ITAT: KKR's annual Rs 30cr Franchise fees to BCCI a revenue expense absent enduring benefit

Mumbai ITAT allows revenue deduction to Knight Riders Sports Private Limited (‘assessee’) for annual Franchise fee of Rs. 30.03 cr paid to BCCI-IPL during AY 2009-10 relating to IPL Season-1;

Jan 03,2018

ITAT: Rejects taxpayer's "reverse Rule 8D" analogy to claim expense deduction from other income

Hyderabad ITAT rejects taxpayer's "reverse Rule 8D" analogy to claim expense deduction ​u/s. 57(iii) while computing income chargeable under the head "income from other sources" and eventually applies Sec 80HHC's

Jan 02,2018

ITAT: Allows depreciation on know-how, goodwill acquired under slump-sale, upholds slump price bifurcation

Pune ITAT allows depreciation claim for AYs 2004-05 and 2005-06 on intangible assets, viz. know-how, trademark and patents, goodwill acquired by assessee-company pursuant to takeover of the catalyst business on

Dec 26,2017

ITAT: Biocon’s R&D subsidiary rendered ‘services’, met formative conditions, eligible for SEZ incentive u/s 10AA

Bengaluru ITAT allows Sec. 10AA tax holiday to Biocon Research Ltd. (assessee, a subsidiary of Biocon Ltd and having a SEZ unit engaged in research and development of drugs) for

Dec 22,2017

ITAT: Consideration by partner on relinquishment of share, not ‘receipt without adequate consideration’ u/s. 56(2)

Pune ITAT holds that amount of Rs. 21.53 crs received by assessee (a partner in firm) for surrender of rights/share in the firm, not taxable u/s 56(2)(vi) as income from

Dec 22,2017

ITAT: Upfront fee for 30 years lease resulting in lower annual rentals, a revenue expenditure

Delhi ITAT allows deduction to Delhi International Airport Limited (‘assessee’) for ‘upfront fee’ payment of Rs. 150 cr. to Airport Authority of India (‘AAI’) under the ‘Operation, Management and Development

Dec 20,2017

ITAT: Token billing during incubatory period not ‘commencement year’ for tax holiday u/s. 10A

Delhi ITAT allows benefit u/s. 10A  to assessee (a 100% EOU) for AY 2010-11, being the last year of the 10-year tax holiday period; Notes that assessee (incorporated in AY

Dec 18,2017

ITAT: Denies higher 60% depreciation on ‘seismic-survey equipment’ ; Holds ‘processing’ cannot alter equipment’s character

Ahmedabad ITAT disallows 60% depreciation claim on ‘seismic survey equipment’ purchased by assessee-company from a Canadian Company during AY 2008-09, denies assessee’s contention of treating it as a ‘computer’ ,

Dec 15,2017

ITAT: Succession of sole proprietor by company – taxable transfer, where consideration received other than shares

Bangalore ITAT holds that transfer of assets by sole proprietary concern succeeded by the assessee company was not exempt u/s 47(iv) where the Container Freight Station (CFS) of which the

Dec 15,2017

ITAT: Date of accepting offer under share swap arrangement relevant for LTCG computation

Mumbai ITAT deletes income ​addition of long term capital gains (‘LTCG’) arising to assessee-individual on account of surrender​ of​ shares of two group companies (​viz. ​‘ABL’ and ‘ACDL’) under the

Dec 14,2017