Weekly DT Digest

HC: Upholds penalty levy in absence of ‘bonafide’ explanation substantiating source of unexplained income

Kerala HC reverses ITAT order, upholds levy of penalty on assessee-individual under Explanation 1[B] to Sec. 271(1)(c) for

Jan 19,2018

ITAT: Supply of software not ‘Royalty’ under India-Ireland DTAA; Follows co-ordinate–bench

Mumbai ITAT holds that software  receipts from Reliance not taxable in the hands of assessee-company (tax resident of

Jan 19,2018

ITAT: Upholds CIT(A)'s order; Deletes book-profit addition towards diminution in current investment value

Mumbai ITAT upholds CIT(A)’s order for AY 2008-09, holds that the diminution (i.e., difference of cost and fair

Jan 19,2018

ITAT: No Sec. 271D penalty for accepting cash loan from sister-in-law and nephew

Kolkata ITAT quashes penalty levied u/s 271D/E (for violating Sec. 269SS/269T conditions by accepting / repaying loan in

Jan 19,2018

ITAT: Sec. 200A amendment enabling Sec. 234E fee collection, prospective ; Follows Sibia Healthcare (co-ordinate bench)

Ahmedabad ITAT deletes levy of fee u/s 234E (for late filing of TDS statements) through the order of

Jan 12,2018

ITAT: Addition u/s 68 not sustainable for inability of donors to establish source

Chennai ITAT deletes the addition u/s. 68 for AY 2012-13 for the gifts received by assessee from husband

Jan 12,2018

HC: Allows indefinite carry forward for pre-2002 unabsorbed depreciation; Follows General Motors (Guj HC)

Delhi HC confirms ITAT order and allows carry forward and set-off of unabsorbed depreciation relating to AYs prior

Jan 12,2018

ITAT: Denies carry forward of unabsorbed depreciation u/s 72A; Amalgamating co not ‘industrial undertaking’

Bangalore ITAT rejects assessee's (amalgamated company) claim of carry forward of unabsorbed depreciation u/s. 72A for AY 2010-11,

Jan 12,2018

SC: Dismisses Revenue’s SLP against Delhi HC quashing re-assessment u/s 147 based on audit-report

SC dismisses Revenue’s SLP against Delhi HC quashing re-assessement proceedings u/s 147 in the case of Alcatel Lucent

Jan 12,2018

ITAT: Payment for IT outsourcing services under contract subject to TDS u/s. 194J, not Sec.194C

Ahmedabad ITAT holds that payment for  information technology (IT) related services rendered to assessee-company (manufacturer of rail coaches)

Jan 12,2018

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