ITAT: Sec.54EC deduction on minor’s income permissible in addition to assessee’s claim u/s. 54EC

Pune ITAT allows Sec.54EC deduction on income of assessee’s minor daughter for AY 2012-13, rejects Revenue’s stand that once assessee has claimed deduction u/s 54EC and exhausted the Rs. 50

Nov 11,2017

ITAT: Rejects Google's plea to stay demand recovery pending proposed HC appeal, MA application

Bengaluru ITAT dismisses Google India’s stay petition seeking stay of demand of ​Rs.59.42 cr. for AY 2013-14, arising on account of non-deduction of TDS in respect of ‘Ad-words’ payment made to

Nov 11,2017

ITAT: Sec. 234B/C interest payable on MAT liability, dismisses taxpayer’s appeal

Delhi ITAT dismisses assessee’s appeal for AY 2013-14, holds that interest u/s 234B/234C is payable in respect of tax payable under MAT provisions, relies on SC ruling in Rolta India

Nov 08,2017

ITAT: Providing an extract of ‘reasons to believe’ not sufficient, quashes re-opening

Mumbai ITAT quashes re-assessment on assessee individual (engaged in the business of trading in navigation goods, fire extinguishers, edible oils etc. to shipping companies) for AY 2010-11; Notes that on

Nov 08,2017

ITAT: Transfer of business leads not slump sale, accepts taxpayer's business income classification

Mumbai ITAT accepts assessee's (L&T Finance Ltd., engaged in providing web based financial services) treatment of amount received for transfer of its customers and business leads to its sister concern

Nov 08,2017

ITAT: Consortium not taxable as AOP considering clear work demarcation; Offshore supplies non-taxable

Mumbai ITAT upholds DRP order, rules that the consortium comprising of  assessee (a company incorporated under the law of Czech Republic and engaged in steel production and supply of heavy

Nov 07,2017

ITAT: Crediting Partner's capital account towards revaluation of firm's assets & subsequent withdrawal, impermissible

Chennai ITAT denies deduction to assessee-company (formed on conversion of a partnership firm) with respect to interest (premium) on debentures issued to directors, being relatable to the revaluation of land

Nov 06,2017

ITAT: Upholds deemed dividend taxability; Taxpayer camouflaged ‘advance’ as ‘commercial transaction’

Bangalore ITAT upholds deemed dividend addition u/s. 2(22)(e) in hands of assessee-individual for AY 2013-14, with respect to advance received by assessee from a private limited company (‘NIPL’, in which

Nov 06,2017

ITAT: Only core income from shipping activity & incidental receipts eligible for Tonnage Tax Scheme

ITAT holds that in case of the assessee engaged in the activity of dredging operations & opting Tonnage Tax Scheme, income from non-core activities would not be eligible for Tonnage

Nov 03,2017

ITAT: Payment for Inspection – services, not FIS under US treaty; Deletes Sec. 40(a)(i) disallowance

Delhi ITAT holds that payment by assessee (an Indian company) to a US resident for providing inspection and rework services during AY 2005-06, not Fees for included services (‘FIS’) under

Nov 03,2017