ITAT Delhi held that Section 56(2)(viib) could not be invoked where shares were allotted at a premium to a 100% holding company. The Tribunal upheld deletion of the addition, finding that the transaction did not defeat the purpose of the deeming provision.
The ITAT Delhi held that Section 56(2)(viib) was not attracted where shares were allotted to existing shareholders without any change in ownership or control. It deleted the addition after finding that the purpose of the deeming provision was not defeated.
The ITAT Hyderabad held that delayed filing of Form No. 67 cannot result in denial of foreign tax credit under Section 90. It ruled that the filing requirement is directory and cannot override the substantive benefit available under the DTAA.
The ITAT Hyderabad held that delayed filing of Form 67 does not justify denial of Foreign Tax Credit under the India–USA DTAA. It ruled that Rule 128(9) is directory and cannot override the substantive treaty benefit.
The ITAT Kolkata held that foreign tax credit cannot be denied merely because Form 67 was filed after the prescribed due date. It ruled that the filing requirement is procedural and does not extinguish the substantive claim.
The ITAT remanded the foreign tax credit claim to the CIT(A) after noting that the assessee had subsequently furnished the documents required under Rule 128. The appellate authority was directed to reconsider the claim on merits after granting a hearing.
Bangalore ITAT held that mine development expenditure incurred by a mining contractor was allowable as a revenue deduction under Section 37 and not governed by Section 35E. The Tribunal followed its earlier decision in the assessee’s own case and dismissed the Revenue’s appeal.
The ITAT Delhi held that a common satisfaction note covering multiple assessment years without year-wise incriminating material could not validly confer jurisdiction under Section 153C. It consequently quashed the assessment.
The ITAT Delhi held that the Assessing Officer failed to record that the seized material had a bearing on the determination of the assessees total income, rendering the Section 153C proceedings invalid. The assessments for multiple years were consequently quashed.
The ITAT Delhi held that a single satisfaction note covering multiple assessment years without identifying year-wise incriminating material could not confer valid jurisdiction under Section 153C. It consequently quashed the assessment.
