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Income tax Appellate Tribunal

ITAT: ITAT: TDS on FCCB premium borne by Assessee & capitalised, eligible for depreciation

Nov 02, 2022
  • In Favour of Assessee
  • Citation Number : TS-839-ITAT-2022(Mum)
  • Tax Payer : Man Industries (India) Limited
Income tax Appellate Tribunal

ITAT: Addition basis French Govt.'s Base Note unsustainable qua NR's Swiss Bank A/c

Nov 02, 2022
  • In Favour of Assessee
  • Citation Number : TS-844-ITAT-2022(Mum)
  • Tax Payer : Manish Vjay Mehta
Income tax Appellate Tribunal

ITAT: Absent incriminating material, deletes Rs.110 Cr. addition of share subscription received from Mauritian Cos.

Nov 02, 2022
  • In Favour of Assessee
  • Citation Number : TS-842-ITAT-2022(Mum)
  • Tax Payer : Luxora Infrastructure Pvt Ltd
High Court

HC: Non-issuance of SCN/draft order, procedural irregularity, not fatal to assessment

Nov 01, 2022
  • In Favour of Revenue
  • Citation Number : TS-841-HC-2022(MAD)
  • Tax Payer : P.T.Lee Chengalvaraya Naicker Trust
Income tax Appellate Tribunal

ITAT: Rules on applicability of conflicting non-jurisdictional HC rulings over Sec.144C effective date

Nov 01, 2022
  • In Favour of Revenue
  • Citation Number : TS-840-ITAT-2022(Mum)
  • Tax Payer : Wockhardt Limited
Income tax Appellate Tribunal

ITAT: Business profits embedded in reinsurance premium not taxable, absent Fixed Place PE

Oct 31, 2022
  • In Favour of Assessee
  • Citation Number : TS-838-ITAT-2022(Mum)
  • Tax Payer : RGA International Reinsurance Company Limited
High Court

HC: Lifts Educational Institutions' 'corporate veil' over 'involuntary' capitation fee; Orders Sec.12A registration cancellation

Oct 31, 2022
  • In Favour of Revenue
  • Citation Number : TS-837-HC-2022(MAD)
  • Tax Payer : MAC Public Charitable Trust
High Court

HC: Directs PCIT to hear stay application against Rs.239 Cr demand on 'financial stringency' plea

Oct 31, 2022
  • In Favour of Assessee
  • Citation Number : TS-835-HC-2022(BOM)
  • Tax Payer : Tungabhadra Minerals Private Limited
Supreme Court

SC: Dismisses Revenue’s SLP over TDS applicability on NCD, FDR below Rs.5,000/-

Oct 31, 2022
  • In Favour of Assessee
  • Citation Number : TS-834-SC-2022
  • Tax Payer : Jai Prakash Associates Ltd
Income tax Appellate Tribunal

ITAT: Brought forward losses not adjustable against 'exempt' capital gains; Follows Goldman Sachs ruling

Oct 29, 2022
  • In Favour of Assessee
  • Citation Number : TS-832-ITAT-2022(Mum)
  • Tax Payer : Swiss Finance Corporation (Mauritius), Ltd
Income tax Appellate Tribunal

ITAT: Havells' purchases of Rs.40 Lacs vis-a-vis Rs.1000 Cr. turnover, not bogus, absent cogent reasons

Oct 29, 2022
  • In Favour of Assessee
  • Citation Number : TS-825-ITAT-2022(DEL)
  • Tax Payer : Havells India Limited
Income tax Appellate Tribunal

ITAT: Sec.10(23C)(vi)/11 claim, a debatable issue, not adjustable while processing ITR

Oct 29, 2022
  • In Favour of Assessee
  • Citation Number : TS-829-ITAT-2022(Bang)
  • Tax Payer : Rajiv Gandhi University of Health Sciences
Income tax Appellate Tribunal

ITAT: Sec.115BBC not at par with Sec.68, inapplicable where donors' identity disclosed

Oct 29, 2022
  • In Favour of Assessee
  • Citation Number : TS-833-ITAT-2022(DEL)
  • Tax Payer : Gian Sagar Educational & Charitable Trust
High Court

HC: Upholds Daikin's eligibility for depreciation on exclusive business rights booked as goodwill

Oct 28, 2022
  • In Favour of Assessee
  • Citation Number : TS-831-HC-2022(DEL)
  • Tax Payer : Daikin Shri Ram Aircon Pvt Ltd
Income tax Appellate Tribunal

ITAT: ESOP cross-charges paid to foreign-parent, allowable expenditure; Rejects Sec.195 TDS plea

Oct 28, 2022
  • In Favour of Assessee
  • Citation Number : TS-830-ITAT-2022(Bang)
  • Tax Payer : Hewlett Packard (India) Software Operation Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Holds Firm taxable for on-money, basis Managing Partner's admission; Rejects double-taxation plea

Oct 28, 2022
  • In Favour of Revenue
  • Citation Number : TS-826-ITAT-2022(HYD)
  • Tax Payer : Western Constructions
Income tax Appellate Tribunal

ITAT: Underscores legal lacuna, suggests tax-recovery from ARCs/Banks on sale of securitised assets

Oct 28, 2022
  • In Favour of None/NA
  • Citation Number : TS-827-ITAT-2022(Mum)
  • Tax Payer : Abbasbhai A. Upletawala
Income tax Appellate Tribunal

ITAT: Barclays' IDR income exempt under India-Mauritius DTAA; Follows Morgan Stanley ruling

Oct 22, 2022
  • In Favour of Assessee
  • Citation Number : TS-816-ITAT-2022(Mum)
  • Tax Payer : Barclays Capital Mauritius Limited
Income tax Appellate Tribunal

ITAT: Directs Revenue to accept cost of ESOP shares as per Sec.49(2AA), if TRC found in order

Oct 22, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-817-ITAT-2022(Bang)
  • Tax Payer : Biplab Adhya
Income tax Appellate Tribunal

ITAT: Deletes Sec.271AAB penalty basis documents failing to establish connection with Assessee’s business

Oct 22, 2022
  • In Favour of Both, Partially
  • Citation Number : TS-818-ITAT-2022(JPR)
  • Tax Payer : Mangi Lal Kandoi