Weekly DT Digest

ITAT: Subsidy for modernizing textile industry, capital in nature ; Directs exclusion from book-profits u/s. 115JB

Mumbai ITAT rules that subsidy received by assessee-company (a leading textile company) during AY 2012-13 under the TUF

Jun 15,2018

ITAT: Profit from vessel-sale under tonnage-division, not IFOS; Deletes addition

Hyderabad ITAT deletes addition in respect of profit arising to assessee-company (engaged in shipping business and port operations)

Jun 15,2018

ITAT: Deletes capital gains addition where taxpayer filed suit for cancellation of sale deed

Hyderabad ITAT deletes long term capital gain addition, holds that transfer is not complete as per Sec. 2(47) with

Jun 15,2018

HC: Upholds deletion of Sec. 271(1)(c) penalty on actor Trisha Krishnan, absent 'deliberate' concealment of income

Madras HC upholds ITAT order, deletes concealment penalty u/s. 271((1)(c) on Trisha Krishnan (assessee, a Cine artist) in

Jun 15,2018

ITAT: Apportionment of R&D, ESOP cost to exempt units unwarranted; Quashes Pharma Co's reassessment

Hyderabad ITAT quashes re-assessment initiated beyond 4 yrs in case of assessee (a Pharma company) for AY 2008-2009;  Revenue

Jun 15,2018

HC: Denies deduction u/s. 37 to lawyer for settlement expenses incurred as company’s MD / personal guarantor

Delhi HC upholds ITAT order, denies deduction u/s 37 to assessee-individual (a lawyer) for litigation/settlement expenses incurred in

Jun 09,2018

ITAT: Raises alarm over illegal coercive recoveries, directs CBDT to take necessary action

Chandigarh ITAT raises an alarm over illegal coercive recoveries by Departmental officials in order to achieve their targets

Jun 09,2018

ITAT: Allows long term capital loss claim, group company's share transfer, not sham

Mumbai ITAT allows assessee-company's claim of long term capital loss (LTCL) arising on sale of shares of group

Jun 09,2018

SC: Dismisses SLP; No penalty u/s 271C for TDS default on ‘debatable’ nature of payments

SC dismisses Revenue’s SLPs  for AYs 1994-95 to 2001-2002 against Delhi HC order in case of ITC Ltd. on the

Jun 01,2018

ITAT: Capital-gains under JDA assessable in year of passing 'vacant' possession to developer

Hyderabad ITAT holds that the capital gain on transfer of property under joint development agreement (JDA) is attracted

Jun 01,2018

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