ITAT: Nodal agency disbursing Govt. Grant not "person responsible for making payment", TDS inapplicable

Kolkata ITAT holds that payments made by assessee (a nodal agency)  to GEPIL (an enviro-infrastructure company entrusted with the job of Municipal Solid Waste Management), as and by way of

Sep 12,2017

ITAT: Compounding fee paid to Municipal Corporation for regularizing building plan deductible u/s 37

Hyderabad ITAT allows deduction to assessee-builder for AY 2011-12 with respect to compounding fine paid to Municipal Corporation for regularising the building plan, holds payment not to be in the

Sep 12,2017

ITAT: NR-to-NR consultancy payment for crane manufacturing, non-taxable despite sale to Indian entity

Mumbai ITAT holds that consultancy fees received by assessee [a Dutch company and part of A P Moller Maersk Group (‘APMM’)] from ZPMC (a Chinese company) pursuant to supply of

Sep 11,2017

ITAT: Expenses to remove encumbrances on shares deductible while computing capital gains

Hyderabad ITAT allows deduction u/s. 48 to assessee-individual with respect to expenses incurred for clearing the encumbrances on shares while computing capital gains on sale of shares of Navabharat Power

Sep 11,2017

ITAT: No taxability in beneficiary’s hands, once tax paid by investment trust

Kolkata ITAT rules that amount received by assessee-individual (beneficiary) by way of distribution of post-tax paid income from ICICI Venture Value Fund Trust (an investment Trust), not taxable in assessee’s

Sep 08,2017

ITAT: Grossing-up not applicable for taxes withheld abroad in Indian resident's salary computation

Bangalore ITAT rules that the taxes withheld in USA (i.e. Federal and State tax) should not be added back while computing income taxable in India  for AY 2011-12 in case of

Sep 07,2017

ITAT: Grants Sec. 80P benefit to credit co-operative society for unexplained cash credit addition

Pune ITAT allows deduction u/s. 80P to assessee (a credit cooperative society) in respect of additions made u/s. 68 for AY 2005-06; Follows co-ordinate bench rulings in Shri Mahavir Nagari

Sep 05,2017

ITAT: Society working for farmers’ upliftment benefits 70% population, meets 'general public utility' criteria

Delhi ITAT sets-aside CIT(Exemptions) order, grants Sec. 12A registration to assessee-society involved in the upliftment of farmers and protection of farmers’ interests; Notes that “the section of public to whom benefit is intended

Sep 04,2017

ITAT: Allows deduction u/s. 43B for stamp-duty paid on demerger; Rejects Revenue’s Sec. 35DD invocation

Mumbai ITAT allows assessee-company’s deduction claim us. 43B for AY 2005-06 with respect to stamp duty incurred on demerger of its units in AYs 1998-99 and 2000-01, but paid in

Sep 02,2017

ITAT: Research company’s e-magazine subscription payment not royalty/FTS; Sec. 194J TDS inapplicable

Mumbai ITAT holds that payment for subscription of e-magazine/journal by assessee (engaged in carrying out research for private equity investments), not royalty / FTS to attract Sec. 194J TDS, deletes

Sep 02,2017