ITAT: Expenditure towards gifting of shares for setting up subsidiary's business deductible u/s 37

Cochin ITAT allows assessee's claim for deduction u/s 37 towards gift of subsidiary company’s shares to a key employee (Doctor) for his contribution in setting up a super specialty hospital

Nov 01,2016

ITAT: Repairs carried by tenant no bar to grant "statutory" deduction u/s 24(a)

Chandigarh ITAT grants  standard deduction u/s 24(a) @ 30% on income from house property derived by leasing out of house property for AY 2011-12 ; ITAT notes that the deduction was

Oct 27,2016

ITAT: Factors in Jayalalithaa's "public service" pre-occupation, condones 2000 days appeal filing delay

Chennai ITAT condones inordinate delay of 2255 days in appeal filed by assessee (Selvi J. Jayalalithaa) in the interest of justice for AY 1997-98; Notes that assessee couldn’t pursue the case

Oct 27,2016

ITAT: Allows indexation benefit from 1981 despite property inherited in 2002; Construes Sec 48 harmoniously

Kolkata ITAT rules in favour of assessee-individual, directs adoption of cost inflation index (‘CII’) for year 1981 while computing capital gains on sale during AY 2007-08 of ‘inherited’ property ; Rejects Revenue’s

Oct 27,2016

ITAT: Allows depreciation u/s 32 on brand-acquisition despite subsequent amalgamation with original owner

Chennai ITAT allows depreciation claim u/s 32 for AY 2011-12 on brand ‘Ishtaa’ acquired by assessee (engaged in manufacturing and sale of gold and diamond jewellery) from its associate company

Oct 26,2016

ITAT: Belatedly e-TDS return filing owing to ‘technical hitch’, a 'reasonable-cause'; Deletes penalty

Pune ITAT deletes penalty levied u/s 272A(2)(k) for belated filing of TDS returns/statements for AY 2011-12, grants immunity u/s 273B as ‘reasonable cause’ established; Notes that pursuant to amendment by

Oct 26,2016

ITAT: Management fees not FTS absent ‘make-available’ of technology, notes indefinite contract period

Kolkata ITAT reverses DRP’s order for AY 2010-11, revenue earned by assessee company (tax resident of Finland) in respect of management support and other services rendered to its Indian group company not taxable as fees

Oct 25,2016

ITAT: Excludes growth fund not yielding exempt income from Sec. 14A disallowance

ITAT allows assessee’s (engaged in asset management of mutual fund) appeal for AY 2008-09, deletes disallowance u/s 14A; Notes that assessee had disallowed a sum u/s 14A r.w.r 8D(2)(iii) however, Revenue had proceeded on an

Oct 22,2016

ITAT: Payment to particular transporter to be aggregated for Sec 194C purposes; Upholds Sec 40(a)(ia) disallowance

Bangalore ITAT upholds Sec 40(a)(ia) disallowance for TDS default for AY 2008-09, rules that payment made to each lorry owner /driver in excess of Rs. 50,000 for transporting iron-ore was

Oct 21,2016

ITAT: Upholds law firm's 'goodwill' institutionalization by corporatization; Allows deduction for license-fees

Delhi ITAT allows deduction u/s  37 for license fee paid by Remfry & Sagar (assessee, a law firm) to Remfry & Sagar Consultants P. Ltd.(‘RSCPL’) for use of goodwill in

Oct 21,2016