Direct tax Weekly Digest

Weekly Digest #41 12 Oct to 18 Oct 2019 8 Rulings

High Court HC:Grants extension to State Cricket association for payment of taxes under DisputeResolution Scheme, 2016

Oct 14, 2019

In Favour of : Assessee
Citation Number : TS-611-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:Repayment of loan, taken for procuring asset, not 'application' for charitable purposes

Oct 16, 2019

In Favour of : Revenue
Citation Number : TS-621-ITAT-2019(Bang)

High Court HC:No embargo u/s. 154 on power of amendment if appeal/revision is pending”

Oct 16, 2019

In Favour of : Assessee
Citation Number : TS-622-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:Jurisdictional-HC decisions binding over internal CBDT guideline; Dismisses appeal on low tax effect

Oct 17, 2019

In Favour of : Assessee
Citation Number : TS-624-ITAT-2019(CHANDI)

Income tax Appellate Tribunal ITAT:DLF's overseas consultancy payments, aircraft hiring charges not liable for Sec. 195 TDS

Oct 17, 2019

In Favour of : Assessee
Citation Number : TS-625-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Condones appeal filing delay, cites assessee's financial crisis for belated Self Assessment Tax Payment

Oct 17, 2019

In Favour of : Assessee
Citation Number : TS-626-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Deletes Sec 68 addition towards 'large share premium' receipts, 'nature & source' established

Oct 16, 2019

In Favour of : Assessee
Citation Number : TS-618-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Rejects taxability u/s 56 for pre-production interest income earned by Adani Group entity

Oct 18, 2019

In Favour of : Assessee
Citation Number : TS-629-ITAT-2019(Ahd)

Weekly Digest #40 05 Oct to 11 Oct 2019 6 Rulings

Income tax Appellate Tribunal ITAT:Upholds CIT(A) order disallowing LTCL claim, Genuineness of share sale transaction not substantiated

Oct 10, 2019

In Favour of : Assessee
Citation Number : TS-606-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:AO can't change assessee's share-valuation method for Sec. 56(2)(viib) purposes, remits matter for FMV re-computation

Oct 11, 2019

In Favour of : Both, Partially
Citation Number : TS-608-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Interest on borrowed loans advanced to 'related concern' allowable u/s 57(iii) citing 'commercial expediency'

Oct 10, 2019

In Favour of : Assessee
Citation Number : TS-607-ITAT-2019(JPR)

Income tax Appellate Tribunal ITAT:Mutual Fund's overseas marketing fees payment, not FTS under India-Singapore DTAA

Oct 09, 2019

In Favour of : Assessee
Citation Number : TS-604-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Allows deduction u/s.37(1) on payment of foreign 'turnover taxes'

Oct 11, 2019

In Favour of : Assessee
Citation Number : TS-609-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Interest u/s 244A not warranted where delay in granting refund attributable to assessee

Oct 11, 2019

In Favour of : Revenue
Citation Number : TS-610-ITAT-2019(Bang)

Weekly Digest #39 28 Sep to 04 Oct 2019 10 Rulings

Income tax Appellate Tribunal ITAT:Sec.195 applicable only if income chargeable to tax in India; Deletes 40(a)(ia) disallowance

Sep 25, 2019

In Favour of : Assessee
Citation Number : TS-573-ITAT-2019(JPR)

Income tax Appellate Tribunal ITAT:Mortgaged-property sold in discharge of loan availed by group-concerns, liable for capital-gains taxation

Sep 25, 2019

In Favour of : Both, Partially
Citation Number : TS-574-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Quashes reassessment proceedings, 'escaped' capital gains not chargeable to tax in subject year

Oct 03, 2019

In Favour of : Assessee
Citation Number : TS-593-ITAT-2019(DEL)

High Court HC:No TDS on interest accrued from adjudication till realisation on motor-vehicle insurance compensation

Oct 03, 2019

In Favour of : Both, Partially
Citation Number : TS-592-HC-2019(MP)

Income tax Appellate Tribunal ITAT:'Expense' set-off against unexplained income u/s 69 impermissible, Remits matter for Sec.115BBE(2) applicability to AO

Sep 26, 2019

In Favour of : Both, Partially
Citation Number : TS-580-ITAT-2019(Bang)

High Court HC:Upholds ITAT order confirming assessee-board's liability for TCS on toll fees

Oct 03, 2019

In Favour of : Revenue
Citation Number : TS-590-HC-2019(P & H)

High Court HC: Quashes show-cause notice for withholding refund u/s 241A sans return processing u/s 143(1)

Sep 20, 2019

In Favour of : Assessee
Citation Number : TS-561-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:Sec.56(2)(vii)(b) not attracted where property received on family settlement

Sep 30, 2019

In Favour of : Assessee
Citation Number : TS-587-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Delay in possession of new residential-property, no estoppel for claiming Sec.54F exemption

Oct 04, 2019

In Favour of : Assessee
Citation Number : TS-595-ITAT-2019(PUN)

High Court HC:Philanthropic expenditure incurred pursuant to MoU with Govt., 'business expenditure' u/s 37(1)

Oct 04, 2019

In Favour of : Assessee
Citation Number : TS-599-HC-2019(KAR)

Weekly Digest #38 18 Sep to 27 Sep 2019 12 Rulings

Income tax Appellate Tribunal ITAT:Third Member - Confirms penalty levy for concealed wealth under Wealth Tax Act

Sep 24, 2019

In Favour of : Revenue
Citation Number : TS-566-ITAT-2019(ASR)

Income tax Appellate Tribunal ITAT:MCI regulations inapplicable to Pharma companies, 'Brand Reminder' expenses deductible u/s 37

Sep 19, 2019

In Favour of : Assessee
Citation Number : TS-559-ITAT-2019(Mum)

High Court HC:Dismisses taxpayer's appeal against ITAT-order denying LTCG exemption on penny stock sale

Sep 24, 2019

In Favour of : Revenue
Citation Number : TS-567-HC-2019(DEL)

Supreme Court SC:Dismisses SLP against HC-order quashing re-opening on Cyprus-entity

Sep 25, 2019

In Favour of : Assessee
Citation Number : TS-569-SC-2019

High Court HC:AO's Sec 148-objections overruling, mere communication, not an order; Dismisses assessee's writ

Sep 25, 2019

In Favour of : Revenue
Citation Number : TS-576-HC-2019(KAR)

High Court HC:Dismisses Revenue's appeal; Confirms invalidity of assessment order passed on non-existent amalgamated company

Sep 25, 2019

In Favour of : Assessee
Citation Number : TS-572-HC-2019(DEL)

Income tax Appellate Tribunal ITAT:Cash received for medical emergencies, a reasonable cause u/s 273B; Deletes Sec.271D penalty

Sep 25, 2019

In Favour of : Assessee
Citation Number : TS-575-ITAT-2019(CTK)

Income tax Appellate Tribunal ITAT:Rules Pr.CIT not justified in exercising revisionary powers u/s. 263 in case of A.R.Rahman

Sep 26, 2019

In Favour of : Assessee
Citation Number : TS-578-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Partner's remuneration limits as contained in Sec. 40(b)(v), not in partnership-deed, relevant

Sep 27, 2019

In Favour of : Revenue
Citation Number : TS-581-ITAT-2019(JPR)

Income tax Appellate Tribunal ITAT:Payment towards exhibition stall constitutes 'rent', TDS u/s 194-I deductible

Sep 27, 2019

In Favour of : Revenue
Citation Number : TS-583-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Grants exemption to NASSCOM on subscription fees received from members, Applies mutuality principle

Sep 27, 2019

In Favour of : Assessee
Citation Number : TS-582-ITAT-2019(DEL)

High Court HC:Quashes reassessment on Vedanta Ltd initiated pursuant to Sec.201(1) order holding 'assessee in-default'

Sep 05, 2019

In Favour of : Assessee
Citation Number : TS-524-HC-2019(DEL)

Weekly Digest #37 14 Sep to 17 Sep 2019 1 Ruling

Income tax Appellate Tribunal ITAT:Imposes cost of Rs. 10,000 on assessee for irregular, unpunctual appearance before Revenue authorities

Sep 17, 2019

In Favour of : Both, Partially
Citation Number : TS-554-ITAT-2019(AGR)

Weekly Digest #36 07 Sep to 13 Sep 2019 7 Rulings

Income tax Appellate Tribunal ITAT:Deletes penalty on failure to get the books audited, cities ICAI guidelines

Sep 09, 2019

In Favour of : Assessee
Citation Number : TS-534-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT: Disallows STCL towards forfeiture of share warrants in the hands of finance-company

Sep 11, 2019

In Favour of : Revenue
Citation Number : TS-541-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Commercial space let out in mall constitutes business income, not house property

Sep 11, 2019

In Favour of : Assessee
Citation Number : TS-542-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Quashes Sec.263-order in case of builder subjected to limited scrutiny on AIR basis

Sep 11, 2019

In Favour of : Assessee
Citation Number : TS-545-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Order passed in contravention of subsequently clarified legal position, rectifiable u/s. 154

Sep 12, 2019

In Favour of : Assessee
Citation Number : TS-549-ITAT-2019(Mum)

High Court HC:Declarations under IDS void sans complete and truthful disclosure

Sep 04, 2019

In Favour of : Revenue
Citation Number : TS-522-HC-2019(DEL)

Income tax Appellate Tribunal ITAT:Denies LTCG exemption on shares-sale; Cites assessee's failure to prove transaction genuineness

Sep 13, 2019

In Favour of : Revenue
Citation Number : TS-550-ITAT-2019(DEL)

Weekly Digest #35 31 Aug to 06 Sep 2019 4 Rulings

Income tax Appellate Tribunal ITAT:Allows assessee's 25 depreciation claim on 'golf course'; Rejects Revenue's characterization as 'building'

Sep 06, 2019

In Favour of : Assessee
Citation Number : TS-529-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Deletes fees levied u/s. 234E; Follows Fatheraj Singhvi ruling

Sep 06, 2019

In Favour of : Assessee
Citation Number : TS-532-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Rejects stamp-value based taxation u/s. 43CA pre-April'14 in the hands of builder

Sep 06, 2019

In Favour of : Assessee
Citation Number : TS-530-ITAT-2019(Mum)

High Court HC:Quashes re-opening notice issued on Marico, based on 'mere change of opinion'

Sep 05, 2019

In Favour of : Assessee
Citation Number : TS-526-HC-2019(BOM)

Weekly Digest #34 24 Aug to 30 Aug 2019 6 Rulings

Income tax Appellate Tribunal ITAT:Denies deduction for upfront fees & placement fees, liability to pay not established

Aug 27, 2019

In Favour of : Revenue
Citation Number : TS-501-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Allows Sec 37-deduction for freebies provided by Glenmark; MCI Guidelines not applicable to Pharma companies

Aug 30, 2019

In Favour of : Assessee
Citation Number : TS-512-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Cost reimbursements from Indian subsidiary, not royalty for UK parent

Aug 27, 2019

In Favour of : Assessee
Citation Number : TS-502-ITAT-2019(Mum)

High Court HC:Reverses ITAT; Taxpayer's artificial splitting of share consideration, device employed to evade taxes”

Aug 30, 2019

In Favour of : Revenue
Citation Number : TS-509-HC-2019(MAD)

High Court HC: No addition u/s 69A warranted, assessee not owner of funds but a 'conduit'

Aug 30, 2019

In Favour of : Assessee
Citation Number : TS-510-HC-2019(DEL)

Income tax Appellate Tribunal ITAT:Relies on co-ordinate bench to rule against Rolls Royce, UK on PE matter

Aug 30, 2019

In Favour of : Revenue
Citation Number : TS-514-ITAT-2019(DEL)

Weekly Digest #33 17 Aug to 23 Aug 2019 7 Rulings

Income tax Appellate Tribunal ITAT: Deletes addition of extrapolated income on Form 26AS basis, as TDS mismatch largely reconciled

Aug 21, 2019

In Favour of : Assessee
Citation Number : TS-481-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Deletes undisclosed income addition for Salman Khan; Katrina Kaif comes to the rescue

Aug 23, 2019

In Favour of : Assessee
Citation Number : TS-485-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Grants MAT deduction to Sick co. for 'negative net-worth' period, cites free-reserves definition under SICA

Aug 23, 2019

In Favour of : Assessee
Citation Number : TS-491-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Rent waiver to loss-making subsidiary, no estoppel for taxation in assessee-landlord's hands

Aug 23, 2019

In Favour of : Assessee
Citation Number : TS-495-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Sustains 100 addition considering Sales-tax Dept.'s information about assessee's Hawala purchases

Aug 23, 2019

In Favour of : Assessee
Citation Number : TS-496-ITAT-2019(Mum)

High Court HC:Dismisses Revenue's appeals involving low tax effect, applies CBDT's recent circular

Aug 23, 2019

In Favour of : Both, Partially
Citation Number : TS-497-HC-2019(P & H)

Income tax Appellate Tribunal ITAT:Immovable property sale to 'relative' at less than market-value, not 'gift'; Upholds capital-gains taxability

Aug 23, 2019

In Favour of : Revenue
Citation Number : TS-490-ITAT-2019(Mum)

Weekly Digest #32 10 Aug to 16 Aug 2019 5 Rulings

Income tax Appellate Tribunal ITAT:Deletes addition based on stock statement submitted to bank; Distinguishes Jurisdictional HC ruling

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-471-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Prize received by Taxpayer in the form of gold”, not lottery” pre-April 2002 amendment

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-474-ITAT-2019(COCH)

High Court HC: Sets-aside AO's order levying tax on compensation interest received by Petitioner owing to motor accident

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-475-HC-2019(BOM)

Supreme Court SC:Dismisses SLP against HC-order quashing re-assessment on Bharti Infratel

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-472-SC-2019

High Court HC:Waives Sec. 234C interest; Resulting co. can't anticipate 'advance-tax' liability pending demerger scheme approval

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-473-HC-2019(BOM)

Weekly Digest #31 03 Aug to 09 Aug 2019 4 Rulings

Income tax Appellate Tribunal ITAT:Air-India's fine payments to immigration authorities, incidental to airline business; Allows deduction

Aug 09, 2019

In Favour of : Assessee
Citation Number : TS-460-ITAT-2019(Mum)

Supreme Court SC:Dismisses Revenue's SLP against HC-order quashing re-assessment notice issued on asset-reconstruction company

Aug 09, 2019

In Favour of : Assessee
Citation Number : TS-461-SC-2019

High Court HC:Directs issue of refund to foreign-assessee in expedite manner

Aug 09, 2019

In Favour of : Assessee
Citation Number : TS-459-HC-2019(KAR)

Income tax Appellate Tribunal ITAT:Deletes penalty on exempt interest on NRE-account despite no quantum appeal filed

Aug 09, 2019

In Favour of : Assessee
Citation Number : TS-457-ITAT-2019(Mum)

Weekly Digest #30 26 Jul to 02 Aug 2019 2 Rulings

High Court HC:Dismisses Revenue's appeal; Cricket Club's stadium renovation/interiors expenditure revenue in nature

Aug 02, 2019

In Favour of : Assessee
Citation Number : TS-444-HC-2019(BOM)

High Court HC:Quashes provisional attachment u/s. 281B of petitioner's bank accounts and other assets

Aug 02, 2019

In Favour of : Assessee
Citation Number : TS-446-HC-2019(DEL)

Weekly Digest #29 20 Jul to 25 Jul 2019 5 Rulings

High Court HC:Quashes property attachment, citing expiry of limitation period under Rule 68B(1)

Jul 25, 2019

In Favour of : Assessee
Citation Number : TS-425-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:Allows FMV substitution benefit for '90-years leasehold rights' acquired pre-1981

Jul 25, 2019

In Favour of : Assessee
Citation Number : TS-426-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Builder's 'approval fee' provisioning hit by Sec. 43B disallowance

Jul 25, 2019

In Favour of : Revenue
Citation Number : TS-427-ITAT-2019(Bang)

Income tax Appellate Tribunal ITAT:Vacates Sec.263 order; Allows Sec.80IB(11A) deduction though process carried out by different units

Jul 26, 2019

In Favour of : Assessee
Citation Number : TS-432-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Allows Sec.80IA(4) benefit to JV-constituent for infra projects executed through Consortium

Jul 26, 2019

In Favour of : Assessee
Citation Number : TS-431-ITAT-2019(VIZ)

Weekly Digest #28 13 Jul to 19 Jul 2019 10 Rulings

Income tax Appellate Tribunal ITAT:Quashes sec.263 order; Enhanced consideration on delayed sale-transaction, 'sale consideration' not 'interest'

Jul 17, 2019

In Favour of : Assessee
Citation Number : TS-403-ITAT-2019(HYD)

Income tax Appellate Tribunal ITAT:Retains final decision on business 'set-up' though rectifies other mistakes u/s. 254(2)

Jul 18, 2019

In Favour of : Both, Partially
Citation Number : TS-409-ITAT-2019(Mum)

High Court HC:Rejects tax-relief plea pursuant to BIFR-scheme, absent Revenue's consent u/s.19 of SICA

Jul 17, 2019

In Favour of : Revenue
Citation Number : TS-404-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:Sets-aside CIT(A) order, absent failure to adjudicate on 'jurisdictional grounds' raised by Taxpayer

Jul 19, 2019

In Favour of : Assessee
Citation Number : TS-411-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Denies LTCG exemption u/s. 10(38) on penny stock sale, treats it a sham-transaction

Jul 19, 2019

In Favour of : Revenue
Citation Number : TS-412-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Disallows expenditure provisioning claim, cites no corresponding revenue booked for assessee's pipeline project

Jul 19, 2019

In Favour of : Revenue
Citation Number : TS-413-ITAT-2019(DEL)

High Court HC:Sec. 24 of Benami Law on property attachment notice, not parimateria with Sec. 147 of IT Act

Jul 19, 2019

In Favour of : Revenue
Citation Number : TS-414-HC-2019(GUJ)

Supreme Court SC:Dismisses Revenue's SLP against HC-order quashing re-assessment on Punjab & Sind Bank

Jul 19, 2019

In Favour of : Assessee
Citation Number : TS-415-SC-2019

Income tax Appellate Tribunal ITAT:Allows Sec.54 benefit against LTCG arising on residential property transfer under Collaboration Agreement

Jul 19, 2019

In Favour of : Assessee
Citation Number : TS-416-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Bank interest, not taxable in hands of assessee-society on mutuality principles

Jul 19, 2019

In Favour of : Assessee
Citation Number : TS-780-ITAT-2018(DEL)

Weekly Digest #27 05 Jul to 12 Jul 2019 7 Rulings

Income tax Appellate Tribunal ITAT:Dismisses Revenue's low-tax effect appeal; DIT(Investigation) an 'internal source' not covered by exception

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-392-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Allows taxpayer's Sec.-80IA deduction claim though audit-report filed during assessment proceedings

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-390-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Funds contributed by society members for meeting own-expenses & interest thereon, non-taxable

Jul 10, 2019

In Favour of : Assessee
Citation Number : TS-387-ITAT-2019(HYD)

High Court HC:Funds spent on interiors of leasehold premises - capital expenditure; Cites Explanation 1 to Sec. 32

Jul 12, 2019

In Favour of : Revenue
Citation Number : TS-394-HC-2019(MAD)

Income tax Appellate Tribunal ITAT:No 'loss dis-allowance' based on presumption that assessee misused 'Client Code Modification' facility

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-391-ITAT-2019(HYD)

Supreme Court SC:Dismisses SLP challenging 'Explanation 5A to Sec.271(1)(c)' in-applicability to 'other than searched person'

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-396-SC-2019

Income tax Appellate Tribunal ITAT:Sec. 2(22)(e) inapplicable where Sajid Nadiadwala's own funds routed through company for Bentley-purchase

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-393-ITAT-2019(Mum)

Weekly Digest #26 29 Jun to 04 Jul 2019 3 Rulings

High Court HC:Directs ITAT to take requisite steps towards expeditious hearing of old appeals

Jul 02, 2019

In Favour of : Both, Partially
Citation Number : TS-374-HC-2019(DEL)

Income tax Appellate Tribunal ITAT:Upholds Sec.271B penalty levy for non-production of audit report by assessee-society

Jul 03, 2019

In Favour of : Revenue
Citation Number : TS-376-ITAT-2019(COCH)

High Court HC:Deletes Sec.271(1)(c) penalty; No deliberate concealment by employee regarding SARs treatment

Jul 02, 2019

In Favour of : Assessee
Citation Number : TS-373-HC-2019(MAD)

Weekly Digest #25 22 Jun to 28 Jun 2019 5 Rulings

High Court HC:Quashes re-opening on Infosys based on subsequent year's assessment

Jun 27, 2019

In Favour of : Assessee
Citation Number : TS-362-HC-2019(KAR)

Income tax Appellate Tribunal ITAT:Holds CIT has no revisionary jurisdiction u/s 263 when AO's assessment order void

Jun 28, 2019

In Favour of : Assessee
Citation Number : TS-363-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:Allows depreciation u/s. 32 on 'customer contracts'; Applies ejusdem generis

Jun 28, 2019

In Favour of : Assessee
Citation Number : TS-365-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Dismisses Revenue's appeal; Sec.41(1) inapplicable to insecured-loan waiver absent deduction in past

Jun 28, 2019

In Favour of : Assessee
Citation Number : TS-366-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Allows assessee's 60 depreciation claim on ATM machines ; Follows Kolkata ITAT ruling

Jun 28, 2019

In Favour of : Assessee
Citation Number : TS-368-ITAT-2019(CHNY)

Weekly Digest #24 15 Jun to 21 Jun 2019 5 Rulings

Income tax Appellate Tribunal ITAT:Revaluation reserve not to be deducted while calculating share FMV as per Rule 11UA(2)

Jun 21, 2019

In Favour of : Assessee
Citation Number : TS-348-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Capital-gains not taxable in director's hands, when property beneficially owned by company

Jun 21, 2019

In Favour of : Assessee
Citation Number : TS-349-ITAT-2019(JPR)

Income tax Appellate Tribunal ITAT:Religious trust eligible for Sec 11 exemption despite belated tax-return filing; Follows SC-ruling

Jun 21, 2019

In Favour of : Assessee
Citation Number : TS-350-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Allows depreciation on assets vested upon assessee vide transfer, though not physically verifiable

Jun 21, 2019

In Favour of : Assessee
Citation Number : TS-351-ITAT-2019(JPR)

Income tax Appellate Tribunal ITAT:Denies Sec.12AA registration to assessee-society; Holds 'playschool' not an integral part of education

Jun 21, 2019

In Favour of : Revenue
Citation Number : TS-352-ITAT-2019(ASR)

Weekly Digest #23 08 Jun to 14 Jun 2019 12 Rulings

Income tax Appellate Tribunal ITAT:Upholds Sec. 68 addition for share premium received in cash, relies on SC NRA Iron judgment

Jun 11, 2019

In Favour of : Revenue
Citation Number : TS-325-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Allows taxpayer's LTCG claim on 'penny stock' sale, grants exemption u/s. 10(38)

Jun 11, 2019

In Favour of : Assessee
Citation Number : TS-326-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Allows business loss set-off, though not claimed in return; Cites 'supervening impossibility'

Jun 11, 2019

In Favour of : Assessee
Citation Number : TS-327-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:Sec.43A not triggered on forex utilization towards assets purchased in India

Jun 13, 2019

In Favour of : Assessee
Citation Number : TS-329-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:Directs AO to allocate expenses to incomes on which STT rebate u/s 88E is denied

Jun 13, 2019

In Favour of : Both, Partially
Citation Number : TS-330-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Rendering management advisory services, not FTS under Singapore DTAA

Jun 13, 2019

In Favour of : Assessee
Citation Number : TS-331-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Quashes revision order u/s. 263 for violation of natural justice principles

Jun 13, 2019

In Favour of : Assessee
Citation Number : TS-332-ITAT-2019(DEL)

High Court HC:TDS not applicable on service-tax component of insurance commission payment to agents

Jun 13, 2019

In Favour of : Assessee
Citation Number : TS-334-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:No provision in IT-Act to round-off share valuation to next rupee u/s Sec 56(2)(viib)

Jun 13, 2019

In Favour of : Revenue
Citation Number : TS-335-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Referral fees paid to US concern, not taxable under Act or DTAA

Jun 13, 2019

In Favour of : Both, Partially
Citation Number : TS-336-ITAT-2019(Mum)

High Court HC:Legal representative's non-intimation regarding assessee's death, cannot invalidate AO's assessment orders

Jun 14, 2019

In Favour of : Revenue
Citation Number : TS-338-HC-2019(MAD)

High Court HC:Section 153C 2015-amendment, prospective; Quashes search assessment proceedings

Jun 14, 2019

In Favour of : Assessee
Citation Number : TS-339-HC-2019(GUJ)

Weekly Digest #22 01 Jun to 07 Jun 2019 6 Rulings

Income tax Appellate Tribunal ITAT:Deletes Sec.68 addition towards share premium receipts; Distinguishes SC's NRA Iron Judgment

Jun 04, 2019

In Favour of : Assessee
Citation Number : TS-310-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Belated return filing not fatal to claim charity exemption u/s 11 till AY 2017-18

Jun 06, 2019

In Favour of : Assessee
Citation Number : TS-313-ITAT-2019(COCH)

Income tax Appellate Tribunal ITAT:Commission to own HUF by Karta, not covered by 'related party payments' for Sec. 40A(2) disallowance

Jun 06, 2019

In Favour of : Assessee
Citation Number : TS-314-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Disallows Sec. 35(1)(ii) claim towards donation made to Arvindo Trust owing CBDT Directive

Jun 07, 2019

In Favour of : Revenue
Citation Number : TS-318-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Deletes bogus expenses disallowance; Mere wrong presentation in books irrelevant

Jun 07, 2019

In Favour of : Revenue
Citation Number : TS-320-ITAT-2019(Mum)

High Court HC:Restores back proceedings to AO to re-consider Taxpayer's defective return claims

Jun 07, 2019

In Favour of : Both, Partially
Citation Number : TS-322-HC-2019(KAR)