ITAT

ITAT: Holds property not transferred in year of entering into JDA absent handing-over of possession

Chennai ITAT holds that transfer of property by assessee under Joint Development Agreement (JDA) took place in subsequent AY 2013-14 ( in which supplementary agreement transferring property was entered) and

Aug 17,2018

ITAT: Quashes revision to deny Sec 10(23FB) exemption to real-estate VCF, Rejects SEBI-violation allegations

Mumbai ITAT allows exemption u/s. 10(23FB) to assessee (a registered Venture Capital Fund) in respect of income earned out of investments made in Venture Capital Undertaking (‘VCU’) for AY 2013-14, quashes CIT’s

Aug 17,2018

ITAT: Deletes capital-gains adjustment u/s 115JB, accepts authenticity of accounts prepared under Companies Act

Mumbai ITAT deletes adjustment made by AO towards capital gains arising to assessee-company on sale of property during AY 2012-13 while computing book profit u/s 115JB, rules that AO has

Aug 17,2018

ITAT: Grants India-Mauritius DTAA benefit on interest, accepts TRC for inferring beneficial ownership

Mumbai ITAT rules that interest income earned by HSBC Bank (Mauritius) Ltd. (‘assessee’) from investments in debt securities made in accordance with the SEBI Regulations during AY 2011-12, not taxable

Aug 17,2018

ITAT: Deletes LTCG-addition on POA-holder; Revenue's action arbitrary, declines ‘remand back’ plea

Ahmedabad ITAT deletes long term capital gains (‘LTCG’) addition made on assessee-individual, who merely acted as a constituted Attorney in respect of sale of immovable properties by NRIs during AY

Aug 17,2018

ITAT: 15% accumulation benefit not available on deemed income out of earlier accumulations

Bangalore ITAT denies assessee-trust's claim for AY 2009-10 to include unspent accumulated income of earlier AY while computing 15% accumulation; Notes that during relevant AY, AO had taxed the accumulated

Aug 16,2018

ITAT: Deletes Rs. 436 cr capital-gains addition on slump-sale, rejects FMV substitution invoking Sec 50D/92BA

Ahmedabad ITAT deletes Rs.436.80 cr. capital gains addition on transfer of wind energy business of Gujarat Fluorochemicals Ltd. (‘assessee’) on slump sale basis, rejects Revenue’s substitution of fair market value

Aug 16,2018

ITAT: Disses Revenue for terming as 'fake', Tendulkar's tenant hunt; Grants vacancy allowance

Mumbai ITAT allows vacancy allowance u/s 23(1)(c) to Sachin Tendulkar in respect of his Pune Flat, accepts Sachin's contention that property remained vacant even after making reasonable effort to find

Aug 14,2018

ITAT: Approves Trust's preference to construe application from accumulations u/s 11(2) over current income

Bengaluru ITAT approves assessee-trust’s plea that application of income in subject AY 2012-13 should be first considered as having been made out of the accumulation u/s. 11(2) of preceding AY

Aug 14,2018

ITAT: Non-examination of Sec. 80-IC eligibility conditions in later years, cannot make assessment order ‘erroneous’

Delhi ITAT quashes CIT’s invocation of revisional jurisdiction u/s. 263 for non-examination of eligibility conditions u/s. 80-IC by AO during AY 2013-14; Rules that “Since the stage for carrying out

Aug 14,2018

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