2014-15, in respect of outstanding balance payable by assessee’s proprietary concern to a

Jun 19,2018

ITAT: Subsidy for modernizing textile industry, capital in nature ; Directs exclusion from book-profits u/s. 115JB

Mumbai ITAT rules that subsidy received by assessee-company (a leading textile company) during AY 2012-13 under the TUF scheme of the Government to upgrade & modernize the Indian textile industry

Jun 15,2018

ITAT: Profit from vessel-sale under tonnage-division, not IFOS; Deletes addition

Hyderabad ITAT deletes addition in respect of profit arising to assessee-company (engaged in shipping business and port operations) from sale of ships/vessels from its tonnage division during AY 2008-09; Notes

Jun 15,2018

ITAT: Deletes capital gains addition where taxpayer filed suit for cancellation of sale deed

Hyderabad ITAT deletes long term capital gain addition, holds that transfer is not complete as per Sec. 2(47) with respect to a property, in respect of which suit has been filed

Jun 15,2018

ITAT: Apportionment of R&D, ESOP cost to exempt units unwarranted; Quashes Pharma Co's reassessment

Hyderabad ITAT quashes re-assessment initiated beyond 4 yrs in case of assessee (a Pharma company) for AY 2008-2009;  Revenue initiated re-assessment on the ground of non-apportionment of R&D, ESOP expenses to exempt

Jun 15,2018