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

Jaipur ITAT deletes penalty u/s 271B, accepts delay in statutory audit and frequent change of MD as a 'reasonable cause' for delay in getting accounts audited u/s 44AB for AY

May 17,2019

ITAT: Dismisses Revenue's miscellaneous application against MA order of ITAT absent enabling provision

Pune ITAT dismisses Revenue's Miscellaneous Application (MA) against MA order of ITAT holding there is no provision in the Act to allow filing of MA against an order passed by

May 17,2019

ITAT: Denies Registration u/s. 12AA to franchisee trust of Zee Learn, holds activities as commercial

Chandigarh ITAT denies registration u/s.12AA to the assessee-trust (franchisee of Zee Learn) for AY 2017-18, holds trust's activities not to be of charitable nature; ITAT rejects assessee's contention that Trust

May 17,2019

ITAT: Date of issuing preference shares, relevant for NAV valuation for Sec. 56(2)(viib) purposes

Jaipur ITAT sets aside preference shares valuation for Sec.56(2)(viib) purposes to the file of AO, however, upholds invocation of Sec.56(2)(viib) for excess share premium received by assessee co. upon issue

May 16,2019

ITAT: Acknowledges technical snag in e-filing appeal; CIT(A) not justified in dismissing taxpayer's appeal

Ahmedabad ITAT restores assessee's appeal to the file of CIT(A) for adjudication on merits, holds CIT(A) not justified in dismissing the appeal for non-filing of appeal in electronic mode as

May 15,2019

ITAT: Directs strict scrutiny into 'brazen abuse of tax policy' regarding taxpayer's Sec. 80-IB claim

Amritsar ITAT sets-aside CIT(A)'s order for AY 2013-14 allowing deduction u/s.80-IB to assessee for its new unit, directs AO to examine if the new unit independently satisfied the conditions of

May 14,2019

ITAT: No bar under Act on following different accounting methods for different projects by builder

Ahmedabad ITAT holds that there is no bar on following different methods of accounting by the assessee-builder for different projects; The assessee was following percentage completion method for one project

May 14,2019

ITAT: Corpus fund & interest thereon, held by Builder as custodian, not taxable

Mumbai ITAT holds that interest on corpus fund cannot be taxed in the hands of assessee-builder for AY 2012-13, since the corpus fund itself cannot be considered as income of

May 13,2019

ITAT: Set-Top Boxes purchase, a 'CAPEX' for cable TV operator; Upholds AO's restricted 15% depreciation grant

Cochin ITAT rules that assessee's (a signals distribution and cable networking company) expenditure on purchase of Set Top Boxes (STB) is capital in nature for AY 2014-15, upholds AO's order

May 10,2019

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

Ranchi ITAT allows assessee-society's appeal for AY 2018-19, rules that CIT(E) was unjustified in denying grant of registration u/s. 12AA, merely because assessee is running a medical shop/Pharmacy inside the

May 10,2019