Direct tax Weekly Digest

Weekly Digest #18 01 May to 07 May 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Deletes penalty u/s 271C for Wipro GE for failure to deduct tax on year-end provisions

May 07, 2021

In Favour of : Assessee
Citation Number : TS-329-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Deloitte's interest-free advances to group concerns for commercial expediency, deletes proportionate interest disallowance

May 07, 2021

In Favour of : Assessee
Citation Number : TS-335-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Extends stay on Vodafone Idea's outstanding demand; Cites recent SC ruling in Pepsi Foods

May 05, 2021

In Favour of : Assessee
Citation Number : TS-328-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Allows deduction of payment to doctors in lieu of rent-free premises u/s 37

May 07, 2021

In Favour of : Assessee
Citation Number : TS-337-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Holds activity of growing and exporting mangos as ‘agricultural activity’; Grants exemption u/s 10

May 05, 2021

In Favour of : Assessee
Citation Number : TS-327-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Directs Revenue to consider value determined by DVO u/s 50C against 'higher' guideline value

May 07, 2021

In Favour of : Revenue
Citation Number : TS-336-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Rentals from letting out factory building, taxable as house property income

May 05, 2021

In Favour of : Assessee
Citation Number : TS-330-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Grants Sec.54B deduction despite non-registration of new agricultural land; Rejects invocation of Sec.50C

May 07, 2021

In Favour of : Assessee
Citation Number : TS-326-ITAT-2021(SUR)

Income tax Appellate Tribunal ITAT: Carve-out in CBDT Circular on monetary limits inapplicable on inputs from Sales Tax Department

May 07, 2021

In Favour of : Assessee
Citation Number : TS-331-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: New unit set up to expand, benefit from new tax regime not splitting-up/reconstruction u/s 80IC

May 07, 2021

In Favour of : Assessee
Citation Number : TS-332-ITAT-2021(CHNY)

Weekly Digest #17 24 Apr to 30 Apr 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Interest on delayed TDS remittance, not 'expenditure' incurred wholly & exclusively for business purposes; Denies deduction u/s 37(1)

Apr 30, 2021

In Favour of : Revenue
Citation Number : TS-296-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Grants telescopic benefit against income offered during search; Deletes addition u/s 69 on unaccounted land purchase

Apr 30, 2021

In Favour of : Assessee
Citation Number : TS-315-ITAT-2021(Ind)

Income tax Appellate Tribunal ITAT: Holds penalty u/s 271AAA levied on ad-hoc addition in assessment order, unsustainable

Apr 29, 2021

In Favour of : Assessee
Citation Number : TS-311-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Financial Consultant's share sale transaction taxable as capital gains, not business income

Apr 30, 2021

In Favour of : Assessee
Citation Number : TS-299-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Interest on enhanced compensation, a non-taxable capital receipt; Deletes addition u/s 56(2)(viii)

Apr 30, 2021

In Favour of : Assessee
Citation Number : TS-298-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Holds prior period expenses allowable if no change in maximum marginal rate of taxation

Apr 30, 2021

In Favour of : Assessee
Citation Number : TS-313-ITAT-2021(JPR)

Income tax Appellate Tribunal ITAT: Deletes addition on unaccounted FD made on society on account of factual error; Grants exemption u/s 11

Apr 29, 2021

In Favour of : Assessee
Citation Number : TS-314-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Holds proceedings u/s 263 cannot go beyond the reasons for limited scrutiny

Apr 29, 2021

In Favour of : Assessee
Citation Number : TS-310-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Holds that profit from business not confined to operation of ships for deduction u/s 33AC

Apr 30, 2021

In Favour of : Assessee
Citation Number : TS-308-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Application of income outside India not valid criteria to reject application u/s 12AA

Apr 30, 2021

In Favour of : Assessee
Citation Number : TS-306-ITAT-2021(CHANDI)

Weekly Digest #16 17 Apr to 23 Apr 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Allows carry forward/ set-off of MAT credit of amalgamating co. to Tata Communications

Apr 23, 2021

In Favour of : Assessee
Citation Number : TS-292-ITAT-2021(Mum)

High Court HC: Upholds reassessment initiated based investigation wing report alleging bogus transaction with Hawala dealer

Apr 23, 2021

In Favour of : Revenue
Citation Number : TS-293-HC-2021(GUJ)

High Court HC: Allowability of forex loss no longer res integra post Woodward Governor decision; Dismisses Revenue's appeal

Apr 23, 2021

In Favour of : Assessee
Citation Number : TS-274-HC-2021(DEL)

High Court HC: Fresh expense claim pursuant to change in accounting policy, not concealment; Deletes penalty u/s 271(1)(c)

Apr 23, 2021

In Favour of : Assessee
Citation Number : TS-287-HC-2021(DEL)

Income tax Appellate Tribunal ITAT: Sitting Fees part and parcel of Directors's remuneration; Upholds disallowance for non-deduction of tax u/s 194J

Apr 23, 2021

In Favour of : Revenue
Citation Number : TS-277-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Restricts disallowance of closing stock of WIP due to change in method of accounting, to extent of deduction u/s 80IB(10)

Apr 23, 2021

In Favour of : Both, Partially
Citation Number : TS-291-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Holds income from letting out of studio to artists for recording by trust with object of education, not business income

Apr 23, 2021

In Favour of : Assessee
Citation Number : TS-290-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Sales tax assistance in the form of incentive to encourage industrial expansion from State Government, capital receipt

Apr 23, 2021

In Favour of : Assessee
Citation Number : TS-282-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Holds reassessment unsustainable de hors proper service of notice to assessee

Apr 23, 2021

In Favour of : Assessee
Citation Number : TS-280-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Earning surplus does not impinge the character of soceity; Grants approval u/s 10(23C)(vi)

Apr 23, 2021

In Favour of : Assessee
Citation Number : TS-281-ITAT-2021(CHANDI)

Weekly Digest #15 10 Apr to 16 Apr 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Substantial interest in lender company, a prerequisite for invoking Sec.2(22)(e)

Apr 15, 2021

In Favour of : Assessee
Citation Number : TS-267-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Holds 4th year of operation as ‘initial AY’ for deduction u/s 80IA; Follows CBDT Circular

Apr 16, 2021

In Favour of : Both, Partially
Citation Number : TS-195-ITAT-2021(DEL)

High Court HC: Assessment order passed on non-existing entity void-ab-initio and unsustainable in law

Apr 15, 2021

In Favour of : Assessee
Citation Number : TS-269-HC-2021(BOM)

Income tax Appellate Tribunal ITAT: Failure to furnish registration certificate, no ground for rejecting exemption claim; Grants Sec.11 benefit to trust

Apr 16, 2021

In Favour of : Assessee
Citation Number : TS-273-ITAT-2021(JAB)

Income tax Appellate Tribunal ITAT: Holds that interest paid to related parties at different rates, no ground for disallowance u/s 40A(2)

Apr 16, 2021

In Favour of : Assessee
Citation Number : TS-272-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Rejects Revenue's 'realignment' of capital gains from sale of plots as business income

Apr 15, 2021

In Favour of : Assessee
Citation Number : TS-268-ITAT-2021(Rjt)

Income tax Appellate Tribunal ITAT: CIT(A) not entitled to enhance income on issues outside the scope of assessment order

Apr 16, 2021

In Favour of : Assessee
Citation Number : TS-262-ITAT-2021(JPR)

Income tax Appellate Tribunal ITAT: Order giving effect to ITAT-order going beyond direction of TDS-verification, 'mistake apparent from record' rectifiable u/s 154

Apr 16, 2021

In Favour of : Assessee
Citation Number : TS-261-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Levy of penalty u/s 271AAB not mandatory in every case of search, requires ‘undisclosed income’

Apr 16, 2021

In Favour of : Assessee
Citation Number : TS-263-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Invalid search warrant does not nullify block assessment u/s 158BD on 'other person'

Apr 07, 2021

In Favour of : Revenue
Citation Number : TS-244-ITAT-2021(ALLD)

Weekly Digest #14 03 Apr to 09 Apr 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Extends stay for Microsoft India; Considers payment of more than 50% demand

Apr 09, 2021

In Favour of : Assessee
Citation Number : TS-245-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Grants Sec.54F benefit to assessee despite non-deposit in Capital Gains Account Scheme

Apr 09, 2021

In Favour of : Assessee
Citation Number : TS-242-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Addition for alleged 'bogus LTCG' based on only investigation wing report without corroborative evidence, unsustainable

Apr 09, 2021

In Favour of : Assessee
Citation Number : TS-202-ITAT-2021(LKW)

High Court HC: Upholds reassessment for failure to fully disclose material facts related to investment in shares

Apr 06, 2021

In Favour of : Revenue
Citation Number : TS-240-HC-2021(GUJ)

High Court HC: Interest chargeability issue covered under CBDT-circular fixing monetary limit for departmental appeal; Dismisses Revenue's appeal

Apr 09, 2021

In Favour of : Assessee
Citation Number : TS-247-HC-2021(MAD)

High Court HC: Trial production machinery kept in 'ready to use' condition, eligible for depreciation

Apr 09, 2021

In Favour of : Assessee
Citation Number : TS-225-HC-2021(MAD)

High Court HC: Interest-free loan to sister concerns with similar objects, not violative of Sec. 13(1)(d); Allows Sec.11 exemption

Apr 09, 2021

In Favour of : Assessee
Citation Number : TS-206-HC-2021(MAD)

Income tax Appellate Tribunal ITAT: CIT(A) to address objections against filing appeal electronically; Sets aside order rejecting appeal in paper form

Apr 09, 2021

In Favour of : Assessee
Citation Number : TS-239-ITAT-2021(CHANDI)

Income tax Appellate Tribunal ITAT: Disallows addition of new source of Income by CIT(A)

Apr 09, 2021

In Favour of : Assessee
Citation Number : TS-250-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Confirms CIT(A)'s income enhancement based on 'source of income' not considered by Revenue during reassessment

Apr 09, 2021

In Favour of : Revenue
Citation Number : TS-222-ITAT-2021(DEL)

Weekly Digest #13 29 Mar to 02 Apr 2021 6 Rulings

Income tax Appellate Tribunal ITAT: Sec 56(2)(viib) inapplicable to shares issued to NR; Quashes revisionary order

Apr 01, 2021

In Favour of : Assessee
Citation Number : TS-233-ITAT-2021(Ind)

Income tax Appellate Tribunal ITAT: Extends stay for Skoda as more than 30% demand was paid

Apr 01, 2021

In Favour of : Assessee
Citation Number : TS-232-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Bokaro Steels ruling to decide taxability of interest from temporarily parked funds

Apr 01, 2021

In Favour of : Assessee
Citation Number : TS-228-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Ad hoc addition of 20% of agricultural income as unexplained cash credit, unsustainable

Apr 01, 2021

In Favour of : Assessee
Citation Number : TS-227-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Disallowance of depreciation on goodwill following quashed revisionary order, not sustainable

Apr 01, 2021

In Favour of : Assessee
Citation Number : TS-224-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Penalty u/s 271(1)(c) not imposable without evidence proving ‘unexplained’ investment in paintings

Apr 01, 2021

In Favour of : Assessee
Citation Number : TS-230-ITAT-2021(Mum)

Weekly Digest #12 20 Mar to 26 Mar 2021 10 Rulings

High Court HC: Imposes cost of Rs.20,000 on Revenue for failure to file counter affidavit; Grants 2 weeks time

Mar 26, 2021

In Favour of : Assessee
Citation Number : TS-196-HC-2021(DEL)

Income tax Appellate Tribunal ITAT: Payment for software license with restricted use, not Royalty

Mar 26, 2021

In Favour of : Assessee
Citation Number : TS-215-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Disallowance of expenditure doesn’t tantamount to furnishing inaccurate particulars; Deletes penalty u/s 271(1)(c)

Mar 26, 2021

In Favour of : Assessee
Citation Number : TS-209-ITAT-2021(DEL)

High Court HC: Allows write off of CENVAT credit due to discontinuation of excise duty on edible oil

Mar 26, 2021

In Favour of : Assessee
Citation Number : TS-208-HC-2021(MAD)

Income tax Appellate Tribunal ITAT: Upholds CIT(A)'s order allowing deduction of foreign consultants' fee, directors' commission

Mar 26, 2021

In Favour of : Both, Partially
Citation Number : TS-212-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Reckons period of holding from date of allotment, not agreement date, for LTCG

Mar 26, 2021

In Favour of : Assessee
Citation Number : TS-213-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Exception in CBDT Circular on monetary limits inapplicable to penalty cases; Dismisses Revenue's appeal

Mar 24, 2021

In Favour of : Assessee
Citation Number : TS-199-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Holds assessment order passed without service of notice u/s 143(2) by jurisdictional AO as null and void

Mar 24, 2021

In Favour of : Assessee
Citation Number : TS-200-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Proceedings u/s 263 cannot travel beyond reasons for limited scrutiny

Mar 25, 2021

In Favour of : Assessee
Citation Number : TS-204-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Assessment u/s 153A, based on incriminating material of search assessee not subjected to, unsustainable

Mar 26, 2021

In Favour of : Assessee
Citation Number : TS-210-ITAT-2021(DEL)

Weekly Digest #11 13 Mar to 19 Mar 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Deletes disallowance of broken period interest, depreciation on securities and more for State Bank of India

Mar 19, 2021

In Favour of : Assessee
Citation Number : TS-174-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Directs re-examination of ‘beneficial ownership’ test of Cyprus-based entity’s interest income

Mar 19, 2021

In Favour of : Assessee
Citation Number : TS-175-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Quashes revision order in case of Tata Trusts; Relies on co-ordinate bench's ruling

Mar 17, 2021

In Favour of : Assessee
Citation Number : TS-178-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Decides assessee’s appeal ex-parte; Upholds disallowance u/s 14A

Mar 19, 2021

In Favour of : Revenue
Citation Number : TS-190-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Grants revised claim u/s 80IA since original return was filed before due date

Mar 19, 2021

In Favour of : Assessee
Citation Number : TS-167-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Holds notice u/s 271(1)(c) without specific charge, ‘vague and ambiguous’; Deletes penalty

Mar 16, 2021

In Favour of : Assessee
Citation Number : TS-170-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Loss on settlement of forward contracts in edible oil is speculative loss

Mar 16, 2021

In Favour of : Revenue
Citation Number : TS-171-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Amendment to Sec.115BBE prospective w.e.f. AY 2016-17; Allows set-off against unexplained investment

Mar 19, 2021

In Favour of : Assessee
Citation Number : TS-165-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: New source of disallowance cannot be introduced in appellate proceedings; Deletes addition

Mar 12, 2021

In Favour of : Assessee
Citation Number : TS-147-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Upholds admission of additional evidence; Finds non-response to Revenue's notices justifiable

Mar 12, 2021

In Favour of : Assessee
Citation Number : TS-129-ITAT-2021(JPR)

Weekly Digest #10 06 Mar to 12 Mar 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Rejects Assessee's plea based on Manjunatha Cotton against penalty u/s 271(1)(c); Observes, no prejudice caused

Mar 12, 2021

In Favour of : Revenue
Citation Number : TS-157-ITAT-2021(AGR)

Income tax Appellate Tribunal ITAT: Advance received against sale of property rights not taxable u/s 2(22)(e)

Mar 12, 2021

In Favour of : Assessee
Citation Number : TS-134-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Income derived by NR for services performed outside India, not taxable u/s 5(2)

Mar 12, 2021

In Favour of : Assessee
Citation Number : TS-145-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Grants deduction u/s 80P to credit Co-operative society; Follows SC ruling in Mavilayi Service Co-op Bank

Mar 12, 2021

In Favour of : Assessee
Citation Number : TS-119-ITAT-2021(COCH)

Income tax Appellate Tribunal ITAT: Condones delay of 1425 days in filing appeal before CIT(A) on ‘sufficient cause’ given by assessee

Mar 12, 2021

In Favour of : Assessee
Citation Number : TS-132-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Mere addition in assessment proceedings cannot attract the levy of penalty; Follows Manjunatha Cotton

Mar 12, 2021

In Favour of : Assessee
Citation Number : TS-133-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Only IRP authorized to pursue litigation once insolvency proceedings initiated; Dismisses appeal filed through directors

Mar 12, 2021

In Favour of : Revenue
Citation Number : TS-151-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Quantification of deduction by DSIR in Form 3CL, inapplicable to AY 2012-13; Deletes Sec.271(1)(c) penalty

Mar 12, 2021

In Favour of : Assessee
Citation Number : TS-146-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Assessee not paid or expressed willingness to pay 20% of demand; Denies stay under amended Sec.254(2A)

Mar 12, 2021

In Favour of : Revenue
Citation Number : TS-150-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Assessee’s non-compliance to furnish vendor details, unintentional; Restores issue of ad-hoc disallowance of professional fees

Mar 12, 2021

In Favour of : None/NA
Citation Number : TS-148-ITAT-2021(DEL)

Weekly Digest #9 27 Feb to 05 Mar 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Medical Council’s prohibition of freebies to doctors inapplicable to pharma cos.; Allowable u/s 37

Mar 04, 2021

In Favour of : Assessee
Citation Number : TS-107-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Deletes addition u/s 68 on unexplained cash deposit; Bank account not part of 'Books'

Mar 03, 2021

In Favour of : Assessee
Citation Number : TS-109-ITAT-2021(JPR)

Income tax Appellate Tribunal ITAT: Allows write-off of unutilized input tax credit written off related u/s 37

Mar 04, 2021

In Favour of : Assessee
Citation Number : TS-113-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Penalty based on inputs from Sales Tax Department not excepted from Tax Effect Circular

Mar 05, 2021

In Favour of : Assessee
Citation Number : TS-116-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Allows discount on ESOP to Mahindra Lifespace u/s 37(1); Follows Biocon

Mar 03, 2021

In Favour of : Assessee
Citation Number : TS-112-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Holds revisionary proceedings on Deutsche invalid, CIT remitted to AO without conclusion

Mar 05, 2021

In Favour of : Assessee
Citation Number : TS-91-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Orders passed by CIT(A) on being functus officio not sustainable in law

Feb 25, 2021

In Favour of : Revenue
Citation Number : TS-90-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Oil-field related service, akin to industrial activity, eligible for additional depreciation

Mar 05, 2021

In Favour of : Assessee
Citation Number : TS-122-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Deletes addition of Rs. 299 lacs as undisclosed income in absence of incriminating evidence

Mar 05, 2021

In Favour of : Assessee
Citation Number : TS-120-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Holds interest on loans granted by Trust engaged in micro-financing akin to commercial banks; Grants exemption u/s 11

Mar 03, 2021

In Favour of : Assessee
Citation Number : TS-110-ITAT-2021(Bang)

Weekly Digest #8 20 Feb to 26 Feb 2021 8 Rulings

Income tax Appellate Tribunal ITAT: Harish Salve’s scholarship for higher studies at Oxford, allowable business expenditure u/s 37

Feb 26, 2021

In Favour of : Assessee
Citation Number : TS-101-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Extends stay for Sony Pictures on outstanding demand of over Rs.100 Cr

Feb 26, 2021

In Favour of : Assessee
Citation Number : TS-99-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Directs status quo on adjustment of Rs.1228. 83 cr. demand against Tata Steel until disposal of stay petition

Feb 26, 2021

In Favour of : Assessee
Citation Number : TS-100-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Extends stay, considers fall in demand of aviation fuel due to Covid-19.

Feb 26, 2021

In Favour of : Assessee
Citation Number : TS-102-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Cost of assets and not its gross value relevant at the time of write-off for STCG computation

Feb 26, 2021

In Favour of : Assessee
Citation Number : TS-88-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Mere treatment of expenditure as 'capital in nature' by Revenue doesn’t warrant penalty levy u/s 271(1)(c)

Feb 26, 2021

In Favour of : Assessee
Citation Number : TS-98-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: No capital gains u/s 45(4) on payment of money value of partner's interest on retirement

Feb 26, 2021

In Favour of : Assessee
Citation Number : TS-97-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Deletes 50% profit attribution to subsidiary PE; Finds commission paid at ALP

Feb 26, 2021

In Favour of : Assessee
Citation Number : TS-103-ITAT-2021(DEL)

Weekly Digest #7 13 Feb to 19 Feb 2021 5 Rulings

Income tax Appellate Tribunal ITAT: Confirms Sec.69A addition for cash deposits during demonetization, rejects ‘matrimonial dispute settlement’ plea

Feb 19, 2021

In Favour of : Revenue
Citation Number : TS-67-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: CIT(A) bound to decide alternative grounds of appeal raised by Assessee

Feb 19, 2021

In Favour of : Assessee
Citation Number : TS-48-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Reassessment of connected transaction not allowable once basis of reopening found invalid

Feb 19, 2021

In Favour of : Assessee
Citation Number : TS-70-ITAT-2021(JPR)

Income tax Appellate Tribunal ITAT: Protective assessment based on legal ownership of firm holding unaccounted stock, unsustainable

Feb 19, 2021

In Favour of : Assessee
Citation Number : TS-77-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Allows set-off of loss/expenditure against income added u/s 68 for pre-2017 period; Cites CBDT circular

Feb 19, 2021

In Favour of : Assessee
Citation Number : TS-79-ITAT-2021(Kol)

Weekly Digest #6 06 Feb to 12 Feb 2021 4 Rulings

Income tax Appellate Tribunal ITAT: Treats income from sale of foreign subsidiaries' shares by United Spirits as LTCG

Feb 12, 2021

In Favour of : Assessee
Citation Number : TS-68-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Remits issue on DDT refund for NR-shareholders, directs AO to examine assessee's beneficial DTAA-rate claim

Feb 12, 2021

In Favour of : Assessee
Citation Number : TS-60-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Upholds accrual of income from film making at various stages of production

Feb 12, 2021

In Favour of : Assessee
Citation Number : TS-66-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Holds ‘concessionare rights‘ eligible for claiming depreciation as intangible asset

Feb 12, 2021

In Favour of : Assessee
Citation Number : TS-65-ITAT-2021(HYD)

Weekly Digest #5 30 Jan to 05 Feb 2021 3 Rulings

Income tax Appellate Tribunal ITAT: Quashes re-opening citing reasons recorded by non-jurisdictional AO

Feb 05, 2021

In Favour of : Assessee
Citation Number : TS-53-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Compensation to buyers against cancellation of flats, compensatory interest; Liable for TDS u/s 194A

Feb 05, 2021

In Favour of : Revenue
Citation Number : TS-49-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Assessment can't be reopened where Revenue omits to detect violation in original assessment

Feb 05, 2021

In Favour of : Assessee
Citation Number : TS-50-ITAT-2021(DEL)

Weekly Digest #4 23 Jan to 29 Jan 2021 3 Rulings

Income tax Appellate Tribunal ITAT: Rule 6(7A) requiring approval of R&D expenditure, applicable prospectively from AY 2017-18; Grants deduction u/s 35(2AB)

Jan 29, 2021

In Favour of : Assessee
Citation Number : TS-36-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Deletes disallowance u/s 40A(2)(b) for alleged ‘excessive’ directors’ remuneration; Rejects Revenue’s tax evasion plea

Jan 29, 2021

In Favour of : Assessee
Citation Number : TS-37-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Exercising revisionary powers on issues not forming part of reassessment, impermissible

Jan 30, 2021

In Favour of : Assessee
Citation Number : TS-38-ITAT-2021(PUN)

Weekly Digest #3 16 Jan to 22 Jan 2021 5 Rulings

Income tax Appellate Tribunal ITAT: Holds ‘trade protection price’ and offers/discount extended by Nokia to its distributors allowable

Jan 22, 2021

In Favour of : Both, Partially
Citation Number : TS-28-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Deletes penalty for delayed tax audit report submission; Accepts assessee’s difficulty in maiden e-filing

Jan 22, 2021

In Favour of : Assessee
Citation Number : TS-752-ITAT-2020(CHNY)

Income tax Appellate Tribunal ITAT: Imperative to deposit money in capital gain account before return filing due-date for deduction u/s 54

Jan 22, 2021

In Favour of : Assessee
Citation Number : TS-749-ITAT-2020(Bang)

Income tax Appellate Tribunal ITAT: Upholds disallowance of expenditure incurred prior to ‘setting-up’ of business

Jan 22, 2021

In Favour of : Revenue
Citation Number : TS-750-ITAT-2020(CHNY)

Income tax Appellate Tribunal ITAT: Revenue cannot change assessee’s DCF method of share valuation to NAV; Deletes addition u/s 56(2)(viib)

Jan 22, 2021

In Favour of : Assessee
Citation Number : TS-751-ITAT-2020(CHNY)

Weekly Digest #2 09 Jan to 15 Jan 2021 3 Rulings

Income tax Appellate Tribunal ITAT: Computation of Gross annual value for part-year, not violative of Sec.23(1)

Jan 16, 2021

In Favour of : Assessee
Citation Number : TS-17-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: No addition u/s 68 for assessee opting for presumptive taxation u/s 44AD

Jan 05, 2021

In Favour of : Assessee
Citation Number : TS-703-ITAT-2020(Mum)

High Court HC: No mandate u/s 36(1)(vii) to prove irrecoverability of bad-debts, allows deduction; Follows Vijaya Bank SC-ruling

Jan 15, 2021

In Favour of : Assessee
Citation Number : TS-748-HC-2020(KAR)

Weekly Digest #1 02 Jan to 08 Jan 2021 5 Rulings

Income tax Appellate Tribunal ITAT: Monetary recognition of Maninder Singh's contribution to Indian cricket by BCCI not taxable u/s 56(2)(vii)

Jan 08, 2021

In Favour of : Assessee
Citation Number : TS-3-ITAT-2021(DEL)

High Court HC: Classification as agricultural land in revenue records insufficient; Transfer taxable as capital gains

Jan 07, 2021

In Favour of : Revenue
Citation Number : TS-710-HC-2020(MAD)

Income tax Appellate Tribunal ITAT: Loss from unit eligible u/s 35AD can be set-off against profit of ineligible but specified business

Jan 07, 2021

In Favour of : Assessee
Citation Number : TS-2-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Property's FMV can't be deviated from once accepted in joint-vendor's RoI

Jan 05, 2021

In Favour of : Assessee
Citation Number : TS-706-ITAT-2020(JAB)

Income tax Appellate Tribunal ITAT: Loss from share trading on error trade - loss on business, not speculation

Jan 06, 2021

In Favour of : Assessee
Citation Number : TS-708-ITAT-2020(Mum)

Weekly Digest #52 26 Dec to 01 Jan 2021 5 Rulings

Supreme Court SC: Main order not challenged; SLP against rejection of review by HC non-maintainable

Jan 01, 2021

In Favour of : Assessee
Citation Number : TS-699-SC-2020

Income tax Appellate Tribunal ITAT: Net sale consideration exempt u/s 54F when utilised timely despite not depositing under special account

Dec 30, 2020

In Favour of : Assessee
Citation Number : TS-693-ITAT-2020(Bang)

Income tax Appellate Tribunal ITAT: Confirms Rs. 98 lacs addition on jeweler for bogus diamond purchase corroborated by vendor's investigation

Dec 29, 2020

In Favour of : Revenue
Citation Number : TS-691-ITAT-2020(HYD)

Income tax Appellate Tribunal ITAT: Property not business asset for wealth-tax when rent offered to tax u/s 24

Dec 24, 2020

In Favour of : Assessee
Citation Number : TS-682-ITAT-2020(Bang)

Income tax Appellate Tribunal ITAT: Holds assessee liable for non-intimation of address change; Upholds reassessment

Dec 30, 2020

In Favour of : Revenue
Citation Number : TS-694-ITAT-2020(DEL)

Weekly Digest #51 19 Dec to 25 Dec 2020 4 Rulings

Income tax Appellate Tribunal ITAT: Cannot disallow bogus purchases entirely by relying on sales tax department report

Dec 22, 2020

In Favour of : Assessee
Citation Number : TS-673-ITAT-2020(Mum)

Income tax Appellate Tribunal ITAT: Assessment made pursuant to directions given under revisionary order, quashed later, is infructuous

Dec 24, 2020

In Favour of : Assessee
Citation Number : TS-680-ITAT-2020(Mum)

Income tax Appellate Tribunal ITAT: Quashes AO's order giving effect to CIT's revisionary order, being barred by limitation

Dec 24, 2020

In Favour of : Assessee
Citation Number : TS-681-ITAT-2020(CHNY)

Income tax Appellate Tribunal ITAT: Tenancy rights is capital asset, transfer taxable as capital gains

Dec 23, 2020

In Favour of : Assessee
Citation Number : TS-677-ITAT-2020(Kol)