ITAT

ITAT: Income of non-resident from production of TV signals for broadcasting in India taxable as FTS

Income of non-resident from Prasar Bharti for production of television signals for broadcasting of cricket matches in India, taxable as FTS on gross basis; Assessee did not have PE in

Oct 04,2011

ITAT: Promoter stake sale through IPO taxable as sale of unlisted shares

Share sale by promoter during IPO, based on provisional approval of BSE & NSE (before final listing approval), to be treated as sale of unlisted shares; 20% tax rate attracted

Oct 03,2011

ITAT: Reduction of Equity share capital not subject to Capital Gains provisions

Reduction of Equity share capital not subject to Capital Gains provisions; loss on reduction not allowable as capital loss: Mumbai ITAT Special Bench

Oct 03,2011

ITAT: Portfolio management services fees not deductible, KRA Holdings decision bad law

Portfolio management services fees not deductible; Pune ITAT decision in  KRA Holding & Trading not good law: 

Sep 30,2011

ITAT: Interest on refund from IT Dept fully taxable without reducing interest paid

Interest paid on delayed payment of income tax not allowable as deduction u/s 36(1)(iii) or 37(1); Interest paid cannot be set off against interest received on tax refund; Gross amount

Sep 29,2011

ITAT: Tribunal has power to 'strike down' rules/notifications', Sec 10(15)(iv)(f) exemption withdrawal arbitrary

ITAT strikes down Government Order withdrawing exemption to Reliance Industries u/s 10(15)(iv)(f), on ECB interest ; Tribunal has power to strike down rules/  notification by application of doctrine of 'Reading Down';

Sep 26,2011

ITAT: No PE for assembly project merely due to 'fixed place' presence in India

‘Construction or assembly project’ to constitute a PE only when threshold period of activity exceeded

Sep 19,2011

ITAT: ITAT: No cap gains tax on sale of Indian T-Bills for UAE 'individual residents' under treaty

Individual resident of UAE not subject to capital gains tax under India-UAE treaty on sale of Indian Government's T-Bills; Treaty benefits available despite no tax on individuals in UAE –

Sep 17,2011

ITAT: Date of sale deed registration not relevant for Sec 54 exemption

Date of transfer for Sec 54 exemption on flat determined based on possession, payment and execution of sale deed and not the date of sale deed registration –

Sep 15,2011

ITAT: Date of JDA not relevant for levy of capital gains tax

Willingness of transferee to perform obligations u/s 53A of Transfer of Property Act essential for deciding accrual of capital gain and not date of development agreement

Sep 14,2011

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