Weekly DT Digest

ITAT: Sec. 2(22)(e) inapplicable where Sajid Nadiadwala's own funds routed through company for Bentley-purchase

Mumbai ITAT dismisses Revenue's appeal seeking treatment of assessee's purchase of car worth Rs. 2.30 Crore, utilizing funds

Jul 12,2019

SC: Dismisses SLP challenging 'Explanation 5A to Sec.271(1)(c)' in-applicability to 'other than searched person'

SC dismisses Revenue's SLP challenging Bombay HC order, however keeps the questions of law open; HC had deleted

Jul 12,2019

ITAT: No 'loss dis-allowance' based on presumption that assessee misused 'Client Code Modification' facility

Hyderabad ITAT deletes loss disallowance on account of Client Code modification [CCM] in case of Canara Securities (assessee,

Jul 12,2019

HC: Funds spent on interiors of leasehold premises - capital expenditure; Cites Explanation 1 to Sec. 32

HC allows Revenue's appeal, sets aside ITAT and CIT(A) orders and restores that of the AO in holding 

Jul 12,2019

ITAT: Funds contributed by society members for meeting own-expenses & interest thereon, non-taxable

Hyderabad ITAT holds that funds contributed by society members for meeting their own expenses and interest earned on

Jul 12,2019

ITAT: Allows taxpayer's Sec.-80IA deduction claim though audit-report filed during assessment proceedings

Chennai ITAT allows assessee's appeal, directs AO to accept the audit report and allow assessee's claim of deduction

Jul 12,2019

ITAT: Dismisses Revenue's low-tax effect appeal; DIT(Investigation) an 'internal source' not covered by exception

Mumbai ITAT dismisses Revenue's appeals owing to low tax effect, holds that as the additions made in assessee's

Jul 12,2019

HC: Deletes Sec.271(1)(c) penalty; No deliberate concealment by employee regarding SARs treatment

Madras HC dismisses Revenue's appeal for AY 2011-12, deletes Sec. 271(1)(c) penalty levy in the hands of assessee-individual

Jul 04,2019

ITAT: Upholds Sec.271B penalty levy for non-production of audit report by assessee-society

Cochin ITAT upholds levy of Sec.271B penalty on assessee-society, owing to non-production of audit report u/s. 44AB in

Jul 04,2019

HC: Directs ITAT to take requisite steps towards expeditious hearing of old appeals

Delhi HC rules that ITAT President/ Senior Vice-President should take appropriate steps and expedite hearing of appeals which

Jul 04,2019

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