Direct tax Weekly Digest

Weekly Digest #10 29 Feb to 07 Mar 2020 5 Rulings

Income tax Appellate Tribunal ITAT:RCB's contribution to cricket academy related to its business interest; Allows deduction u/s 37

Mar 05, 2020

In Favour of : Assessee
Citation Number : TS-128-ITAT-2020(Bang)

Income tax Appellate Tribunal ITAT: Allows insurance premium deduction for long term reward program” policy akin to keyman” policy terms/purpose

Mar 06, 2020

In Favour of : Assessee
Citation Number : TS-130-ITAT-2020(SUR)

Income tax Appellate Tribunal ITAT:Quashes final assessment order passed sans draft-order in remand proceedings; Follows precedents

Mar 06, 2020

In Favour of : Assessee
Citation Number : TS-132-ITAT-2020(PUN)

Income tax Appellate Tribunal ITAT:Rejects Sec. 37(1) Explanation invocation regarding assessee-seller's payments for failure to meet contractual obligations

Mar 06, 2020

In Favour of : Assessee
Citation Number : TS-844-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Abnormal increase in cost, no ground for treating revenue expenditure as capital; Allows Sec.37 deduction

Mar 07, 2020

In Favour of : Assessee
Citation Number : TS-135-ITAT-2020(Mum)

Weekly Digest #9 22 Feb to 28 Feb 2020 5 Rulings

Income tax Appellate Tribunal ITAT: Assessment on non-existing amalgamated entity void-ab-initio & unsustainable; Follows Maruti Suzuki SC-ruling

Feb 28, 2020

In Favour of : Assessee
Citation Number : TS-110-ITAT-2020(Mum)

Income tax Appellate Tribunal ITAT: Accepts assessee's 'Vivad se Vishwas scheme' availment plea; Dismisses appeal

Feb 28, 2020

In Favour of : Assessee
Citation Number : TS-111-ITAT-2020(Kol)

Income tax Appellate Tribunal ITAT: Confirms addition of unexplained cash credits; Jewellery sale, an afterthought and sham

Feb 28, 2020

In Favour of : Revenue
Citation Number : TS-112-ITAT-2020(CHNY)

Income tax Appellate Tribunal ITAT:Allows deduction for service tax on accrual basis despite non-payment

Feb 28, 2020

In Favour of : Assessee
Citation Number : TS-114-ITAT-2020(DEL)

Income tax Appellate Tribunal ITAT:Quashes AO's Sec. 201-order as time barred; Cites pre-2014 amendment

Feb 28, 2020

In Favour of : Assessee
Citation Number : TS-113-ITAT-2020(CHNY)

Weekly Digest #8 15 Feb to 21 Feb 2020 8 Rulings

Income tax Appellate Tribunal ITAT: Sets aside CIT(A) order dismissing assessee's manually filed appeal, directs adjudication on merits

Feb 18, 2020

In Favour of : Assessee
Citation Number : TS-87-ITAT-2020(Mum)

Income tax Appellate Tribunal ITAT:Sec.142A amendment vide Finance Act 2014, not retrospective; Quashes DVO reference without rejection of books

Feb 21, 2020

In Favour of : Assessee
Citation Number : TS-92-ITAT-2020(Bang)

Income tax Appellate Tribunal ITAT:Condones over 3yrs delay in appeal filing before CIT(A), absent order u/s.264 despite time-limit expiry

Feb 21, 2020

In Favour of : Assessee
Citation Number : TS-93-ITAT-2020(PUN)

Income tax Appellate Tribunal ITAT:Gold originally belonging to deceased-father subsequently introduced into assessee's business, not taxable u/s. 41

Feb 21, 2020

In Favour of : Assessee
Citation Number : TS-96-ITAT-2020(DEL)

Income tax Appellate Tribunal ITAT:Assessee's failure to intimate adjustment of seized cash entitles Revenue to levy interest

Feb 21, 2020

In Favour of : Revenue
Citation Number : TS-97-ITAT-2020(ASR)

High Court HC:Upholds ITAT-order; Allows deduction for legal expenses incurred w.r.t sale of 'capital' assets

Feb 21, 2020

In Favour of : Assessee
Citation Number : TS-98-HC-2020(BOM)

Income tax Appellate Tribunal ITAT:Deletes interest levy u/s. 201(1A); 'Online' TDS payment date, not actual credit on 'OLTAS', relevant

Feb 21, 2020

In Favour of : Assessee
Citation Number : TS-99-ITAT-2020(DEL)

Income tax Appellate Tribunal ITAT:Possession of qualified degree” not mandatory for applying Sec.44AA provisions; Confirms Sec.271A penalty

Feb 21, 2020

In Favour of : Revenue
Citation Number : TS-100-ITAT-2020(CTK)

Weekly Digest #7 08 Feb to 14 Feb 2020 5 Rulings

Income tax Appellate Tribunal ITAT:Testing fees paid to Netherland Co. not FTS, absent 'make available'; TDS u/s 195 inapplicable

Feb 14, 2020

In Favour of : Assessee
Citation Number : TS-79-ITAT-2020(CHNY)

Income tax Appellate Tribunal ITAT:Widening of scope of limited scrutiny without PCIT's prior approval, invalid; Deletes addition u/s 43CA

Feb 14, 2020

In Favour of : Assessee
Citation Number : TS-80-ITAT-2020(DEL)

High Court HC:Compensation under Land Acquisition Act not taxable; Refers to Circular 36/2016, Sec.194LA

Feb 14, 2020

In Favour of : Assessee
Citation Number : TS-842-HC-2019(KER)

Income tax Appellate Tribunal ITAT:Third Member - Grants registration u/s. 12AA; Registration with Registrar of Society not a precondition

Feb 13, 2020

In Favour of : Assessee
Citation Number : TS-78-ITAT-2020(ASR)

High Court HC:Restores MMRDA's registration u/s.12AA absent finding on non-genuine activities; Rejects invocation of Sec.2(15) proviso

Feb 14, 2020

In Favour of : Assessee
Citation Number : TS-82-HC-2020(BOM)

Weekly Digest #6 01 Feb to 07 Feb 2020 6 Rulings

High Court HC: Dismisses Revenue's appeal against deletion of penalty on Rajinikanth citing low tax effect

Feb 06, 2020

In Favour of : Assessee
Citation Number : TS-62-HC-2020(MAD)

Income tax Appellate Tribunal ITAT:Sec.54F exemption available against new property purchased in spouse's name

Feb 07, 2020

In Favour of : Assessee
Citation Number : TS-64-ITAT-2020(Bang)

Income tax Appellate Tribunal ITAT:Land purchased in director's name but recorded in company's financials, not 'deemed dividend'

Feb 07, 2020

In Favour of : Assessee
Citation Number : TS-65-ITAT-2020(Kol)

Income tax Appellate Tribunal ITAT:Quashes reassessment absent 'reason to believe' based on fresh tangible material

Feb 07, 2020

In Favour of : Assessee
Citation Number : TS-66-ITAT-2020(Kol)

High Court HC: Deletes addition u/s. 68, cites assessee's discharge of onus of 3 essential ingredients; Distinguishes NRA SC-ruling

Feb 07, 2020

In Favour of : Assessee
Citation Number : TS-67-HC-2020(BOM)

Supreme Court SC:Dismisses NRA's review petition against earlier judgment confirming addition u/s. 68 towards share application money

Feb 07, 2020

In Favour of : Revenue
Citation Number : TS-68-SC-2020

Weekly Digest #5 25 Jan to 31 Jan 2020 5 Rulings

Income tax Appellate Tribunal ITAT:Gives effect to Third Member order, allows admission of additional evidence

Jan 27, 2020

In Favour of : Assessee
Citation Number : TS-42-ITAT-2020(Bang)

Income tax Appellate Tribunal ITAT:Employer cant escape from both - FBT & TDS liabilities on free electricity supply to employees

Jan 28, 2020

In Favour of : Revenue
Citation Number : TS-47-ITAT-2020(JAB)

High Court HC:Karnataka HC agrees with Bombay HC, MAT inapplicable to banking companies

Jan 30, 2020

In Favour of : Assessee
Citation Number : TS-51-HC-2020(KAR)

Income tax Appellate Tribunal ITAT:Upholds assessee's status as Trust, not AOP; Accepts taxation of income in sole-beneficiary's hands

Jan 31, 2020

In Favour of : Assessee
Citation Number : TS-54-ITAT-2020(Mum)

Income tax Appellate Tribunal ITAT:Denies immunity from penalty levy despite no specific charge in penalty notice

Jan 31, 2020

In Favour of : Revenue
Citation Number : TS-55-ITAT-2020(Rjt)

Weekly Digest #4 18 Jan to 24 Jan 2020 5 Rulings

Income tax Appellate Tribunal ITAT: Allows set-off of expenditure/losses against 'deemed income' declared upon survey

Jan 21, 2020

In Favour of : Assessee
Citation Number : TS-30-ITAT-2020(Ahd)

Income tax Appellate Tribunal ITAT:Allows set-off of spouse's full F&O 'loss' clubbed in assessee's hands u/s. 64

Jan 22, 2020

In Favour of : Assessee
Citation Number : TS-33-ITAT-2020(PUN)

Income tax Appellate Tribunal ITAT:Trust entitled to carry forward excess income application to later years u/s.11

Jan 24, 2020

In Favour of : Assessee
Citation Number : TS-37-ITAT-2020(DEL)

High Court HC: Upholds ITAT order holding income from operation of shopping mall as business income

Jan 24, 2020

In Favour of : Assessee
Citation Number : TS-39-HC-2020(BOM)

Income tax Appellate Tribunal ITAT:Sec.43A not applicable to forex utilisation for acquisition of assets in India

Jan 24, 2020

In Favour of : Assessee
Citation Number : TS-40-ITAT-2020(PUN)

Weekly Digest #3 11 Jan to 17 Jan 2020 10 Rulings

Supreme Court SC:Dismisses SLP against HC's allowance of forex loss on subsidiary-loan recovery

Jan 14, 2020

In Favour of : Assessee
Citation Number : TS-10-SC-2020

Income tax Appellate Tribunal ITAT:Treats non-compliance with 4 notices u/s. 142(1) as 'one default' u/s.271(1)(b) when same information sought

Jan 16, 2020

In Favour of : Both, Partially
Citation Number : TS-12-ITAT-2020(JPR)

Income tax Appellate Tribunal ITAT:Discount earned on FCCB buyback, a non-taxable capital receipt; Rejects AO's trading receipt” plea

Jan 16, 2020

In Favour of : Assessee
Citation Number : TS-15-ITAT-2020(DEL)

Income tax Appellate Tribunal ITAT:Sec. 272B penalty linked to deductor, number of deductees irrelevant; Relies on jurisdictional HC-ruling

Jan 17, 2020

In Favour of : Both, Partially
Citation Number : TS-17-ITAT-2020(DEL)

Income tax Appellate Tribunal ITAT:Deletes Pepsico India's AMP-adjustment; HC appeal doesn't render earlier Tribunal-order invalid

Jan 17, 2020

In Favour of : Assessee
Citation Number : TS-18-ITAT-2020(DEL)

Income tax Appellate Tribunal ITAT:TDS and corresponding income inextricably linked; TDS credit available in year of assessing income

Jan 17, 2020

In Favour of : Assessee
Citation Number : TS-19-ITAT-2020(Mum)

Income tax Appellate Tribunal ITAT: Share-application money until allotment is capital borrowed; Interest paid thereon allowable u/s 36(1)(iii)

Jan 17, 2020

In Favour of : Assessee
Citation Number : TS-22-ITAT-2020(DEL)

Income tax Appellate Tribunal ITAT:Considers final-order sans draft assessment-order as incurable defect for 'eligible assessee' u/s144C

Jan 17, 2020

In Favour of : Assessee
Citation Number : TS-23-ITAT-2020(COCH)

Income tax Appellate Tribunal ITAT:Dismisses Revenue's-appeal against penalty deletion as infructuous considering penalty re-initiation post MAP-resolution

Jan 17, 2020

In Favour of : Assessee
Citation Number : TS-21-ITAT-2020(DEL)

Income tax Appellate Tribunal ITAT:Mitsui's offshore supplies income, non-taxable; Relies on LG Cable [Delhi HC]

Jan 17, 2020

In Favour of : Assessee
Citation Number : TS-24-ITAT-2020(DEL)

Weekly Digest #2 04 Jan to 10 Jan 2020 10 Rulings

Income tax Appellate Tribunal ITAT:Deletes Sec. 40(a)(i) disallowance on FTS payments to French-parent; Applies restrictive definition under India-Portuguese DTAA

Jan 07, 2020

In Favour of : Assessee
Citation Number : TS-2-ITAT-2020(PUN)

High Court HC:Upholds compounding-fee levy at 5 treating compounding application as second occasion; Dismisses review petition

Jan 07, 2020

In Favour of : Revenue
Citation Number : TS-827-HC-2019(MP)

Income tax Appellate Tribunal ITAT:Rejects Sec 10A-deduction restriction absent agreement for earning higher TP-margins; Follows Quick MD ruling

Jan 08, 2020

In Favour of : Assessee
Citation Number : TS-830-ITAT-2019(HYD)

Income tax Appellate Tribunal ITAT:Holds sale of penny stock transaction as sham; Denies exemption u/s. 10(38)

Jan 09, 2020

In Favour of : Revenue
Citation Number : TS-4-ITAT-2020(CHNY)

Income tax Appellate Tribunal ITAT:Disapproves deviation in AO's final assessment order from draft order, absent DRP-directions

Jan 09, 2020

In Favour of : Both, Partially
Citation Number : TS-833-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Allows deduction u/s 54 w.r.t installments paid for construction prior to transfer of flat

Jan 06, 2020

In Favour of : Both, Partially
Citation Number : TS-825-ITAT-2019(DEL)

High Court HC:Upholds ITAT-order granting Sec. 54 benefit; Treats flat acquisition from builder as 'construction', not 'purchase'

Jan 10, 2020

In Favour of : Assessee
Citation Number : TS-835-HC-2019(DEL)

High Court HC:Up-linking & broadcasting payments subject to TDS u/s 194C, not Sec. 194J

Jan 10, 2020

In Favour of : Assessee
Citation Number : TS-7-HC-2020(CAL)

Supreme Court SC:Dismisses SLP against HC-order denying 'Eco-friendly' tax holiday u/s 80IC to hotel

Jan 10, 2020

In Favour of : Revenue
Citation Number : TS-5-SC-2020

High Court HC:Directs Selection Committee to re-consider IRS Officers' applications applying for ITAT member position

Jan 06, 2020

In Favour of : Both, Partially
Citation Number : TS-824-HC-2019(DEL)

Weekly Digest #1 28 Dec to 03 Jan 2020 6 Rulings

High Court HC:Set-aside ITAT's 'cryptic' order upholding disallowance u/s 40(a)(ia), directs ITAT to issue speaking order

Dec 31, 2019

In Favour of : Both, Partially
Citation Number : TS-808-HC-2019(KAR)

Income tax Appellate Tribunal ITAT:Upholds Sec. 40(b)(iv) applicability to loan from partners; Disallows interest in excess of 12

Jan 01, 2020

In Favour of : Revenue
Citation Number : TS-809-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Assessee's Indian-agent not PE when remunerated at ALP in terms of APA

Jan 02, 2020

In Favour of : Assessee
Citation Number : TS-815-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Grants Sec. 35AD benefit to Hotel; '4 Star' Certificate issuance date irrelevant

Jan 03, 2020

In Favour of : Assessee
Citation Number : TS-819-ITAT-2019(LKW)

Income tax Appellate Tribunal ITAT:Upholds reassessment on share-trader based on information from investigation wing

Jan 02, 2020

In Favour of : Both, Partially
Citation Number : TS-817-ITAT-2019(Ahd)

High Court HC:Quashes reassessment initiation beyond 4 years, reopening reasons not well founded

Jan 03, 2020

In Favour of : Assessee
Citation Number : TS-820-HC-2019(DEL)

Weekly Digest #51 21 Dec to 27 Dec 2019 6 Rulings

Income tax Appellate Tribunal ITAT:Allows Sec 54-deduction on new flat received under re-development of earlier inherited property

Dec 26, 2019

In Favour of : Assessee
Citation Number : TS-796-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Deletes notional interest addition on partner's current account balance for partnership firm

Dec 27, 2019

In Favour of : Assessee
Citation Number : TS-800-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Allows netting-off of directly relatable undisclosed expenditure from undisclosed income for determining addition

Dec 27, 2019

In Favour of : Assessee
Citation Number : TS-801-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:Technical Services” payment to Korean National, covered by Article on Independent Personal Services”, not FTS

Dec 27, 2019

In Favour of : Assessee
Citation Number : TS-803-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Associate members in excess of 15, violation of Karnataka Co-Op. Societies Act; Denies deduction u/s.80P

Dec 27, 2019

In Favour of : Revenue
Citation Number : TS-804-ITAT-2019(Bang)

Income tax Appellate Tribunal ITAT:Deletes concealment penalty u/s. 271(1)(c) in Johnson & Johnson's hands w.r.t non-disclosure of Sri Lanka branch profits

Dec 27, 2019

In Favour of : Assessee
Citation Number : TS-805-ITAT-2019(Mum)

Weekly Digest #49 07 Dec to 20 Dec 2019 9 Rulings

Income tax Appellate Tribunal ITAT:Restricts disallowance to 10 of income from vegetables sale; Agricultural operations proved by assessee

Dec 09, 2019

In Favour of : Assessee
Citation Number : TS-759-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Rejects Sec.263 order validity challenge citing malafide in not objecting during revision proceedings

Dec 11, 2019

In Favour of : Revenue
Citation Number : TS-765-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Treats cranes as motor vehicles, allows depreciation at higher rate

Dec 06, 2019

In Favour of : Assessee
Citation Number : TS-753-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Upholds TDS default proceedings for non-deduction of TDS on LTA reimbursement on employees' foreign travel

Dec 05, 2019

In Favour of : Revenue
Citation Number : TS-750-ITAT-2019(Ahd)

High Court HC:Grants liberty to Revenue to revive reassessment proceedings if order-forming-basis is sustained by HC

Dec 13, 2019

In Favour of : Revenue
Citation Number : TS-773-HC-2019(DEL)

Income tax Appellate Tribunal ITAT:Allows Sec 54F benefit for investment in residential house outside India

Dec 13, 2019

In Favour of : Assessee
Citation Number : TS-774-ITAT-2019(DEL)

Supreme Court SC:Dismisses review petition, Sec.194H applicable on Prasar Bharati's commission payments to advertising agencies

Dec 09, 2019

In Favour of : Revenue
Citation Number : TS-761-SC-2019

Income tax Appellate Tribunal ITAT:Assessee's non-prosecution shouldn't close doors of judicature permanently; Directs CIT(A) for adjudication on merits

Dec 13, 2019

In Favour of : Assessee
Citation Number : TS-775-ITAT-2019(ASR)

Income tax Appellate Tribunal ITAT:No TDS u/s 194H on margin allowed by Pfizer to stockists on P2P sales

Dec 13, 2019

In Favour of : Assessee
Citation Number : TS-772-ITAT-2019(Mum)

Weekly Digest #50 07 Dec to 20 Dec 2019 4 Rulings

Income tax Appellate Tribunal ITAT:No penalty shall be levied u/s 272A(2)(k) for belated filing of TDS returns on or after 1st day of July, 2012

Dec 18, 2019

In Favour of : Assessee
Citation Number : TS-782-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Rejects CIT's capital loss” treatment for 'entire' abandoned advertisement campaign expenditure incurred by L'Oreal

Dec 18, 2019

In Favour of : Both, Partially
Citation Number : TS-784-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Sets-aside CIT(A) order dismissing assessee's appeal for non-prosecution without considering grounds raised on merits

Dec 19, 2019

In Favour of : Assessee
Citation Number : TS-786-ITAT-2019(CHNY)

Supreme Court SC:Dismisses assessee's SLP; HC had dismissed writ challenging non-supply of information from AO

Dec 20, 2019

In Favour of : Revenue
Citation Number : TS-789-SC-2019

Weekly Digest #48 30 Nov to 06 Dec 2019 7 Rulings

High Court HC:Quashes TPO-reference absent AO's redressal of assessee's preliminary objections against reassessment

Dec 02, 2019

In Favour of : Assessee
Citation Number : TS-741-HC-2019(KAR)

Income tax Appellate Tribunal ITAT: NR's consultancy services rendered outside India not taxable u/s 5(2)(a) despite deposit in Indian a/c

Dec 06, 2019

In Favour of : Assessee
Citation Number : TS-752-ITAT-2019(Kol)

High Court HC:Dismisses assessee's writs moved at 11th hour 59th minute” resulting in derail of assessment process

Dec 06, 2019

In Favour of : Revenue
Citation Number : TS-755-HC-2019(MAD)

High Court HC:Telecast of 'Gurudevji's' spiritual lectures, not for personal benefits; Upholds ITAT order allowing exemption u/s 11

Dec 06, 2019

In Favour of : Assessee
Citation Number : TS-751-HC-2019(DEL)

Income tax Appellate Tribunal ITAT:Deprecates AO's action of taxing assessee-AOP's gross receipts vide Sec.143(1) intimation

Dec 03, 2019

In Favour of : Assessee
Citation Number : TS-745-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Remits issue for framing fresh assessment-order u/s. 172(4) after following Sec.144C path; Relies on co-ordinate bench

Dec 06, 2019

In Favour of : Assessee
Citation Number : TS-757-ITAT-2019(Rjt)

High Court HC:Upholds ITAT order in Rolls Royce's PE matter

Dec 06, 2019

In Favour of : Revenue
Citation Number : TS-756-HC-2019(DEL)

Weekly Digest #47 23 Nov to 29 Nov 2019 7 Rulings

Income tax Appellate Tribunal ITAT:Penalty leviable u/s 271AAB, not u/s 271(1)(c) where search initiated before Dec-2016

Nov 29, 2019

In Favour of : Assessee
Citation Number : TS-730-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Subscription to chit fund by trust, violative of Sec.11(5); Denies exemption u/s 11

Nov 29, 2019

In Favour of : Revenue
Citation Number : TS-731-ITAT-2019(CHNY)

High Court HC:Sets-aside ITAT order upholding additions based on presumption u/s. 132(4A) absent corroborative evidence

Nov 29, 2019

In Favour of : Both, Partially
Citation Number : TS-732-HC-2019(ALL)

Income tax Appellate Tribunal ITAT:Deletes penalty on exchange-rate difference arising on delayed tax deduction/Form-26AS generation

Nov 29, 2019

In Favour of : Assessee
Citation Number : TS-734-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Listing fees incurred for change of stock exchange, not capital expenditure; Rejects enduring benefit plea

Nov 29, 2019

In Favour of : Assessee
Citation Number : TS-736-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Allows deduction u/s 37 w.r.t provision created for likely price revision by GAIL

Nov 29, 2019

In Favour of : Assessee
Citation Number : TS-737-ITAT-2019(HYD)

High Court HC:CIT's revisionary order u/s 263 barred by limitation, upholds ITAT's order

Nov 29, 2019

In Favour of : Assessee
Citation Number : TS-733-HC-2019(CAL)

Weekly Digest #46 16 Nov to 22 Nov 2019 10 Rulings

High Court HC:Dismisses assessee's writ challenging non-supply of information sought from AO

Nov 18, 2019

In Favour of : Revenue
Citation Number : TS-706-HC-2019(DEL)

High Court HC:Dismisses Revenue's appeal; No further attribution to PE, once ALP satisfied

Nov 21, 2019

In Favour of : Assessee
Citation Number : TS-716-HC-2019(DEL)

Income tax Appellate Tribunal ITAT:Payment from different bank account for acquiring new asset, not an estoppel for Sec.54 deduction

Nov 21, 2019

In Favour of : Assessee
Citation Number : TS-717-ITAT-2019(CHANDI)

Income tax Appellate Tribunal ITAT:Inference from SEZ Act/Rules unnecessary when definition provided in IT Act, Denies Sec.10AA benefit

Nov 21, 2019

In Favour of : Revenue
Citation Number : TS-719-ITAT-2019(COCH)

Supreme Court SC:Dismisses SLP, confirms undisclosed income addition w.r.t property sold by assessee's mother

Nov 19, 2019

In Favour of : Revenue
Citation Number : TS-709-SC-2019

Income tax Appellate Tribunal ITAT:Dismisses assessee's appeal; Expenditure incurred for replacement of windmill, CAPEX not Revenue

Nov 20, 2019

In Favour of : Revenue
Citation Number : TS-714-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT: Approves Nokia's percentage completion based revenue-recognition; Delete addition of unearned revenue of over Rs.102 cr

Nov 22, 2019

In Favour of : Assessee
Citation Number : TS-721-ITAT-2019(DEL)

High Court HC:Quashes reassessment proceedings initiated beyond 4yrs; Suggests ways to improve quality of adjudication

Nov 22, 2019

In Favour of : Assessee
Citation Number : TS-720-HC-2019(MAD)

Income tax Appellate Tribunal ITAT:Share-premium utilised to repay loans, a scheming use of corporate veil; Remits issue for re-adjudication

Nov 22, 2019

In Favour of : Both, Partially
Citation Number : TS-722-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Amount received by sole-proprietor towards transfer of goodwill to newly set-up company, a capital asset

Nov 20, 2019

In Favour of : Assessee
Citation Number : TS-713-ITAT-2019(Kol)

Weekly Digest #45 09 Nov to 15 Nov 2019 8 Rulings

Income tax Appellate Tribunal ITAT:Allows assessee's MP; Recalls ITAT-order to decide grounds not adjudicated earlier

Nov 12, 2019

In Favour of : Assessee
Citation Number : TS-687-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Confirms part-disallowance of employment-benefit expenses for investment-company citing lack of commercial expediency

Nov 14, 2019

In Favour of : Both, Partially
Citation Number : TS-693-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Invokes rectification powers u/s.254(2) to restrict exorbitant cost imposed on assessee vis-à-vis tax liability

Nov 14, 2019

In Favour of : Both, Partially
Citation Number : TS-694-ITAT-2019(Bang)

Income tax Appellate Tribunal ITAT:Allows deduction u/s.80P to Souharda Co-operative; Follows ruling of single-member over division-bench

Nov 14, 2019

In Favour of : Assessee
Citation Number : TS-695-ITAT-2019(Bang)

Income tax Appellate Tribunal ITAT:Brokerage on hedging transactions, part of speculative loss; Rejects business loss plea

Nov 15, 2019

In Favour of : Revenue
Citation Number : TS-698-ITAT-2019(Ind)

Income tax Appellate Tribunal ITAT:Dismisses Revenue's appeal against CIT(A)'s rectification order on non-adjudication of ground

Nov 15, 2019

In Favour of : Revenue
Citation Number : TS-699-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Upholds CIT(A) order confirming penalty u/s. 271(1)(c) regarding cash gift received by assessee from sister

Nov 15, 2019

In Favour of : Assessee
Citation Number : TS-700-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Nexus between funds arising from sale and funds utilised for acquisition, irrelevant; Grants Sec.54 exemption

Nov 15, 2019

In Favour of : Assessee
Citation Number : TS-701-ITAT-2019(DEL)

Weekly Digest #44 02 Nov to 08 Nov 2019 11 Rulings

Income tax Appellate Tribunal ITAT:Reckons specific-area allotment date as date of acquisition of property

Nov 05, 2019

In Favour of : Assessee
Citation Number : TS-664-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Disallowance of salary attributable to SEZ-units not in AO's power, TPO-reference must

Nov 06, 2019

In Favour of : Assessee
Citation Number : TS-671-ITAT-2019(Ind)

Income tax Appellate Tribunal ITAT:NBFC's loss incurred on forfeiture of convertible debentures held as stock-in-trade, a business” loss

Nov 06, 2019

In Favour of : Assessee
Citation Number : TS-672-ITAT-2019(DEL)

High Court HC:Commercial advance to closely-held Co., not deemed dividend for common shareholder; Quashes ITSC's 'illegal' order

Oct 17, 2019

In Favour of : Assessee
Citation Number : TS-627-HC-2019(MAD)

Income tax Appellate Tribunal ITAT:Donation to assessee's trust as 'goodwill gesture' not part of settlement compensation; Deletes addition

Nov 05, 2019

In Favour of : Assessee
Citation Number : TS-663-ITAT-2019(CHNY)

High Court HC:Sec. 194C inapplicable to bulk ad-space purchase; Refers CBDT Circular 13/2006, deletes Sec. 40(a)(ia) disallowance

Nov 06, 2019

In Favour of : Assessee
Citation Number : TS-666-HC-2019(KAR)

Supreme Court SC:Dismisses review-petition against SLP dismissal, HC had upheld constitutional validity of dividend income taxation

Nov 08, 2019

In Favour of : Revenue
Citation Number : TS-676-SC-2019

Income tax Appellate Tribunal ITAT:Assessee's technical fees payment to foreign co. revenue in nature, absent enduring benefit

Nov 08, 2019

In Favour of : Assessee
Citation Number : TS-680-ITAT-2019(DEL)

High Court HC:Allows assessee's writ; Orders release of seized jewels retained by Revenue by applying Sec.132B

Nov 08, 2019

In Favour of : Assessee
Citation Number : TS-679-HC-2019(MAD)

Income tax Appellate Tribunal ITAT:Restricts sale consideration at 30 of project construction cost, directs re-computation of capital-gains

Nov 08, 2019

In Favour of : Assessee
Citation Number : TS-681-ITAT-2019(HYD)

Income tax Appellate Tribunal ITAT:Quashes re-assessment order passed by JCIT in capacity of AO absent separate order u/s. 120(4)(b)

Nov 08, 2019

In Favour of : Assessee
Citation Number : TS-682-ITAT-2019(Mum)

Weekly Digest #43 26 Oct to 01 Nov 2019 4 Rulings

Income tax Appellate Tribunal ITAT:Upholds addition u/s 69A for unaccounted gold-sale, however, grants partial relief for 'explained' source

Nov 01, 2019

In Favour of : Both, Partially
Citation Number : TS-654-ITAT-2019(Kol)

Supreme Court SC:Directs HC to consider 'question of law' in relation to Voda-Idea's Sec.36(1)(iii) disallowance

Nov 01, 2019

In Favour of : Assessee
Citation Number : TS-652-SC-2019

Income tax Appellate Tribunal ITAT:Reassessment on Idea's amalgamating non-existent company, invalid; Dismisses Revenue's appeal

Nov 01, 2019

In Favour of : Assessee
Citation Number : TS-656-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Allows deduction for RBI-approved 'washout charges' payment upon contract cancellation with foreign AE

Nov 01, 2019

In Favour of : Assessee
Citation Number : TS-657-ITAT-2019(DEL)

Weekly Digest #42 19 Oct to 25 Oct 2019 5 Rulings

Income tax Appellate Tribunal ITAT:Interest on Escrow, tonnage income eligible for special rates u/s. 115VP for shipping companies

Oct 25, 2019

In Favour of : Assessee
Citation Number : TS-638-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:NR's copy-editing, proof-reading services not FTS; Sec. 195 TDS inapplicable

Oct 25, 2019

In Favour of : Assessee
Citation Number : TS-640-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Upholds 'right to collect toll 'as intangible asset; Allows depreciation benefit

Oct 25, 2019

In Favour of : Assessee
Citation Number : TS-641-ITAT-2019(Mum)

Supreme Court SC:Dismisses assessee's appeal, uphold unexplained investment addition u/s 69

Oct 25, 2019

In Favour of : Revenue
Citation Number : TS-642-SC-2019

Income tax Appellate Tribunal ITAT:Rejects share-application money re-characterization as advance/loan considering transaction not sham; Follows precedents

Oct 25, 2019

In Favour of : Assessee
Citation Number : TS-643-ITAT-2019(Mum)