ITAT: DVO's Valuation Report obtained for sec.50C purposes, can be challenged in appeal

Ahmedabad ITAT holds that the valuation report of the Departmental Valuation Officer (DVO) u/s.50C(2) can be challenged before appellate authorities, notes provisions of Sec.23A(1)(i) of the Wealth Tax Act have

Apr 30,2019

ITAT: Advertisement expenditure not capital expenditure; Rejects Revenue's brand building plea

Delhi ITAT upholds CIT (A) order for AY 2010-11, holds that advertisement expenditure had not resulted into any enduring benefit so as to treat as capital expenditure;  Rejects Revenue's contention

Apr 29,2019

ITAT: Advertisement hoardings rent of developer taxable as 'house property income', not IFOS

Mumbai ITAT rules that rent received by assessee-firm (builders and developers) during AY 2011-12 for giving permission to mount advertising display on boundary walls of property under re-development, is assessable

Apr 29,2019

ITAT: Allows administrative expenditure even though no Ministry of I&B's approval received

Hyderabad ITAT rejects CIT (A)'s order, and allows administrative expenditure for AY 2012-13, holds that though assessee had not received approval from Ministry of I&B for modifying its objects it

Apr 26,2019

ITAT: Allows advance written-off on capital asset not acquired by assessee as business-loss

Kolkata ITAT upholds CIT(A)'s order, treats advance written off in respect of capital asset (not ultimately acquired by assessee), as a business loss for AY 2010-11, states that the payment

Apr 26,2019

ITAT: Holds assessee's loss incurred on trading in agricultural based commodity derivatives, non-speculative

Amritsar ITAT rules that the commodity derivative transactions carried out u/s 43(5)(e) of the IT-Act on an exchange (NCDEX) which is notified by the Government under Rule 6DDC, on a

Apr 26,2019

ITAT: Allows amortization of cost of acquisition of film broadcasting rights over 5 years

Chennai ITAT allows amortization of cost of acquisition of film broadcasting rights to assessee engaged in business of sale of time slots and in-house production of television programs & events

Apr 26,2019

ITAT: Dismisses Revenue's plea in MA to bring Flipkart's 'foregone profits' under tax net

Bangalore ITAT dismisses Revenue's MA, declines to rectify its earlier order whereby it had quashed Revenue's attempt to tax Flipkart India's 'foregone profits' by traveling beyond 'book results'; In its

Apr 26,2019

ITAT: Wharfage charges payment not akin to 'rent'; TDS u/s. 194-I inapplicable

Pune ITAT rules that wharfage charges paid by assessee-company [engaged in providing port facilities for shipment of cargo] to the Maharashtra Maritime Board (MMB) could not be equated with 'rent',

Apr 25,2019

ITAT: Salary received in NRE A/c for services rendered in Nigeria, not taxable in India

Kolkata ITAT holds that salary received by assessee-individual in his NRE A/c in India for services rendered in Nigeria is not taxable in India on receipt basis; Rejects Revenue's stand

Apr 25,2019