ITAT: Co-op. Society's rental income from mobile towers, house property income, not IFOS

Mumbai ITAT accepts assessee co-operative society’s claim of treating income from letting out space on the building terrace to mobile companies for installing their tower / antenna as income from

Oct 10,2018

ITAT: Deletes penalty levied for belated E-TDS returns filing; Grants immunity citing ‘technical glitch’

Mumbai ITAT deletes penalty levied u/s 272A(2)(k) for belated filing of TDS returns/statements by BCCI (assessee) during AY 2011-12, grants immunity u/s 273B noting technical difficulties faced in filing e-TDS

Oct 08,2018

ITAT: Non-Construction of Residential House within 3 years of transfer cannot disentitle claim u/s 54F

Ahmedabad ITAT dismisses Revenue's appeal and allows sec.54 benefit to individual-assessee’s for AY 2012-13 with respect to residential plot of land purchased by assessee, rules that “the benefit of the

Oct 05,2018

ITAT: Finance Act 2016 amendment to Sec. 50C, retrospective ; Relies on Co-ordinate Bench

Ahmedabad ITAT rules that stamp duty valuation as on the date of ‘agreement to sell’ to be adopted u/s 50C for AY 2013-14, construes Finance Act, 2016 amendment as retrospective;

Oct 05,2018

ITAT: Compensation received by developer for land-owner's breach of development agreement, a capital receipt

Ahmedabad ITAT rules that compensation / damages received by assessee-developer for development agreement not honored by land-owner, a non-taxable capital receipt for AY 2008-09; Notes that despite development agreement entered

Oct 05,2018

ITAT: Allows expenses claim; Assessee demonstrated existence of “intention” to continue business

Pune ITAT allows assessee’s (engaged in electricity distribution) business expenditure claim for AY 2012-13, rejects Revenue’s stand that assessee’s business stands discontinued by virtue of handing over its entire infrastructure

Oct 01,2018

ITAT: Criticizes high-pitched assessment without considering records; Deletes Sec 69 addition regarding partner's profit share

Mumbai ITAT upholds CIT(A) order, deletes addition u/s 69B for AY 2012-13 on account of difference in the capital account balance of assessee-partner in his books of account vis-a-vis the

Oct 01,2018

ITAT: No penalty on alleged ‘kickbacks’ under Volcker report; Highlights non-bindingness of UN resolution

Pune ITAT deletes penalty levy u/s. 271(1)(c) with respect to Sec. 37(1) disallowance confirmed in quantum appeal for payments made to Dubai and Jordan entities towards transportation/aftersales services etc. during

Sep 29,2018

ITAT: Denies exemption u/s 54/54F on 'two' non-adjacent residential flats

Delhi ITAT restricts Sec.54/54F benefit to individual - assessee during AY 2013-14 to one out of the two residential flats purchased, rules that two flats can be construed as 'a

Sep 28,2018

ITAT: Grants pro-rata Sec. 80IB benefit as conditions violated only with respect to 2 flats

Pune ITAT allows Sec 80IB(10) deduction to assessee-developer for AY 2012-13 on pro-rata basis, considering violation of Sec 80IB(10)(f) conditions only in respect of 2 residential flats in the housing project; Rejects

Sep 28,2018