ITAT: No expense disallowance u/s. 14A absent nexus established between expenditure and exempt income

Mumbai ITAT quashes invocation of Rule 8D(2) with respect to Sec. 14A disallowance as AO failed to establish nexus between the exempt income and the impugned expenditure; For AY 2007-08

Sep 22,2017

ITAT: FDR interest inextricably linked with power project set-up, a capital receipt; Bokaro Steels relied

Mumbai ITAT treats interest earned by assessee company on fixed deposit as capital receipt for AY 2012-13, being inextricably linked with setting up of power project, directs set-off against pre-operative

Sep 21,2017

ITAT: Allows Sec 10B export relief on duty drawback; Distinguishes SC ruling interpreting Sec 80IB

Delhi ITAT allows deduction u/s 10B to assessee [(operating an Export Oriented Unit (EOU)] for AY 2010-11 and AY 2011-12 in respect of duty drawback receipts forming part of EOU's

Sep 21,2017

ITAT: Circuit expense provision on scientific basis deductible for Telecom Company despite subsequent reversal

Delhi ITAT allows deduction for provision regarding year-end circuit accruals (i.e. infrastructure cost and last mile charges paid to other operators for provision of telecom connectivity services) in the year of

Sep 20,2017

ITAT: Taxes capital gains on sale of shop as STCG ignoring tenancy period

Mumbai ITAT treats the gains arising on sale of shop by assessee-individual during AY 2011-12 (i.e in October, 2010), as short term capital gains (‘STCG’) and denies Sec. 54 exemption;

Sep 18,2017

ITAT: Offering capital gains cannot make transactions with accommodation entry provider genuine

Delhi ITAT upholds Sec. 153C assessment on assessee-company to confirm unexplained income addition for AY 2004-05, notes that assessee did not produce any documentary evidence regarding nature and genuineness of

Sep 18,2017

ITAT: Net interest income, not gross, to be excluded while determining Sec. 10 deduction

Mumbai ITAT holds only net interest income to be excluded while determining assessee-company’s (engaged in the business of jewellery export) claim of deduction u/s. 10A  with respect to profit derived from

Sep 15,2017

ITAT: Revenue can't dictate taxpayer's choice to undertake transactions; Allows Sec 54F capital gains exemption

Mumbai ITAT allows Sec. 54F exemption for AY 2010-11 with respect to long term capital gains (‘LTCG’) arising to assessee-individual upon flat sold on November 18, 2009, rejects Revenue’s action

Sep 15,2017

ITAT: Order u/s. 132B(4) with respect to application of seized assets, not appealable before ITAT

Mumbai ITAT dismisses assessee’s appeal challenging order passed u/s 132B(4) (with respect to application of seized or requisitioned assets), being outside purview of Sec. 253 (which lists orders appealable before

Sep 15,2017

ITAT: Delivers Sec. 68 blow for assessee's miserable failure in demonstrating share premium genuineness

Ahmedabad ITAT, in second round of litigation, confirms unexplained cash credit addition u/s. 68 with respect to share premium received by assessee (a private limited company manufacturing PVC pipes) for

Sep 14,2017