Weekly DT Digest

ITAT: Bonus stripping u/s 94(8) not applicable on ‘share-sale’ transaction; Follows co-ordinate bench

Pune ITAT allows assessee’s claim of set-off of short term capital loss (STCL) from sale of HCL technologies

Jun 23,2017

ITAT: Liquidated damages, though received as part of land-sale consideration, assessable as ‘income from other sources’

Mumbai ITAT rules in favour of Revenue, holds that liquidated damages received by assessee as part of sale

Jun 23,2017

ITAT: Upholds Sec. 271(1)(c) penalty, confirms income concealment based on AIR details

Chennai ITAT upholds concealment penalty u/s. 271(1)(c) incase of assessee-company for AY 2012-13 for concealing the particulars of

Jun 23,2017

ITAT: Allows MTM losses deduction to Reliance Infra, applies Woodward Governor ratio

Mumbai ITAT allows deduction u/s. 37(1) to Reliance Infrastructure Ltd. with respect to mark to market loss (i.e

Jun 16,2017

ITAT: Quashes assessment u/s. 153A, distinguishes Gunjan Girishbhai Mehta (SC) ruling

Delhi ITAT quashes Sec. 153A assessment on assessee company for AY 2004-05, holds the same as invalid in

Jun 16,2017

ITAT: Restores case to AO for ‘denovo’ assessment; Denies assessee’s illegitimate grievance

Delhi ITAT restores the matter for AYs 2008-09 and 2009-10  to the file of AO for making denovo

Jun 16,2017

ITAT: Sec. 10A tax-holiday period to be reckoned from date of re-locating to STPI unit

Chennai ITAT upholds denial of Sec. 10 deduction in reassessment proceedings for AY 2009-10 initiated within four-years period;

Jun 16,2017

ITAT: Holds land as agricultural as AO failed to prove commercial activities

Chennai ITAT rules in assessee’s favour, holds land as ‘agricultural’ in character and consequently the gains arising on

May 26,2017

HC: Upholds ITAT order quashing invocation of Sec.153A; Applies Kabul Chawla ratio

Delhi HC upholds ITAT order holding that invocation of Sec. 153A by Revenue for AYs 2000-01 to 2003-04

May 26,2017

ITAT: Grants stay of penalty proceedings pending disposal of quantum proceedings

Delhi ITAT grants stay of penalty proceedings pending disposal of quantum appellate proceedings before it in case of Oracle India

May 25,2017