Weekly DT Digest

ITAT: Allows profit exclusion from MAT till AY in which sick company's net-worth becomes positive

Rajkot ITAT rejects Revenue’s appeal , allows exclusion of profits of assessee (sick company) from computation of book

Dec 14,2018

ITAT: MAT credit to be allowed against tax including surcharge & education cess

Pune ITAT holds that MAT credit to be allowed against tax including surcharge & education cess, relies on Calcutta

Dec 14,2018

ITAT: Allows revenue deduction for BPO-training expenses though accounted as deferred revenue expenditure

Kolkata ITAT rules that expenses incurred towards training of man power in BPO are ‘revenue’ in nature for

Dec 14,2018

ITAT: Flat booking-date, not agreement-date, relevant for computing holding period for capital gains

Mumbai ITAT assesses capital gains arising to individual- assessee during AY 2011-12 on sale of property in November,

Dec 14,2018

ITAT: Upholds ‘Licence to collect Toll’ as intangible asset; Allows depreciation benefit

Pune ITAT allows depreciation benefit @ 25% to assessee on ‘License to collect Toll’, holds it to be

Dec 14,2018

ITAT: Sec. 269SS inapplicable on loan transaction between husband and wife

Delhi ITAT deletes Sec. 271D penalty with respect to advance received by assessee-individual from his wife in violation

Dec 08,2018

SC: Dismisses SLP against HC-order holding ITAT’s setting aside of order u/s 263 'faulty'

SC dismisses assessee’s SLP against Delhi HC's order which had held ITAT’s approach of setting aside CIT’s revisionary

Dec 07,2018

HC: Trust utilizing minuscule income for charitable purposes, irrelevant while renewing Sec. 80G recognition

Karnataka HC sets aside ITAT’s order holding that assessee-trust was ineligible for renewal of recognition u/s 80G ,

Dec 07,2018

ITAT: Denies Sec.54 benefit as new property not purchased in assessee’s own name

Mumbai ITAT denies benefit u/s 54 to individual assessee for AY 2006-07 with respect to capital gains derived

Dec 07,2018

ITAT: Allows Sun TV Network's bad-debts claim relating irrecoverable ‘subscription-fees’

Chennai ITAT allows deduction for bad debts written off of Rs 33.27 Cr in the hands of Sun

Nov 30,2018

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