ITAT: Applying Rule 8D mandatory despite no expenditure incurred; Statutory presumption supersedes factual evidence

Chennai ITAT upholds Sec. 14A disallowance, rejects assessee-individual’s plea that since no investment yielding exempt income was made during relevant AY 2012-13, invocation of Rule 8D was not warranted as

Jun 27,2017

ITAT: Usage of borrowed funds for Trust’s objects doesn’t tantamount to income application u/s11

Bengaluru ITAT denies Sec. 11 exemption to assessee-trust (running educational institutions) with respect to acquisition of fixed assets, using borrowed funds for AY 2011-12; On noting that excess fund was

Jun 27,2017

ITAT: Holds land sale as capital gains, not business; 'Non-agricultural' conversion, borrowing irrelevant

Ahmedabad ITAT allows  assessee-individual’s claim of treating profit on sale on plot/land as ‘capital gains’, quashes Revenue’s action of assessing it as ‘business income’ for AY 2011-12; Notes that assessee sold

Jun 26,2017

ITAT: Bonus stripping u/s 94(8) not applicable on ‘share-sale’ transaction; Follows co-ordinate bench

Pune ITAT allows assessee’s claim of set-off of short term capital loss (STCL) from sale of HCL technologies Ltd.(HCL) shares against long term capital gain (LTCG) from sale of City

Jun 23,2017

ITAT: Liquidated damages, though received as part of land-sale consideration, assessable as ‘income from other sources’

Mumbai ITAT rules in favour of Revenue, holds that liquidated damages received by assessee as part of sale consideration (MOU) for land, due to failure on part of purchaser to

Jun 23,2017

ITAT: Upholds Sec. 271(1)(c) penalty, confirms income concealment based on AIR details

Chennai ITAT upholds concealment penalty u/s. 271(1)(c) incase of assessee-company for AY 2012-13 for concealing the particulars of capital gains income; Notes that assessee did not declare capital gains arising

Jun 23,2017

ITAT: Reverses earlier ruling, quashes Sec. 263 order citing AO's examination in MA proceedings

Mumbai ITAT reverses its earlier order pursuant to Miscellaneous Application (‘MA’) filed by assessee-company, quashes CIT’s invocation of revisionary jurisdiction u/s. 263 for AY 2008-09 with respect to provision for

Jun 23,2017

ITAT: No loss set-off denial for ‘belated’ e-return, when return also filed ‘manually’ within due-date

Mumbai ITAT allows assessee’s claim of carry forward and set-off of business losses and unabsorbed depreciations for AY 2011-12; During relevant AY, AO ignored the manual return filed by assessee

Jun 20,2017

ITAT: Upholds trusts's Sec 80G registration denial absent prior approval for overseas activities

Jaipur ITAT denies approval u/s 80G(5)(vi) to assessee-trust (registered u/s 12AA), absent approval of competent authority u/s. 11(1)(c) for carrying out activities outside India; Notes that assessee allotted certain funds for

Jun 19,2017

ITAT: Allows MTM losses deduction to Reliance Infra, applies Woodward Governor ratio

Mumbai ITAT allows deduction u/s. 37(1) to Reliance Infrastructure Ltd. with respect to mark to market loss (i.e unrealized loss) for AY 2010-11, rejects Revenue’s claim that it was a

Jun 16,2017