Weekly DT Digest

HC: Allows 'business loss' on transfer of subsidiary's shares applying commercial expediency principles 

HC allows loss on sale of shares in subsidiary as 'business loss', applying commercial expediency principles; Assessee (engaged in manufacturing

Dec 26,2014

HC: Castigates ITAT for dealing with SBI’s MA inappropriately, directs revival of appeal 

HC chides ITAT for not dealing with assessee’s (a public sector bank) Miscellaneous Application (MA) appropriately and for simply following

Dec 26,2014

ITAT: Allows expense deduction during business sale year absent recovery from purchaser 

ITAT directs AO to delete proportionate disallowance (1/5th of actual expenditure) made in respect of pay channel expenses incurred by

Dec 19,2014

ITAT: Deletes concealment penalty absent Sec 41(1) benefit on creditor's unilateral write-off 

ITAT upholds CIT(A)’s order deleting concealment penalty for AY 2006-07, holds assessee (a sick company) cannot be said to have

Dec 19,2014

HC: Upholds ITAT order deleting Sec 40A(3) addition; No requirement of single principal for agent 

HC upholds ITAT order deleting Sec 40A(3) addition for cash payments towards land purchases in certain villages in light of

Dec 19,2014

ITAT: Customs House Agent, mere intermediary, not liable to deduct tax on payments 

ITAT rules that freight, seal wire, warehouse charges paid by assessee (a customs house agent), on behalf of its clients

Dec 19,2014

ITAT: Exploration right granted by government constitutes “business commencement”, allows expense deduction 

ITAT allows deduction for depreciation and other operational expenses to assessee (engaged business of Exploration and Production of oil and

Dec 19,2014

HC: Single transaction carried from settlement to settlement sufficient to constitute speculative business 

HC confirms ITAT’s order, denies loss set-off to assessee arising from share transaction, being speculation loss; Assessee bought TISCO shares

Dec 12,2014

ITAT: Verbosity of object clause no reason to disentitle Sec 12AA registration 

ITAT sets aside DIT(Exemptions) order, directs grant of Sec 12AA registration to milk trust; Rejects DIT(E)’s characterization of trusts activities

Dec 12,2014

ITAT: Interest payment to nodal agency of Government not liable to TDS u/s 194A 

ITAT quashes AO's order holding assessee in default u/s 201(1)/(1A), interest paid to Karnataka Urban Industrial Development (KUIDFC) not liable

Dec 12,2014

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