ITAT

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

Mumbai ITAT upholds capital gains taxability on immovable property sale by assessee-individual to his relative at lower than market rate, further upholds application of Sec. 50C for capital gains calculation,

Aug 23,2019

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

Mumbai ITAT upholds AO's order for AY 2011-12, sustains additions to the tune of 100% of alleged bogus purchases on the grounds that assessee could not prove that material was

Aug 23,2019

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

Chennai ITAT upholds rental income taxability in the hands of assessee-landlord [a company] despite non-recovery of such rent from loss-making subsidiary during AY 2014-15; Assessee had let out industrial shed

Aug 23,2019

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

Mumbai ITAT dismisses Revenue's appeal for AY 2013-14, holds assessee (a BIFR Company) entitled to the deduction of profits made during the sick period relevant to AYs 2004-05, 2005-06 and

Aug 23,2019

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

Mumbai ITAT deletes undisclosed income addition in the hands of Salman Khan (assessee) for AY  2011-12, relies on co-ordinate bench ruling in Katrina Kaif wherein similar addition based on loose

Aug 23,2019

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

Mumbai ITAT deletes addition of extrapolated income on the basis of Form 26AS for AY 2011-12; AO extrapolated additional income in the hands of the assessee (engaged in business of

Aug 23,2019

ITAT: Forfeiture of application money on FCDs, not taxable u/s. 56(2)(ix)

Delhi ITAT deletes addition u/s. 56(2)(ix) during AY 2015-16 on account of the forfeiture of application money on fully convertible debentures [FCDs] floated by assessee co., holds that “the forfeiture

Aug 23,2019

ITAT: Assessee's mere claim as 'benamidar' of shares insufficient to deny LTCG, dividend taxability

Agra ITAT questions assessee's stand that it was a mere 'benami' owner of the shares of K S Oils Ltd. [i.e. alleged benami property], remands matter back to CIT(A) to

Aug 23,2019

ITAT: Allows loss suffered by Zoom TV on 'unsuccessful' overseas venture; Rejects 'capital loss' plea

Mumbai ITAT allows loss suffered by Zoom Ltd. [operating TV channel] on account of investment done in overseas subsidiary as 'business loss'; Notes that with a view to  acquire TV

Aug 22,2019

ITAT: Forex loss on business advance invested in mutual funds, not subject to disallowance u/s. 14A

Delhi ITAT holds that exchange fluctuation loss on business advance received by assessee co. though invested in mutual funds cannot be disallowed u/s. 14A absent proximate nexus between the advances

Aug 22,2019

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