ITAT: Holding period for shares allotted in BSE pursuant to demutualization would include membership-card holding period

Kolkata ITAT holds that period of holding of equity shares allotted in in pursuance to demutualisation of a recognised stock exchange would include the period for which the assessee was

May 06,2019

ITAT: 'Processing and raising' of Tea plantation, mandatory for Sec. 80IC deduction; Denies taxpayer's claim

Kolkata ITAT rules in favour of Revenue, denies Sec. 80IC(2)(b) deduction to assessee (an Assam based Team manufacturer)  in respect of Income from Bought Leaf manufacture for AY 2011-12; While

May 06,2019

ITAT: Mere common management does not disentitle new EOU from Sec.10B deduction

Delhi ITAT grants deduction u/s 10B deduction to the Assessee's (air conditioner manufacturer) new 100% EOU unit for AY 2003-04 and 2004-05, rejects the Revenue's contention that it was case

May 03,2019

ITAT: No TDS on subscription charges for the software under India-USA DTAA, deletes disallowance

Bangalore ITAT holds that subscription charges for the software for selection of pumps paid to US company is not taxable under India-USA DTAA, deletes disallowance u/s 40(a)(i) for AY 2011-12;

May 03,2019

ITAT: Builder's stock-in-trade excluded from Sec. 56(2)(vii)(b) clutches regarding property receipt for inadequate consideration

Jaipur ITAT rules that Sec.56(2)(vii)(b)(ii) cannot be invoked with respect to land purchased by assessee-individual (engaged in real estate business), which is part of his stock-in-trade; With respect to assessee's

May 03,2019

ITAT: Upholds Sec.69A addition towards bogus LTCG; Taxpayer's documentation, a mere 'smoke screen'

Delhi ITAT upholds addition u/s.69A in the hands of assessee-individual for AY 2014-15, accepts AO's stand that the assessee's transactions pertaining to shares sale of a dubious company, resulting in

May 03,2019

ITAT: Allows depreciation on customer relationship right treating as goodwill

Bangalore ITAT allows depreciation on customer relationship rights treating it as goodwill for AY 2009-10 to 2011-12 for assessee engaged in the business of manufacturing of electrical equipment; Rejects the

May 03,2019

ITAT: Allows excess remuneration paid to partners u/s.40(b) pursuant to 'unregistered' supplementary deed

Delhi ITAT allows assessee-firm's claim towards excess remuneration paid to its partner's u/s. 40(b), pursuant to revised supplementary deed, despite it being unregistered for AY 2015-16; During scrutiny proceedings, AO

May 03,2019

ITAT: Disallows interest cost u/s 36(1)(iii) to builder, seeks claim as per percentage-completion method

Jaipur ITAT disallows finance cost, interest cost, salary in the year of incurrence in case of assessee-builder where no revenue was booked, states that  these are required to be accumulated

May 03,2019

ITAT: 'Distance learning' covered under charitable activities u/s. 2(15) as formal education

Jalandhar ITAT holds that distance learning provided by assessee-society to the students in its capacity as an authorized  learning centre of Punjab Technical University (PTU) would fall  within the realm

May 02,2019