ITAT: Deletes share-premium addition under general provision of Sec. 56(1) bereft Sec. 56(2)(viib) applicability

Hyderabad ITAT deletes addition u/s.56(1) in the hands of assessee-company(a step-down subsidiary of Apollo Hospitals [AHEL]) towards share premium received upon allotment of shares to its immediate holding company during

Apr 16,2019

ITAT: Deletes share premium addition u/s. 68; Distinguishes SC's NRA Iron ruling

Kolkata ITAT deletes addition u/s 68 made towards share capital / premium received by assessee co. during AY 2012-13; Notes that assessee has proved identity of share applicants [by furnishing

Apr 16,2019

ITAT: Considers flats allotment-date over sale-agreement date for capital-gains

Mumbai ITAT considers date on letter of allotment of rights in property over Revenue's reliance on date on sale agreement for determining period of holding of the property; The assessee

Apr 12,2019

ITAT: Allows provision for future expenses, subsequent year reversals not bar

Mumbai ITAT allows provisions made by assessee (ThyssenKrupp)  for future expenses relating Lumpsum Turnkey Projects during AY 2006-07, holds that subsequent reversal of provision not bar; The assessee carried out

Apr 12,2019

ITAT: Grants treaty exemption to 'dual-resident' US citizen, applies 'centre of vital interest' test

Bangalore ITAT rules that salary received by assessee-individual (a US citizen) in the US for the period pertaining to August, 2012 to March 2013 (i.e. period post his India assignment)

Apr 12,2019

ITAT: No Sec. 68 trigger for intra-group share-purchase without involving cash element

Kolkata ITAT rejects Sec. 68 invocation in respect of group company's shares acquired by assessee (a Private Ltd. Co. engaged in trading of shares) on 'credit' during AY 2013-14, holds

Apr 11,2019

ITAT: 'Toll Concession Agreement' between Punjab-Government & Concessionaire - camouflage, fixes assessee-Board's liability for TCS

Chandigarh ITAT holds assessee (a State Infrastructure Development Board) liable to collect TCS u/s 206C(1C) on toll fee / payment collected from the Concessionaire during AYs 2009-10 & 2010-11 under

Apr 10,2019

ITAT: Quashes assessment on non-existent 'amalgamating co.'; AO failed to enquire into 'successor-in-interest'

Mumbai ITAT allows appeal filed by UTV Tele Talkies Ltd. [('Assessee'), which got merged with its ultimate Holding Company, UTV Software Communications Ltd. - 'USCL' w.e.f. 01.04.2013], quashes assessment framed

Apr 10,2019

ITAT: Market survey charges for exploring new business - FTS liable for TDS u/s. 195

Ahmedabad ITAT rules that payment made by assessee-individual (a sole proprietor engaged in trading / exporting medicines) to foreign agent for fulfillment of certain export obligations like custom clearance, logistics,

Apr 09,2019

ITAT: Declines to amend 'subjective' error capable of two views; Dismisses Revenue's MA

Ahmedabad ITAT dismisses Revenue's MA [Miscellaneous Application],  declines to amend / tinker with its earlier order  though acknowledges its mistake therein while restricting penalty levy u/s 271(1)(c)], holds that “to

Apr 09,2019