Weekly DT Digest

HC: Section 153C 2015-amendment, prospective; Quashes search assessment proceedings

Gujarat HC rules that the 2015 amendment to Sec. 153C is prospective and not retrospective, quashes proceedings u/s.

Jun 14,2019

HC: Legal representative's non-intimation regarding assessee's death, cannot invalidate AO's assessment orders

Madras HC dismisses petitioner's(the legal representative, deceased assessee's son) appeal for AY's 1995-96 and 1996-97, upholds ITAT order

Jun 14,2019

ITAT: Referral fees paid to US concern, not taxable under Act or DTAA

Mumbai ITAT rules that referral fees paid to US concern by assessee [an Indian co. engaged in international

Jun 13,2019

ITAT: No provision in IT-Act to round-off share valuation to next rupee u/s Sec 56(2)(viib)

Kolkata ITAT directs AO to recompute Sec. 56(2)(viib) addition by taking the of valuation of assessee's unquoted equity

Jun 13,2019

HC: TDS not applicable on service-tax component of insurance commission payment to agents

Bombay HC dismisses Revenue's ground, confirms ITAT-order holding that tax is deductible from payment of net insurance commission

Jun 13,2019

ITAT: Quashes revision order u/s. 263 for violation of natural justice principles

Delhi ITAT quashes CIT's Sec. 263 order in case of NASSCOM [assessee] for violation of principles of natural

Jun 13,2019

ITAT: Rendering management advisory services, not FTS under Singapore DTAA

Mumbai ITAT rules that management fee received by the assessee, a Singapore company, from its Indian group company

Jun 13,2019

ITAT: Directs AO to allocate expenses to incomes on which STT rebate u/s 88E is denied

Delhi ITAT upholds lower authorities order restricting the rebate u/s. 88E to income chargeable under the head “Profits

Jun 13,2019

ITAT: Sec.43A not triggered on forex utilization towards assets purchased in India

Pune ITAT rules in favour of assessee co. [engaged in Engineering Consultancy Services] for AYs 2012-13 & 2013-14,

Jun 13,2019

ITAT: Allows business loss set-off, though not claimed in return; Cites 'supervening impossibility'

Pune ITAT allows assessee's belated claim of set-off of brought forward business loss from earlier AY by way

Jun 12,2019