ITAT

ITAT: Grants Sec. 80P benefit, distinguishes Citizens Society SC-ruling; Assessee, not co-operative bank

Cochin ITAT dismisses Revenue’s appeal against CIT(A) order allowing deduction u/s 80P to assessee (primary agricultural co-operative society), distinguishes SC ruling in Citizens Co-operative Society; Notes that SC had denied

Apr 23,2018

ITAT: Export commission to non-resident agents not taxable even post Circular 7/2009

Agra ITAT deletes disallowance u/s 40(a)(i) for export commission paid to foreign agents without deducting tax during AYs 2010-11 and 2011-12; AO had disallowed the export commission on the ground

Apr 20,2018

ITAT: Sets aside re-opening u/s. 148 for assessing rental income in Trust’s hands

Cochin ITAT sets-aside re-assessment assessing the rental income in the hands of assessee-trust (a family trust with 14 beneficiaries having equal shares) for AY 2007-08; Revenue had argued that Sec.

Apr 20,2018

ITAT: Lease rental not capital expenditure despite lease period exceeding 12 years, allows deduction

Mumbai ITAT deletes disallowance of lease rentals for AY 2006-07, holds that rentals paid on leasehold land cannot be regarded as capital in nature merely for the reason that the

Apr 20,2018

ITAT: Deletes unaccounted cash sale receipts addition on a mining company

Bangalore ITAT deletes addition on account of unaccounted cash sale receipts (of over Rs. 40 cr.) and bogus expenses for AYs 2008-09 to 2011-12 in case of assessee-company (engaged in

Apr 20,2018

ITAT: Payments to US- entity for providing support services from outside India, not taxable

Mumbai ITAT deletes disallowance u/s 40(a)(i), rules that TDS u/s. 195 not applicable  on payments made by assessee-company to a US based concern for provision of support services, rendered from

Apr 20,2018

ITAT: Sec. 14A applicability doesn’t hinge on actual dividend earning; Upholds revision u/s. 263

Amritsar ITAT upholds Pr. CIT’s invocation of revisionary jurisdiction u/s. 263 for 2012-13, in absence of inquiry by AO on Sec. 14A issue as well as his non-observance of CBDT Circular 5/2014 (wherein

Apr 20,2018

ITAT: Job work income qualifies for Sec. 80-IC deduction, follows co-ordinate bench

Delhi ITAT allows Sec. 80IC deduction to assessee-company (engaged in manufacturing of precision turned parts /gears and also doing job work for the same) in respect of the job work

Apr 17,2018

ITAT: Upholds reassessment, disallows purchases considering Sales-tax Dept information about assessee's Hawala transactions

Mumbai ITAT upholds re-assessment on assessee (an iron and steel trader) for AY 2009-10 based on tangible information received from the Sales tax investigation wing, however restricts bogus purchases disallowance

Apr 17,2018

ITAT: Benefit match proceeds for cricketer’s retirement, a capital receipt; Rejects taxability plea

Mumbai ITAT deletes addition towards proceeds of benefit match in the hands of former cricketer Mr Sameer Dighe (assessee), holds that sum received is in the nature of capital receipt;

Apr 16,2018

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