ITAT: Speed-boat utilised for professional work commutation, akin to 'business asset'; Allows expenses

Mumbai ITAT allows Akshaye Khanna's claim for expenditure (depreciation, insurance expenses) on account of speed boat owned by him for AY 2012-13, rejects Revenue's stand that the entire speed boat

Dec 12,2018

ITAT: 'Net' commission receipts, not 'gross' qualifies for Sec. 80P deduction

Pune ITAT denies deduction u/s. 80P(2)(a)(i) to assessee (a Co-operative society engaged in banking business) in respect of 'gross' commission receipts (arising on account of collecting electricity charges for &

Dec 12,2018

ITAT: Sec. 194-IA TDS on property purchases applicable qua each transferee, not sale-deed value

Delhi ITAT holds assessee-individual (transferee) not liable to deduct TDS u/s. 194-IA as the property purchase consideration qua assessee was only Rs. 37.50 lakhs being less than Rs. 50 lakhs

Dec 12,2018

ITAT: Industrial promotion subsidy, though granted after commencement of production, a capital receipt

Mumbai ITAT rules that the Industrial Promotion Subsidy (IPS) received by assessee (a subsidiary of Mahindra & Mahindra Ltd.) during AY 2012-13 constitutes a non-taxable capital receipt; Noting that assessee

Dec 10,2018

ITAT: Sec. 269SS inapplicable on loan transaction between husband and wife

Delhi ITAT deletes Sec. 271D penalty with respect to advance received by assessee-individual from his wife in violation of Sec. 269SS provision (which debars accepting cash loan) during AY 2013-14;

Dec 08,2018

ITAT: Denies Sec.54 benefit as new property not purchased in assessee's own name

Mumbai ITAT denies benefit u/s 54 to individual assessee for AY 2006-07 with respect to capital gains derived from sale of property and invested in new flat/residential house , observes

Dec 07,2018

ITAT: Quashes Sec. 263-order, AO's acceptance of fictitious capex & bogus shares nexus, 'permissible view'

Mumbai ITAT quashes revision u/s 263 made by Pr.CIT on the grounds that there was no nexus between fictitious capital assets purchase & subsequent routing back as share capital in

Dec 07,2018

ITAT: Rejects 'improper notice service plea' citing authorised representative's 'no objection' before AO

Pune ITAT rules that service of notice u/s. 143(2) on the manager of assessee-firm and not partners, would not invalidate the assessment proceedings for AY 2010-11; Observes that though the

Dec 06,2018

ITAT: Allows ICC sponsorship fees; Benefit to group companies irrelevant for Sec. 37(1) deduction

Delhi ITAT allows deduction u/s. 37(1) to PepsiCo India (assessee) for sponsorship fees paid to ICC during AY 2009-10; Rejects Revenue's stand that since the expenditure benefitted other group entities

Dec 05,2018

ITAT: Deletes over Rs. 1500 cr. capital gains addition regarding Telenor India's telecom license-fee set-off

Delhi ITAT deletes Rs. 1558.57 cr. capital gains addition on Telenor India for AY 2014-15, holds that set off of non-refundable entry fee paid by group co. (UW) to DoT

Dec 05,2018