Direct tax Weekly Digest

Weekly Digest #33 17 Aug to 23 Aug 2019 7 Rulings

Income tax Appellate Tribunal ITAT: Deletes addition of extrapolated income on Form 26AS basis, as TDS mismatch largely reconciled

Aug 21, 2019

In Favour of : Assessee
Citation Number : TS-481-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Deletes undisclosed income addition for Salman Khan; Katrina Kaif comes to the rescue

Aug 23, 2019

In Favour of : Assessee
Citation Number : TS-485-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Grants MAT deduction to Sick co. for 'negative net-worth' period, cites free-reserves definition under SICA

Aug 23, 2019

In Favour of : Assessee
Citation Number : TS-491-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Rent waiver to loss-making subsidiary, no estoppel for taxation in assessee-landlord's hands

Aug 23, 2019

In Favour of : Assessee
Citation Number : TS-495-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Sustains 100 addition considering Sales-tax Dept.'s information about assessee's Hawala purchases

Aug 23, 2019

In Favour of : Assessee
Citation Number : TS-496-ITAT-2019(Mum)

High Court HC:Dismisses Revenue's appeals involving low tax effect, applies CBDT's recent circular

Aug 23, 2019

In Favour of : Both, Partially
Citation Number : TS-497-HC-2019(P & H)

Income tax Appellate Tribunal ITAT:Immovable property sale to 'relative' at less than market-value, not 'gift'; Upholds capital-gains taxability

Aug 23, 2019

In Favour of : Revenue
Citation Number : TS-490-ITAT-2019(Mum)

Weekly Digest #32 10 Aug to 16 Aug 2019 5 Rulings

Income tax Appellate Tribunal ITAT:Deletes addition based on stock statement submitted to bank; Distinguishes Jurisdictional HC ruling

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-471-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Prize received by Taxpayer in the form of gold”, not lottery” pre-April 2002 amendment

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-474-ITAT-2019(COCH)

High Court HC: Sets-aside AO's order levying tax on compensation interest received by Petitioner owing to motor accident

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-475-HC-2019(BOM)

Supreme Court SC:Dismisses SLP against HC-order quashing re-assessment on Bharti Infratel

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-472-SC-2019

High Court HC:Waives Sec. 234C interest; Resulting co. can't anticipate 'advance-tax' liability pending demerger scheme approval

Aug 16, 2019

In Favour of : Assessee
Citation Number : TS-473-HC-2019(BOM)

Weekly Digest #31 03 Aug to 09 Aug 2019 4 Rulings

Income tax Appellate Tribunal ITAT:Air-India's fine payments to immigration authorities, incidental to airline business; Allows deduction

Aug 09, 2019

In Favour of : Assessee
Citation Number : TS-460-ITAT-2019(Mum)

Supreme Court SC:Dismisses Revenue's SLP against HC-order quashing re-assessment notice issued on asset-reconstruction company

Aug 09, 2019

In Favour of : Assessee
Citation Number : TS-461-SC-2019

High Court HC:Directs issue of refund to foreign-assessee in expedite manner

Aug 09, 2019

In Favour of : Assessee
Citation Number : TS-459-HC-2019(KAR)

Income tax Appellate Tribunal ITAT:Deletes penalty on exempt interest on NRE-account despite no quantum appeal filed

Aug 09, 2019

In Favour of : Assessee
Citation Number : TS-457-ITAT-2019(Mum)

Weekly Digest #30 26 Jul to 02 Aug 2019 2 Rulings

High Court HC:Dismisses Revenue's appeal; Cricket Club's stadium renovation/interiors expenditure revenue in nature

Aug 02, 2019

In Favour of : Assessee
Citation Number : TS-444-HC-2019(BOM)

High Court HC:Quashes provisional attachment u/s. 281B of petitioner's bank accounts and other assets

Aug 02, 2019

In Favour of : Assessee
Citation Number : TS-446-HC-2019(DEL)

Weekly Digest #29 20 Jul to 25 Jul 2019 5 Rulings

High Court HC:Quashes property attachment, citing expiry of limitation period under Rule 68B(1)

Jul 25, 2019

In Favour of : Assessee
Citation Number : TS-425-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:Allows FMV substitution benefit for '90-years leasehold rights' acquired pre-1981

Jul 25, 2019

In Favour of : Assessee
Citation Number : TS-426-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Builder's 'approval fee' provisioning hit by Sec. 43B disallowance

Jul 25, 2019

In Favour of : Revenue
Citation Number : TS-427-ITAT-2019(Bang)

Income tax Appellate Tribunal ITAT:Vacates Sec.263 order; Allows Sec.80IB(11A) deduction though process carried out by different units

Jul 26, 2019

In Favour of : Assessee
Citation Number : TS-432-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Allows Sec.80IA(4) benefit to JV-constituent for infra projects executed through Consortium

Jul 26, 2019

In Favour of : Assessee
Citation Number : TS-431-ITAT-2019(VIZ)

Weekly Digest #28 13 Jul to 19 Jul 2019 10 Rulings

Income tax Appellate Tribunal ITAT:Quashes sec.263 order; Enhanced consideration on delayed sale-transaction, 'sale consideration' not 'interest'

Jul 17, 2019

In Favour of : Assessee
Citation Number : TS-403-ITAT-2019(HYD)

Income tax Appellate Tribunal ITAT:Retains final decision on business 'set-up' though rectifies other mistakes u/s. 254(2)

Jul 18, 2019

In Favour of : Both, Partially
Citation Number : TS-409-ITAT-2019(Mum)

High Court HC:Rejects tax-relief plea pursuant to BIFR-scheme, absent Revenue's consent u/s.19 of SICA

Jul 17, 2019

In Favour of : Revenue
Citation Number : TS-404-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:Sets-aside CIT(A) order, absent failure to adjudicate on 'jurisdictional grounds' raised by Taxpayer

Jul 19, 2019

In Favour of : Assessee
Citation Number : TS-411-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Denies LTCG exemption u/s. 10(38) on penny stock sale, treats it a sham-transaction

Jul 19, 2019

In Favour of : Revenue
Citation Number : TS-412-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Disallows expenditure provisioning claim, cites no corresponding revenue booked for assessee's pipeline project

Jul 19, 2019

In Favour of : Revenue
Citation Number : TS-413-ITAT-2019(DEL)

High Court HC:Sec. 24 of Benami Law on property attachment notice, not parimateria with Sec. 147 of IT Act

Jul 19, 2019

In Favour of : Revenue
Citation Number : TS-414-HC-2019(GUJ)

Supreme Court SC:Dismisses Revenue's SLP against HC-order quashing re-assessment on Punjab & Sind Bank

Jul 19, 2019

In Favour of : Assessee
Citation Number : TS-415-SC-2019

Income tax Appellate Tribunal ITAT:Allows Sec.54 benefit against LTCG arising on residential property transfer under Collaboration Agreement

Jul 19, 2019

In Favour of : Assessee
Citation Number : TS-416-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Bank interest, not taxable in hands of assessee-society on mutuality principles

Jul 19, 2019

In Favour of : Assessee
Citation Number : TS-780-ITAT-2018(DEL)

Weekly Digest #27 05 Jul to 12 Jul 2019 7 Rulings

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

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-392-ITAT-2019(Mum)

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

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-390-ITAT-2019(CHNY)

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

Jul 10, 2019

In Favour of : Assessee
Citation Number : TS-387-ITAT-2019(HYD)

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

Jul 12, 2019

In Favour of : Revenue
Citation Number : TS-394-HC-2019(MAD)

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

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-391-ITAT-2019(HYD)

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

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-396-SC-2019

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

Jul 12, 2019

In Favour of : Assessee
Citation Number : TS-393-ITAT-2019(Mum)

Weekly Digest #26 29 Jun to 04 Jul 2019 3 Rulings

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

Jul 02, 2019

In Favour of : Both, Partially
Citation Number : TS-374-HC-2019(DEL)

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

Jul 03, 2019

In Favour of : Revenue
Citation Number : TS-376-ITAT-2019(COCH)

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

Jul 02, 2019

In Favour of : Assessee
Citation Number : TS-373-HC-2019(MAD)

Weekly Digest #25 22 Jun to 28 Jun 2019 5 Rulings

High Court HC:Quashes re-opening on Infosys based on subsequent year's assessment

Jun 27, 2019

In Favour of : Assessee
Citation Number : TS-362-HC-2019(KAR)

Income tax Appellate Tribunal ITAT:Holds CIT has no revisionary jurisdiction u/s 263 when AO's assessment order void

Jun 28, 2019

In Favour of : Assessee
Citation Number : TS-363-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:Allows depreciation u/s. 32 on 'customer contracts'; Applies ejusdem generis

Jun 28, 2019

In Favour of : Assessee
Citation Number : TS-365-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Dismisses Revenue's appeal; Sec.41(1) inapplicable to insecured-loan waiver absent deduction in past

Jun 28, 2019

In Favour of : Assessee
Citation Number : TS-366-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Allows assessee's 60 depreciation claim on ATM machines ; Follows Kolkata ITAT ruling

Jun 28, 2019

In Favour of : Assessee
Citation Number : TS-368-ITAT-2019(CHNY)

Weekly Digest #24 15 Jun to 21 Jun 2019 5 Rulings

Income tax Appellate Tribunal ITAT:Revaluation reserve not to be deducted while calculating share FMV as per Rule 11UA(2)

Jun 21, 2019

In Favour of : Assessee
Citation Number : TS-348-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Capital-gains not taxable in director's hands, when property beneficially owned by company

Jun 21, 2019

In Favour of : Assessee
Citation Number : TS-349-ITAT-2019(JPR)

Income tax Appellate Tribunal ITAT:Religious trust eligible for Sec 11 exemption despite belated tax-return filing; Follows SC-ruling

Jun 21, 2019

In Favour of : Assessee
Citation Number : TS-350-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Allows depreciation on assets vested upon assessee vide transfer, though not physically verifiable

Jun 21, 2019

In Favour of : Assessee
Citation Number : TS-351-ITAT-2019(JPR)

Income tax Appellate Tribunal ITAT:Denies Sec.12AA registration to assessee-society; Holds 'playschool' not an integral part of education

Jun 21, 2019

In Favour of : Revenue
Citation Number : TS-352-ITAT-2019(ASR)

Weekly Digest #23 08 Jun to 14 Jun 2019 12 Rulings

Income tax Appellate Tribunal ITAT:Upholds Sec. 68 addition for share premium received in cash, relies on SC NRA Iron judgment

Jun 11, 2019

In Favour of : Revenue
Citation Number : TS-325-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Allows taxpayer's LTCG claim on 'penny stock' sale, grants exemption u/s. 10(38)

Jun 11, 2019

In Favour of : Assessee
Citation Number : TS-326-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Allows business loss set-off, though not claimed in return; Cites 'supervening impossibility'

Jun 11, 2019

In Favour of : Assessee
Citation Number : TS-327-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:Sec.43A not triggered on forex utilization towards assets purchased in India

Jun 13, 2019

In Favour of : Assessee
Citation Number : TS-329-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:Directs AO to allocate expenses to incomes on which STT rebate u/s 88E is denied

Jun 13, 2019

In Favour of : Both, Partially
Citation Number : TS-330-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Rendering management advisory services, not FTS under Singapore DTAA

Jun 13, 2019

In Favour of : Assessee
Citation Number : TS-331-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Quashes revision order u/s. 263 for violation of natural justice principles

Jun 13, 2019

In Favour of : Assessee
Citation Number : TS-332-ITAT-2019(DEL)

High Court HC:TDS not applicable on service-tax component of insurance commission payment to agents

Jun 13, 2019

In Favour of : Assessee
Citation Number : TS-334-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:No provision in IT-Act to round-off share valuation to next rupee u/s Sec 56(2)(viib)

Jun 13, 2019

In Favour of : Revenue
Citation Number : TS-335-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Referral fees paid to US concern, not taxable under Act or DTAA

Jun 13, 2019

In Favour of : Both, Partially
Citation Number : TS-336-ITAT-2019(Mum)

High Court HC:Legal representative's non-intimation regarding assessee's death, cannot invalidate AO's assessment orders

Jun 14, 2019

In Favour of : Revenue
Citation Number : TS-338-HC-2019(MAD)

High Court HC:Section 153C 2015-amendment, prospective; Quashes search assessment proceedings

Jun 14, 2019

In Favour of : Assessee
Citation Number : TS-339-HC-2019(GUJ)

Weekly Digest #22 01 Jun to 07 Jun 2019 6 Rulings

Income tax Appellate Tribunal ITAT:Deletes Sec.68 addition towards share premium receipts; Distinguishes SC's NRA Iron Judgment

Jun 04, 2019

In Favour of : Assessee
Citation Number : TS-310-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Belated return filing not fatal to claim charity exemption u/s 11 till AY 2017-18

Jun 06, 2019

In Favour of : Assessee
Citation Number : TS-313-ITAT-2019(COCH)

Income tax Appellate Tribunal ITAT:Commission to own HUF by Karta, not covered by 'related party payments' for Sec. 40A(2) disallowance

Jun 06, 2019

In Favour of : Assessee
Citation Number : TS-314-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:Disallows Sec. 35(1)(ii) claim towards donation made to Arvindo Trust owing CBDT Directive

Jun 07, 2019

In Favour of : Revenue
Citation Number : TS-318-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Deletes bogus expenses disallowance; Mere wrong presentation in books irrelevant

Jun 07, 2019

In Favour of : Revenue
Citation Number : TS-320-ITAT-2019(Mum)

High Court HC:Restores back proceedings to AO to re-consider Taxpayer's defective return claims

Jun 07, 2019

In Favour of : Both, Partially
Citation Number : TS-322-HC-2019(KAR)

Weekly Digest #21 25 May to 31 May 2019 2 Rulings

Income tax Appellate Tribunal ITAT:Denies LTCG exemption u/s 10(38) on penny stock, holds it as 'undisclosed income'

May 31, 2019

In Favour of : Assessee
Citation Number : TS-306-ITAT-2019(CHNY)

High Court HC:Quashes re-assessment absent any failure of assessee to explain the loan amount appearing in balance-sheet

May 31, 2019

In Favour of : Revenue
Citation Number : TS-307-HC-2019(DEL)

Weekly Digest #20 18 May to 24 May 2019 5 Rulings

Income tax Appellate Tribunal ITAT:Holds taxpayer's property sale income as 'capital gains' not 'business'; Commercial investments, irrelevant

May 24, 2019

In Favour of : Assessee
Citation Number : TS-292-ITAT-2019(CHANDI)

Income tax Appellate Tribunal ITAT:Deletes notional rental addition on builders unsold flats; Adopts favorable Gujarat HC ruling

May 23, 2019

In Favour of : Assessee
Citation Number : TS-291-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Disallows amount paid to Mauritian company for raising funds for sister-concern u/s. 37(1)

May 24, 2019

In Favour of : Revenue
Citation Number : TS-293-ITAT-2019(Bang)

Income tax Appellate Tribunal ITAT:Disallows club membership fees paid for third person absent proof of business nexus

May 23, 2019

In Favour of : Revenue
Citation Number : TS-290-ITAT-2019(Mum)

High Court HC: Disallows interest u/s 36(1)(iii) for new unit; Rejects 'expansion' of existing business claim

May 24, 2019

In Favour of : Revenue
Citation Number : TS-295-HC-2019(MAD)

Weekly Digest #19 07 May to 17 May 2019 5 Rulings

Income tax Appellate Tribunal ITAT:No bar under Act on following different accounting methods for different projects by builder

May 14, 2019

In Favour of : Assessee
Citation Number : TS-271-ITAT-2019(Ahd)

High Court HC:Excludes time taken for pursuing remedy before HC from time-limit for passing Settlement Commission order

May 14, 2019

In Favour of : Assessee
Citation Number : TS-273-HC-2019(GUJ)

High Court HC:Grants Sec. 35(2AB) benefit considering approvals for prior and subsequent years

May 17, 2019

In Favour of : Assessee
Citation Number : TS-279-HC-2019(MAD)

Income tax Appellate Tribunal ITAT:Dismisses Revenue's miscellaneous application against MA order of ITAT absent enabling provision

May 17, 2019

In Favour of : Assessee
Citation Number : TS-280-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT: Change of MD and statutory-audit delay - 'reasonable cause' for delay in Sec.44AB audit

May 17, 2019

In Favour of : Assessee
Citation Number : TS-281-ITAT-2019(JPR)

Weekly Digest #18 04 May to 06 May 2019 10 Rulings

Income tax Appellate Tribunal ITAT:'Processing and raising' of Tea plantation, mandatory for Sec. 80IC deduction; Denies taxpayer's claim

Apr 30, 2019

In Favour of : Revenue
Citation Number : TS-237-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Holding period for shares allotted in BSE pursuant to demutualization would include membership-card holding period

May 06, 2019

In Favour of : Assessee
Citation Number : TS-251-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Land with structures used for manufacturing purposes, not exigible to Wealth Tax

May 09, 2019

In Favour of : Assessee
Citation Number : TS-258-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Allows deduction of 'provision of card receivable write-back' to NBFC for MAT purposes

May 08, 2019

In Favour of : Assessee
Citation Number : TS-256-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Consultancy services rendered for export outside India not taxable u/s 9(1)(vii)

May 10, 2019

In Favour of : Assessee
Citation Number : TS-268-ITAT-2019(Ahd)

Income tax Appellate Tribunal ITAT:AO cannot whimsically decline assessee's valuation-method, accepted in succeeding AY for Sec.56(2)(viib) purposes

May 10, 2019

In Favour of : Assessee
Citation Number : TS-262-ITAT-2019(ASR)

Income tax Appellate Tribunal ITAT:'Managerial services' not covered under FTS definition under India-Netherlands DTAA

May 10, 2019

In Favour of : Assessee
Citation Number : TS-266-ITAT-2019(Mum)

Supreme Court SC:Dismisses SLP against block assessment quashing for non-issuance of Sec.143(2) notice

May 10, 2019

In Favour of : Assessee
Citation Number : TS-267-SC-2019

Supreme Court SC:Sets aside HC order denying extension of time-limit for installment payment under IDS, 2016

May 10, 2019

In Favour of : Assessee
Citation Number : TS-264-SC-2019

Income tax Appellate Tribunal ITAT:Sec.12AA registration cannot be denied if books not-maintained regarding Pharmacy located inside Hospital

May 10, 2019

In Favour of : Assessee
Citation Number : TS-263-ITAT-2019(RAN)

Weekly Digest #17 28 Apr to 03 May 2019 10 Rulings

Income tax Appellate Tribunal ITAT:Advertisement expenditure not capital expenditure; Rejects Revenue's brand building plea

Apr 29, 2019

In Favour of : Assessee
Citation Number : TS-233-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:'Distance learning' covered under charitable activities u/s. 2(15) as formal education

Apr 26, 2019

In Favour of : Assessee
Citation Number : TS-226-ITAT-2019(ASR)

High Court HC:Allows Sec.54F benefit on transfer of residential unit in Co-operative Housing Society

Apr 30, 2019

In Favour of : Assessee
Citation Number : TS-235-HC-2019(BOM)

Income tax Appellate Tribunal ITAT:Disallows interest cost u/s 36(1)(iii) to builder, seeks claim as per percentage-completion method

May 02, 2019

In Favour of : Revenue
Citation Number : TS-239-ITAT-2019(JPR)

Income tax Appellate Tribunal ITAT:Allows excess remuneration paid to partners u/s.40(b) pursuant to 'unregistered' supplementary deed

May 02, 2019

In Favour of : Assessee
Citation Number : TS-241-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:Allows depreciation on customer relationship right treating as goodwill

May 03, 2019

In Favour of : Assessee
Citation Number : TS-245-ITAT-2019(Bang)

Income tax Appellate Tribunal ITAT:Upholds Sec.69A addition towards bogus LTCG; Taxpayer's documentation, a mere 'smoke screen'

May 03, 2019

In Favour of : Revenue
Citation Number : TS-244-ITAT-2019(DEL)

Income tax Appellate Tribunal ITAT:No TDS on subscription charges for the software under India-USA DTAA, deletes disallowance

May 03, 2019

In Favour of : Assessee
Citation Number : TS-246-ITAT-2019(Bang)

Supreme Court SC:Sets aside HC-order for failure to frame 'question of law'; Follows recent co-ordinate bench ruling

May 03, 2019

In Favour of : Both, Partially
Citation Number : TS-247-SC-2019

Income tax Appellate Tribunal ITAT:Mere common management does not disentitle new EOU from Sec.10B deduction

May 03, 2019

In Favour of : Assessee
Citation Number : TS-248-ITAT-2019(DEL)

Weekly Digest #16 19 Apr to 27 Apr 2019 5 Rulings

Income tax Appellate Tribunal ITAT:Allows amortization of cost of acquisition of film broadcasting rights over 5 years

Apr 26, 2019

In Favour of : Assessee
Citation Number : TS-224-ITAT-2019(CHNY)

Income tax Appellate Tribunal ITAT:Holds assessee's loss incurred on trading in agricultural based commodity derivatives, non-speculative

Apr 26, 2019

In Favour of : Assessee
Citation Number : TS-228-ITAT-2019(ASR)

Income tax Appellate Tribunal ITAT:Allows advance written-off on capital asset not acquired by assessee as business-loss

Apr 23, 2019

In Favour of : Assessee
Citation Number : TS-214-ITAT-2019(Kol)

Income tax Appellate Tribunal ITAT:Allows administrative expenditure even though no Ministry of I&B's approval received

Apr 26, 2019

In Favour of : Assessee
Citation Number : TS-225-ITAT-2019(HYD)

Supreme Court SC:Remands matter to ITAT for incorrect appreciation of CIT(A)'s finding

Apr 26, 2019

In Favour of : Assessee
Citation Number : TS-229-SC-2019

Weekly Digest #15 13 Apr to 18 Apr 2019 6 Rulings

Income tax Appellate Tribunal ITAT:No denial of housing project related deduction u/s. 80IB(10) for non-receipt of completion certificate

Apr 18, 2019

In Favour of : Assessee
Citation Number : TS-206-ITAT-2019(PUN)

Income tax Appellate Tribunal ITAT:Gives effect to Third Member order; Money distributed to retiring partner, not 'transfer'

Apr 18, 2019

In Favour of : Assessee
Citation Number : TS-207-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:DRP route inapplicable if no variation in returned income, tax-rate variation irrelevant

Apr 18, 2019

In Favour of : Assessee
Citation Number : TS-204-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Assessee-firm's unregistered, non-dated resolution regarding partner's remuneration for Sec. 40(b) purposes, an 'afterthought'

Apr 15, 2019

In Favour of : Revenue
Citation Number : TS-197-ITAT-2019(ASR)

Income tax Appellate Tribunal ITAT:Foreign LLP not eligible assessee” u/s 144C(15)(b); Quashes draft, final assessment orders

Apr 18, 2019

In Favour of : Assessee
Citation Number : TS-205-ITAT-2019(Mum)

Supreme Court SC:Sets aside HC order dismissing Revenue's appeal without framing substantial question of law

Apr 18, 2019

In Favour of : Assessee
Citation Number : TS-208-SC-2019

Weekly Digest #14 06 Apr to 12 Apr 2019 4 Rulings

Income tax Appellate Tribunal ITAT:Allows provision for future expenses, subsequent year reversals not bar

Apr 12, 2019

In Favour of : Assessee
Citation Number : TS-192-ITAT-2019(Mum)

Income tax Appellate Tribunal ITAT:Considers flats allotment-date over sale-agreement date for capital-gains

Apr 12, 2019

In Favour of : Assessee
Citation Number : TS-193-ITAT-2019(Mum)

High Court HC:Assessee-company gets sweet deal; Allows expenditure towards abandoned 'Mawa' project u/s 37(1)

Apr 12, 2019

In Favour of : Assessee
Citation Number : TS-195-HC-2019(BOM)

Supreme Court SC:Dismisses SLP; Sec. 194A TDS inapplicable on interest payment for delayed plot delivery

Apr 12, 2019

In Favour of : Both, Partially
Citation Number : TS-194-SC-2019