ITAT: Upholds addition of bogus F&O losses for Client Code Modifications misuse

Mumbai ITAT confirms addition of fictitious F&O losses being inflicted by mis-use of Client Code Modifications [CCM], also confirms addition in respect of commission to the tune of 1% of

Jun 19,2019

ITAT: Upholds LTCG-addition on NDTV Promoters for realizing sale consideration in guise of loans

Delhi ITAT rules in Revenue's favour for AYs 2009-10 & 2010-11 with respect to transactions of purchase and sale of shares of NDTV Limited by assessees [Radhika Roy & Prannoy

Jun 18,2019

ITAT: TDS applicable only on 'service charges' portion of port handling payments to agent

Hyderabad ITAT restricts Sec. 40(a)(ia) disallowance only to the TDS default on 'service charge' portion of port handling payments made by assessee [a JV company engaged in civil construction] to

Jun 17,2019

ITAT: No time-limit in Sec. 54 on purchase of land-plot for house construction

Delhi ITAT grants Sec.54 exemption to assessee-individual for AY 2015-16 for investing the Long Term Capital Gains [LTCG] in a plot of land, though construction of residential house on such

Jun 14,2019

ITAT: Confirms penalty for failure to disclose 'interest on refunds'; Non-reflection in Form 26AS irrelevant

Amritsar ITAT confirms penalty u/s.271(1)(c) towards non-disclosure of interest received on income-tax refunds, rejects assessee's bona fide belief claim; Accepts Revenue's reliance upon refund advices of IT Department reflecting interest

Jun 14,2019

ITAT: Referral fees paid to US concern, not taxable under Act or DTAA

Mumbai ITAT rules that referral fees paid to US concern by assessee [an Indian co. engaged in international real estate advisory and property management services] during AY 2012-13, neither FTS

Jun 13,2019

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

Kolkata ITAT directs AO to recompute Sec. 56(2)(viib) addition by taking the of valuation of assessee's unquoted equity shares at Rs. 98.61 after necessary verification for AY 2013-14; Notes that

Jun 13,2019

ITAT: Quashes AO's 'FTS / royalty' characterization of Dutch Co.'s income; Cites variance with APA

Mumbai ITAT rules that Executive Search Fees [ESF] received by a Dutch Co.[assessee] from its wholly owned Indian subsidiary [SS India] during AY 2014-15, is not taxable as Fees for

Jun 13,2019

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

Delhi ITAT quashes CIT's Sec. 263 order in case of NASSCOM [assessee] for violation of principles of natural justice applying SC ruling in Amitabh Bachchan; CIT had invoked revisionary power

Jun 13,2019

ITAT: Rendering management advisory services, not FTS under Singapore DTAA

Mumbai ITAT rules that management fee received by the assessee, a Singapore company, from its Indian group company for rendering advisory services in the field of management, sales, marketing, finance

Jun 13,2019