ITAT: Co-owned property 'let-out' to mother, an 'eyewash' to escape interest restriction u/s. 24 for SOP

Ahmedabad ITAT rejects assessee's (a salaried individual) claim of deduction u/s. 24 for the whole amount of interest [Rs. 8.27 lakh] with respect to residential house  given on rent to

Mar 22,2019

ITAT: Allows future development expenses in respect of completed projects to real estate developer

Kolkata ITAT allows deduction of future development expense (towards club house, Sewerage Treatment Plant, Landscaping etc.) to the assessee (real estate developer) in respect of completed projects based on matching

Mar 22,2019

ITAT: Magician-assessee's trick fails; Denies Sec. 80-RR deduction on 'gross foreign receipts'

Cochin ITAT allows Revenue's appeal, restricts assessee-individual's (a renowned magician) deduction claim u/s. 80-RR with respect to magic profession income earned from foreign sources and brought to India in convertible

Mar 22,2019

ITAT: CIT(A) can't impose Rule 11UA when taxpayer 'substantiated' higher valuation u/s. 56(2)(viib) before AO

Delhi ITAT deletes enhancement made by CIT(A) for alleged excess share premium receipt u/s 56(2)(viib) for AY 2013-14; During relevant AY, assessee (an India Today group of company) had issued

Mar 19,2019

ITAT: 'Technical concept' consideration not capital receipt; Disregards agreement being a self-serving document

Ahmedabad ITAT upholds taxation of amount received by assessee (an individual) under agreement for sale of 'technical concept' (for continuous malware monitoring of websites) as 'income from other sources' for

Mar 19,2019

ITAT: Deletes notional rentals addition on builder's unsold flats; 2017 amendment to Sec. 23 prospective

Mumbai ITAT deletes addition u/s. 22/23 of deemed rental income in hands of assessee-builder in respect of certain unsold flats for AY 2012-13; Notes that assessee had treated the unsold

Mar 19,2019

ITAT: Option money for grant of 'first rights of stake purchase', not business income

Delhi ITAT quashes revision u/s. 263 for AYs 2013-14 & 2014-15, rules that option price received by assessee (Dabur invest Corp.) for granting of first rights of stake purchase to CUIH [a company

Mar 18,2019

ITAT: Capital reserve created on Amalgamation, not 'revaluation reserve'; Deletes book profit adjustment

Delhi ITAT deletes AO's adjustment to book-profit u/s 115JB by treating capital reserve created on amalgamation (excess arising on transfer of assets and liabilities) as revaluation reserve during AY 2015-16;

Mar 15,2019

ITAT: Allows Sec.10AA deduction on FD Interest placed as margin money

Ahmedabad ITAT allows Sec. 10AA deduction on interest on deposits for AY 2011-12 being integral part of the business; Noting that interest is earned on the fixed deposits which are

Mar 15,2019

ITAT: Rules each new film not akin to splitting/reconstruction of existing business u/s 80IA(2)

Chennai ITAT dismisses Revenue's appeal and grants Sec. 80IA(2) benefit to assessee-individual (a renowned film producer), rules each project for a new film could not be considered as formed by

Mar 15,2019