ITAT

ITAT: Rejects taxability u/s. 56(2)(vii)(c) for share allotment under 'rights issue' in family owned company

Visakhapatnam ITAT rejects taxability u/s. 56(2)(vii)(c) in the hands of assessee-individual for share allotment under 'rights issue' in a family owned company at less than fair market value during AY

Dec 17,2018

ITAT: TDS rate under Japan DTAA not to be topped with surcharge, education cess

Ahmedabad ITAT rules that assessee was liable to deduct the TDS without including the surcharge, education cess on royalty & brand usage fees payment to Panasonic Corporation Japan during AY

Dec 17,2018

ITAT: Sec 56(2)(vii) inapplicable to genuine business transaction; Deletes Rs. 300 Cr addition on rights issue

Mumbai ITAT deletes Rs 301.25 Cr addition u/s 56(2)(vii)(c) on assessee (an individual) in respect of rights issue of shares held in closely held company (in which assessee is a

Dec 14,2018

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 profits till the AY 2010-11 in which the net worth of company

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 HC ruling in Srei Infrastructure Finance Ltd.; Takes note of assessee’s contention that

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 income-tax purposes though they were accounted as deferred revenue expenses as per

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, 2010 as long-term capital gains (LTCG), states that since assessee had acquired

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 an intangible asset u/s 32(1)(ii) for AY 2013-14; Upholds view favorable to

Dec 14,2018

ITAT: Tax includes surcharge & education cess for purposes of calculating MAT credit

Mumbai ITAT rules on quantum of carried forward MAT credit, holds that tax includes surcharge and education cess for the purposes of computing the MAT credit for AY 2008-09, follows

Dec 13,2018

ITAT: Rules on deemed dividend taxability for Mauritian Co. ; ICD not 'loan or advance'

Mumbai ITAT rejects deemed dividend taxation u/s. 2(22)(e) in hands of assessee (a Mauritian Co.) with respect to the transaction relating to the Inter Corporate Deposits (ICDs) between its two

Dec 13,2018

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