ITAT: Upholds disallowance u/s 36(1)(iii) for interest-free loans advanced from partner's capital; Sec.40(b) inapplicable

Jaipur ITAT upholds proportionate interest disallowance u/s 36(1)(iii) for interest-free advances made by assessee (a partnership firm) to various parties out of interest bearing funds (including partner's capital) during AY

Oct 23,2019

ITAT: Grants relief to Vedanta; Deletes over Rs. 250 cr. addition for copper purchase provisioning

Delhi ITAT deletes disallowance for Rs. 259 cr. copper concentrate purchase provision made by Vedanta Ltd. [assessee] during AY 2010-11, holds that  “The provisioning made by the assessee is based

Oct 22,2019

ITAT: Rejects 'force of attraction' invocation; Accepts FTS taxability at concessional rate

Delhi ITAT rules that assessee's [a German company] PE (vide project office in India) did not contribute in any manner “to the execution…or earning of FTS” under any other contracts/projects

Oct 18,2019

ITAT: Rejects taxability u/s 56 for pre-production interest income earned by Adani Group entity

Ahmedabad ITAT holds that interest income earned by assessee (Adani Mining Pvt Ltd) during AY 2011-12 from security deposit provided in relation to a mining project, is inextricably linked to

Oct 18,2019

ITAT: Deletes Sec 68 addition towards "large share premium" receipts, 'nature & source' established

Delhi ITAT deletes share premium addition u/s 68 for assessee-company (engaged in manufacture of PU foam) for AY 2015-16, holds that the primary onus to prove the nature and source

Oct 18,2019

ITAT: Upholds Sec. 40(ba) disallowance for JV's management fees payment to member

Mumbai ITAT upholds Sec. 40(ba) disallowance for payments [technical / commercial management fees, consortium leadership fees, construction management fees etc.] made by assessee-JV to its German based JV partner for

Oct 17,2019

ITAT: Condones appeal filing delay, cites assessee's financial crisis for belated Self Assessment Tax Payment

Ahmedabad ITAT sets- aside CIT(A)'s order dismissing assessee's belated appeal  for AY 2012-13 condones appeal filing delay; Holds that “once during the pendency of appeal, the assessee has discharged the

Oct 17,2019

ITAT: DLF's overseas consultancy payments, aircraft hiring charges not liable for Sec. 195 TDS

Delhi ITAT dismisses Revenue's appeal, holds no TDS liability on DLF Limited (assessee) for various payments made overseas during AY 2007-08; First, w.r.t TDS applicability on hiring of aircraft, ITAT

Oct 17,2019

ITAT: Jurisdictional-HC decisions binding over internal CBDT guideline; Dismisses appeal on low tax effect

Chandigarh ITAT dismisses Revenue's appeal citing low tax effect as per CBDT circular 17/2019 in assessee's case for AY 2014-15; Revenue had contended that though the tax effect was less

Oct 17,2019

ITAT: Repayment of loan, taken for procuring asset, not 'application' for charitable purposes

Bangalore ITAT sets aside CIT(A) order allowing assessee's claim of repayment of loan as application of income u/s 11 for AY's 2008-09 to AY 2010-11, distinguishes jurisdictional HC decision in

Oct 16,2019