ITAT: Gift by HUF to member, not taxable u/s. 56(2)(vii) despite non-inclusion in 'relative' definition

Chandigarh ITAT holds that gift by HUF to its member [assessee-individual], not taxable u/s. 56(2)(vii) for AY 2011-12, quashes CIT's 263 order; Rejects Revenue's stand that though the definition of

Jul 29,2019

ITAT: Allows Sec.80IA(4) benefit to JV-constituent for infra projects executed through Consortium

Visakhapatnam ITAT allows assessee-company's claim for deduction u/s.80IA(4) amounting to over. Rs 100 crore, in respect of projects executed through its JV/SPV's during AY's 2009-10, 2011-12 to 2014-15, holds that

Jul 26,2019

ITAT: Vacates Sec.263 order; Allows Sec.80IB(11A) deduction though process carried out by different units

Ahmedabad ITAT allows assessee's appeal for AY 2013-14, vacates order u/s. 263 denying deduction u/s. 80IB(11A) (providing for deduction for an undertaking deriving profit from the business of processing, preservation

Jul 26,2019

ITAT: No turbulence for Kingfisher Airlines; Payments to foreign aviation academies, not FTS/Royalty

Bangalore ITAT rules that payment made by Kingfisher Airlines [assessee] to foreign training facilities (in Dubai, Germany and Singapore) for training its pilots and cockpit crews out-side India cannot be

Jul 26,2019

ITAT: Builder's 'approval fee' provisioning hit by Sec. 43B disallowance

Bangalore ITAT rules that provision made by assessee-builder for approval fees payable to VUDA [authority constituted by State Govt. to regulate construction plans], is hit by Sec. 43B disallowance, denies

Jul 25,2019

ITAT: Allows FMV substitution benefit for '90-years leasehold rights' acquired pre-1981

Delhi ITAT allows assessee-firm's appeal for AY 2011-12, holds assessee's leasehold right for a period of 90 years is a capital asset and not tenancy rights and that assessee is

Jul 25,2019

ITAT: No TDS on subsequent reversal of book entries backed by supporting documentation

Bangalore ITAT rules that assessee-company [engaged in the business of research in bio-science] not liable to deduct TDS on subsequent reversal of entries for AY 2009-10, quashes orders u/s. 201(1)

Jul 24,2019

ITAT: No 'benefit' derived by promoter-director on company's 'success fee' payment for share-transfer

Visakhapatnam ITAT rules in favour of assessee-individual [a promoter-director in one co. (TMPPL) and deriving income from salaries, advisory fees] for AY 2014-15, deletes addition u/s. 2(24)(iv) made by AO

Jul 23,2019

ITAT: 'Stake Money' payment by Turf Club, not liable to TDS u/s. 194B / BB

Mumbai ITAT holds that 'stake money' paid by assessee [a Turf Club] to horse owners for winning of races organized by it, “is not liable to TDS under Section 194B…

Jul 22,2019

ITAT: Expat's salary cost recharge to French Co., not FTS; Distinguishes Centrica ruling

Pune ITAT rules that the reimbursement towards expat's salary cost received by a French Co. [assessee] from its Indian counterpart, not FTS u/s 9(1)(vii) of the Act, rejects Revenue's stand

Jul 22,2019