ITAT: Reverses earlier ruling, quashes Sec. 263 order citing AO's examination in MA proceedings

Mumbai ITAT reverses its earlier order pursuant to Miscellaneous Application (‘MA’) filed by assessee-company, quashes CIT’s invocation of revisionary jurisdiction u/s. 263 for AY 2008-09 with respect to provision for

Jun 23,2017

ITAT: No loss set-off denial for ‘belated’ e-return, when return also filed ‘manually’ within due-date

Mumbai ITAT allows assessee’s claim of carry forward and set-off of business losses and unabsorbed depreciations for AY 2011-12; During relevant AY, AO ignored the manual return filed by assessee

Jun 20,2017

ITAT: Upholds trusts's Sec 80G registration denial absent prior approval for overseas activities

Jaipur ITAT denies approval u/s 80G(5)(vi) to assessee-trust (registered u/s 12AA), absent approval of competent authority u/s. 11(1)(c) for carrying out activities outside India; Notes that assessee allotted certain funds for

Jun 19,2017

ITAT: Allows MTM losses deduction to Reliance Infra, applies Woodward Governor ratio

Mumbai ITAT allows deduction u/s. 37(1) to Reliance Infrastructure Ltd. with respect to mark to market loss (i.e unrealized loss) for AY 2010-11, rejects Revenue’s claim that it was a

Jun 16,2017

ITAT: Quashes assessment u/s. 153A, distinguishes Gunjan Girishbhai Mehta (SC) ruling

Delhi ITAT quashes Sec. 153A assessment on assessee company for AY 2004-05, holds the same as invalid in the absence of search u/s 132; Observes that Revenue failed to substantiate

Jun 16,2017

ITAT: Restores case to AO for ‘denovo’ assessment; Denies assessee’s illegitimate grievance

Delhi ITAT restores the matter for AYs 2008-09 and 2009-10  to the file of AO for making denovo assessment, after making necessary verification/inquiry/investigation, etc. in accordance with law, expresses no

Jun 16,2017

ITAT: Sec. 10A tax-holiday period to be reckoned from date of re-locating to STPI unit

Chennai ITAT upholds denial of Sec. 10 deduction in reassessment proceedings for AY 2009-10 initiated within four-years period; Rejects assessee’s stand that AO had allowed deduction u/s. 10A in original

Jun 16,2017

ITAT: No Sec. 194C TDS on vehicle hire-charges; Upholds land-sale characterization as business

Visakhapatnam ITAT upholds treatment of profit on sale of agricultural land as business income of assessee, deletes capital gains addition for AY 2007-08; Notes that assessee converted his investment (i.e. agricultural

Jun 16,2017

ITAT: Annuls assessment; AO's failure to make reference to valuation officer u/s. 50C(2), fatal

Delhi ITAT upholds CIT(A)’s order annulling assessment, quashes invocation of Sec. 50C(1) (relating to substitution of sale consideration with stamp duty valuation) while computing capital gains on sale of land

Jun 13,2017

ITAT: Interprets words 'any payment' u/s 2(22)(e); Deletes addition as assessee not ‘real beneficiary’

Delhi ITAT deletes deemed dividend addition u/s. 2(22)(e) in the hands of assessee-individual for AY 2010-11 with respect to transfer of commercial space between two entities in which assessee held

Jun 13,2017