Weekly DT Digest

ITAT: Denies LTCG exemption on shares-sale; Cites assessee's failure to prove transaction genuineness

Delhi ITAT confirms the disallowance of capital gains on sale of shares claimed as exempt u/s 10(38) by

Sep 13,2019

HC: Declarations under IDS void sans complete and truthful disclosure

Delhi HC dismisses writ petitions filed against order holding declarations made under IDS scheme as 'void'; Assessee-petitioner availing

Sep 13,2019

ITAT: Order passed in contravention of subsequently clarified legal position, rectifiable u/s. 154

Mumbai ITAT holds order passed in contravention of subsequently clarified legal position as 'mistake apparent from records' which

Sep 12,2019

ITAT: Quashes Sec.263-order in case of builder subjected to limited scrutiny on AIR basis

Mumbai ITAT quashes Pr.CIT's order passed u/s. 263 in case of assessee-builder selected for limited scrutiny as per

Sep 12,2019

ITAT: Commercial space let out in mall constitutes business income, not house property

Ahmedabad ITAT rules income generated from leasing mall premises om the hands of the assessee (engaged in leasing

Sep 11,2019

ITAT: Disallows STCL towards forfeiture of share warrants in the hands of finance-company

Chennai ITAT rules in favour of Revenue for AY 2013-14, disallows short term capital loss[STCL] incurred by assessee-company[engaged

Sep 11,2019

ITAT: Deletes penalty on failure to get the books audited, cities ICAI guidelines

Chennai ITAT deletes penalty levy on assessee-individual for failure to get the books of accounts audited for AY

Sep 11,2019

HC: Quashes re-opening notice issued on Marico, based on 'mere change of opinion'

Bombay HC quashes reopening notice issued by AO [within a period of 4 years] u/s. 148 on Marico

Sep 06,2019

ITAT: Rejects stamp-value based taxation u/s. 43CA pre-April'14 in the hands of builder

Mumbai ITAT find force in assessee-company's argument[engaged in the business of land development and real estate] contending that

Sep 06,2019

ITAT: Deletes fees levied u/s. 234E; Follows Fatheraj Singhvi ruling

Delhi ITAT holds that “no fee was leviable to the assessee u/ s 234E in violation of section

Sep 06,2019

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