Weekly DT Digest

ITAT: Interest earned on FD's pledged for promoting business of group-companies, assessable as Business Income

Delhi ITAT allows assessee-company's claim of treating interest earned on fixed deposits (FD's) as 'business income' and not

Nov 16,2018

ITAT: Deletes addition of notional interest under book profits, quashes order u/s 263

Mumbai ITAT quashes CIT's revisionary order u/s 263, deletes addition of notional interest made by CIT in the

Nov 16,2018

ITAT: Reckons ESOP holding period from grant date where shares bought back without exercise

Bangalore ITAT accepts assessee-employee's computation of period of holding of ESOPs bought back by employer from the date

Nov 06,2018

ITAT: Denies deduction u/s 54 on advance given for flat, absent building plan approval

Jaipur ITAT denies deduction u/s 54 to assessee for advance given for purchase of flat as the approvals

Nov 06,2018

HC: Single solitary sale transaction sans dominant intention of profit, not 'adventure in nature of trade'

Kerala HC dismisses Revenue's appeal against ITAT order holding that a single solitary sale transaction of sale of

Nov 06,2018

ITAT: Mere investments in 'penny stocks' cannot result in LTCG exemption denial

Chennai ITAT sets aside AO's order rejecting assessee-individual's claim of long term capital gains ('LTCG') exemption upon sale

Nov 06,2018

ITAT: Holds receipts/awards by cricketer as exempt under CBDT Circular; Follows precedents

Pune ITAT deletes addition of one time receipt (OTB) /award received by the assessee (former cricketer) from BCCI

Nov 02,2018

ITAT: Allows deduction for municipal taxes pertaining to years when assessee was not owner

Bangalore ITAT allows deduction of payment of municipality taxes made by assessee-company during AY 2015-16 while calculating Annual

Nov 02,2018

ITAT: No concealment penalty regarding capital gains on switch from one MF to another

Kolkatta ITAT deletes penalty u/s 271(1)(c) for capital gains not disclosed by assessee on switch over of investment

Nov 02,2018

ITAT: Allows assessee's exemption u/s 54F on capital gains arising from sale of depreciable asset

Ahmedadbad ITAT deletes disallowance of exemption u/s 54F on individual assessee, rules that capital gain earned by the

Oct 26,2018