Weekly DT Digest

ITAT: Nexus between funds arising from sale and funds utilised for acquisition, irrelevant; Grants Sec.54 exemption

Delhi ITAT grants exemption from capital gains u/s 54 to assessee-individual for AY 2012-13, rules that nexus between

Nov 15,2019

ITAT: Upholds CIT(A) order confirming penalty u/s. 271(1)(c) regarding cash gift received by assessee from sister

Mumbai ITAT upholds CIT(A) order confirming penalty levy u/s 271(1)(c) in the hands of assessee-individual for AY 2007-08

Nov 15,2019

ITAT: Dismisses Revenue's appeal against CIT(A)'s rectification order on non-adjudication of ground

Delhi ITAT dismisses Revenue's appeal challenging order dt 2/6/2016 passed by the CIT(A) rectifying the order for the

Nov 15,2019

ITAT: Brokerage on hedging transactions, part of speculative loss; Rejects business loss plea

Indore ITAT dismisses assessee-company's application for rectification of the tribunal's earlier order, treats brokerage charges paid by assessee

Nov 15,2019

ITAT: Allows deduction u/s.80P to Souharda Co-operative; Follows ruling of single-member over division-bench

Bangalore ITAT allows deduction u/s. 80P to assessee (a Souharda Co-operative), rejects CIT(A)'s view that assessee is not

Nov 14,2019

ITAT: Invokes rectification powers u/s.254(2) to restrict exorbitant cost imposed on assessee vis-à-vis tax liability

Bangalore ITAT partly allows assessee-firm's miscellaneous petitions to review its earlier order u/s. 254(2) for AY 2014-15, holds

Nov 14,2019

ITAT: Confirms part-disallowance of employment-benefit expenses for investment-company citing lack of commercial expediency

Kolkata ITAT confirms disallowance to the extent of 60% of employee benefit expenses for an investment-company earning income

Nov 14,2019

ITAT: Allows assessee's MP; Recalls ITAT-order to decide grounds not adjudicated earlier

Kolkata ITAT allows assessee's miscellaneous application, recalls Tribunal order for AYs 2011-12 & 2012-13; Tribunal had remitted TP-

Nov 12,2019

ITAT: Quashes re-assessment order passed by JCIT in capacity of AO absent separate order u/s. 120(4)(b)

Mumbai ITAT quashes re-assessment order passed by JCIT (exercising powers of AO) u/s. 143(3) r.w.s 147 for AY's

Nov 08,2019

ITAT: Restricts sale consideration at 30% of project construction cost, directs re-computation of capital-gains

Hyderabad ITAT holds the computation of capital gains in assessee-individual's case for AY 2008-09 to erroneous, remits matter

Nov 08,2019