ITAT: Interprets words 'any payment' u/s 2(22)(e); Deletes addition as assessee not ‘real beneficiary’

Delhi ITAT deletes deemed dividend addition u/s. 2(22)(e) in the hands of assessee-individual for AY 2010-11 with respect to transfer of commercial space between two entities in which assessee held

Jun 13,2017

ITAT: Exempts salary credits to seafarer’s NRE account, grants benefit of ‘vague’ CBDT circular

Kolkata ITAT holds that remuneration received by assessee-individual (a non-resident engaged as a ‘master’ with a foreign shipping company) in his NRE account in India, not taxable for AY 2011-12;

Jun 12,2017

ITAT: Upholds Sec.14A disallowance; No specific format prescribed for recording AO's satisfaction

Bangalore ITAT upholds expense disallowance u/s. 14A, however, directs that business income increased by the amount of disallowance, should be considered for computing deduction u/s. 10A in case of assessee

Jun 12,2017

ITAT: Allows deduction for software development expenditure incurred in earlier AY considering technological obsolescence

Delhi ITAT allows business loss deduction u/s. 28 to assessee-company (engaged in the business of software development and sale of software products) in AY 2009-10 for write-off of software development

Jun 06,2017

ITAT: Vents frustration at Revenue's frivolous, ritualistic, environment unfriendly appeal; Urges systemic reform

Ahmedabad ITAT dismisses Revenue’s appeal for AYs 2005-06 and 2006-07, challenging CIT(A)’s order, who had deleted the penalty levied u/s 271(1)(c) by AO on the ground that related quantum disallowance

Jun 05,2017

ITAT: Disallows MTM loss on forex forward contract cover, distinguishes Woodward Governor ruling

Delhi ITAT disallows assessee’s claim for deduction on account of marked to market (MTM) losses on foreign exchange forward contract for hedging export receivables from related entity, distinguishes SC ruling

Jun 05,2017

ITAT: Upholds royalty taxation, terms Standard Operating Procedures as information concerning scientific experience

Ahmedabad ITAT holds assessee-company in default u/s 201 for non-deduction of TDS u/s. 195 on payment to a German company for sharing SOPs (Standard Operating Procedures), rules that payment constitutes

Jun 02,2017

ITAT: Delivers triple whammy, rejects depreciation claim on 'govt. approvals', non-compete & goodwill

Delhi ITAT rejects depreciation claim u/s. 32 on intangible asset of ‘Government Authorizations/Approvals’ acquired by assessee-company (a subsidiary of a US company, who manufactures franking machines) under  a business transfer agreement (‘BTA’) for AYs

Jun 01,2017

ITAT: Denies ‘pass-through’ treatment to investment trust, beneficiaries’ identity / share unascertainable

Chennai ITAT denies ‘pass through’ status to TVS Investment iFund (assessee, AOP Trust), in respect of bank interest income received on money collected under contribution agreement from high net worth

Jun 01,2017

ITAT: Declines stay to taxpayer involved in suspicious transactions, rejects 'financial difficulty' plea

Ahmedabad ITAT dismisses assessee-company’s stay application seeking an ‘out of turn’ hearing of the appeal on merits and a simultaneous stay on collection and recovery of the related tax and

May 29,2017