ITAT: Interest on credit co-operative society's 'statutory deposits' eligible for Sec 80P deduction; Distinguishes SC ruling

​​Pune ITAT allows deduction u/s 80P(2)(a)(i) to​ ​​an employee credit co-operative society (engaged in providing credit facilities to ​employees of a nationalized bank​) on interest income earned from ​fixed deposits

Jan 09,2018

ITAT: ‘Ex-gratia’ from employer for settling industrial dispute eligible for retrenchment compensation exemption u/s 10(10B)

Ahmedabad ITAT adopts pragmatic approach in interpreting 'public welfare' provisions, ​holds that the ex-gratia compensation received by assessee-employee during AY 2008-09 in terms of settlement with the employer amounts to

Jan 09,2018

ITAT: Approves policyholders' and shareholders' account aggregation for computing insurance company income

Delhi ITAT rules in favour of Max Life Insurance Co. Ltd. (‘assessee’) for AY 2010-11, approves assessee’s action of aggregating both the policyholders' and shareholders ' account while determining the

Jan 09,2018

ITAT: Rules on ‘revenue recognition’ for real-estate developers, applies PCM for advance received

Jaipur ITAT upholds AO’s stand of recognizing revenues in respect of advance received by assessee (engaged in residential township development) from the customers during AY 2012-13 applying percentage completion method (PCM’) [Category 1], but rejects

Jan 08,2018

ITAT: Denies Sec. 80IA deduction on Sales-tax subsidy absent direct nexus; Distinguishes Meghalaya Steels (SC)

Pune ITAT rejects assessee's claim of deduction u/s 80IA on sales tax subsidy received from State Government as an incentive for electricity generation through windmill during AYs 2008-09 and 2009-10;

Jan 08,2018

ITAT: Payment for self-imposed obligation vide Articles of Association, not income diversion

Mumbai ITAT denies deduction to assessee company for payment (of 0.5% of the total annual income) to a Charitable Trust every year by way of Clause in the Articles of

Jan 05,2018

ITAT: Allows Sec. 80IA deduction for generation of steam power and cooling power

Mumbai ITAT allows Sec. 80IA deduction (available to power generation companies) to assessee-company for generation of steam power and generation of cooling power for AYs 2005-06 to 2008-09; Rejects Revenue’s stand that steam

Jan 05,2018

ITAT: Rejects Revenue’s reference for Special Bench constitution on software taxation

Mumbai ITAT rejects Revenue’s request for constitution of Special Bench on software taxation matter involving various Reliance ADAG group of companies (‘assessees’)   rejects the constitution of Special Bench; ITAT

Jan 05,2018

ITAT: Sec 45(3) supreme on partnership-partner dealings; Rejects invoking Sec 50C on land contributed as capital

Mumbai ITAT rejects AO’s invocation of deeming fiction u/s. 50C in computing capital gains on land introduced into an LLP as a capital contribution during AY 2012-13; Assessee (a private

Jan 04,2018

ITAT: PwC's non-compete payment for RSM acquisition escapes Sec. 28 (va) net over 'business' - 'profession' distinction

Mumbai ITAT rules that non-compete fees of Rs. 40.50 cr received by then RSM senior partner & well known CA Ashok Wadhwa (‘assessee’) from PwC during AY 2008-09, constitutes a

Jan 03,2018