ITAT

ITAT: 15% accumulation benefit not available on deemed income out of earlier accumulations

Bangalore ITAT denies assessee-trust's claim for AY 2009-10 to include unspent accumulated income of earlier AY while computing 15% accumulation; Notes that during relevant AY, AO had taxed the accumulated

Aug 16,2018

ITAT: Deletes Rs. 436 cr capital-gains addition on slump-sale, rejects FMV substitution invoking Sec 50D/92BA

Ahmedabad ITAT deletes Rs.436.80 cr. capital gains addition on transfer of wind energy business of Gujarat Fluorochemicals Ltd. (‘assessee’) on slump sale basis, rejects Revenue’s substitution of fair market value

Aug 16,2018

ITAT: Disses Revenue for terming as 'fake', Tendulkar's tenant hunt; Grants vacancy allowance

Mumbai ITAT allows vacancy allowance u/s 23(1)(c) to Sachin Tendulkar in respect of his Pune Flat, accepts Sachin's contention that property remained vacant even after making reasonable effort to find

Aug 14,2018

ITAT: Approves Trust's preference to construe application from accumulations u/s 11(2) over current income

Bengaluru ITAT approves assessee-trust’s plea that application of income in subject AY 2012-13 should be first considered as having been made out of the accumulation u/s. 11(2) of preceding AY

Aug 14,2018

ITAT: Non-examination of Sec. 80-IC eligibility conditions in later years, cannot make assessment order ‘erroneous’

Delhi ITAT quashes CIT’s invocation of revisional jurisdiction u/s. 263 for non-examination of eligibility conditions u/s. 80-IC by AO during AY 2013-14; Rules that “Since the stage for carrying out

Aug 14,2018

ITAT: UB group's inter-company transactions lack business expediency, dismisses write-off claim on default

Kolkata ITAT delivers double blow to a Kolkata based Vijay Mallya group entity ('assessee'), holds that the sale of its pledged shares by Citicorp would result in a capital gain

Aug 14,2018

ITAT: Disallows pre-operative expenses; Subcontract for manufacturing tools/jigs for setting-up own manufacturing facility irrelevant

Mumbai ITAT denies deduction for expenses incurred by assessee (a JV co. formed by Tata Advances System Ltd. and Lockheed Martin Aerostructure Corporation, USA [‘LMAC’]) as pre-operative expenses, noting that

Aug 13,2018

ITAT: Donation from current year income, to other charitable organzation constitutes 'income application'

Delhi ITAT deletes disallowance for donations made by assessee-trust in kind and in cheques, to schools, colleges and other charitable institutions during AY 2013-14, holds that there is no embargo

Aug 13,2018

ITAT: Allows deduction for ‘freebies’ to doctors, MCI regulations inapplicable to Pharma Co

Mumbai ITAT allows deduction u/s 37 to a Pharma co. (‘assessee’) in respect of freebies given to doctors during AY 2011-12 and 2012-13, rejects Revenue’s stand that since payments were

Aug 10,2018

ITAT: Allows interest deduction to builder for loan taken for acquiring development rights

Mumbai ITAT allows interest deduction u/s 36(1)(iii) to assessee(builder & developer) for loan taken for the purpose of giving advance for acquisition of developments rights in certain properties during AY

Aug 10,2018

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