ITAT: Deletes interest disallowance; Acquiring shares from MD not diversion of ‘interest bearing funds’

 Visakhapatnam ITAT deletes disallowance of interest relatable to diversion of funds for AY 2012-13, notes that assessee-company's MD had invested in share application money of one company and subsequently transferred the shares

Nov 15,2017

ITAT: Sec. 201(1A) interest liability ceases from deductee's return-filing date, AO to verify whether taxes paid

Hyderabad ITAT holds that in case of assessee-company (engaged in providing mobile services by providing prepaid and postpaid Sim cards to its subscribers and collecting the sum in advance after

Nov 15,2017

ITAT: Advance received from clients in fiduciary capacity, not taxable for law firm

Delhi ITAT deletes addition made on account of advanced monies received from  clients for expenses defrayal, for payment of fees to Senior Advocates for appearing before HCs/SCs on assessee’s behalf

Nov 15,2017

ITAT: JV-arrangement not sham; Rs.100cr paid to JV-partners for purchasing land interest, deductible

Mumbai ITAT rules that purchase of interest in land by assessee (engaged in development of residential and commercial projects) from its JV partners, not sham, allows deduction u/s. 37(1) for payment of

Nov 15,2017

ITAT: Lease rent recovered from security deposit on settlement, eligible for Sec. 80IAB benefit

Mumbai ITAT rules that, lease rent recovered by assessee-company (engaged in the business of SEZ-development) as part of forfeited amount of security deposit upon termination of lease agreement with Satyam

Nov 14,2017

ITAT: Kenya house property income, not taxable; CBDT Notification cannot alter DTAA provisions

Mumbai ITAT holds that rental income earned by assessee-bank from house property at Kenya, not taxable in India for AY 2009-10 in view of the benefit conferred by Article 6

Nov 13,2017

ITAT: Income from technology sub-licensing, a business income, not capital gains absent ‘extinguishment’

Bangalore ITAT holds that amount received by Bosch Ltd. (‘assessee’, engaged in manufacturing and trading of automotive products) in respect of sublicensing of patented technical know-how was taxable as business

Nov 13,2017

ITAT: Deletes undisclosed income addition for Katrina Kaif

Mumbai ITAT deletes undisclosed income/unexplained expenditure addition  in hands of Katrina Kaif (‘assessee’) for AYs 2006-07 to 2011-12;  ITAT notes during the survey / search operation conducted at the premises of assessee’s manager

Nov 11,2017

ITAT: Sales-tax subsidy given to taxpayer post accomplishment of project, a revenue receipt

Delhi ITAT holds that sales tax subsidy received by the assessee from from the Government of Haryana under Rule 28C of the Haryana General Sales Tax Rules in AY 2008-09 was revenue receipt chargeable

Nov 11,2017

ITAT: Allows deduction for commission paid to director-cum-shareholder, rejects treatment as 'dividend payment'

Mumbai ITAT allows deduction for commission paid to working directors (who were also the shareholders of the company) for AY 2012-13, holds the same cannot be considered as a part of

Nov 11,2017