ITAT in Piyushbhai Mangalbhai Patel Vs ITO has deleted the addition of Rs. 12,70,000/- observing that personal savings of government employees could not be suspected for several years.
ITAT Kolkata held Long Term Capital Gain (LTCG) for sale of equity shares as bogus and accordingly not eligible to exemption u/s. 10(38) of Income Tax Act, 1961.
ITAT Hyderabad held that expenditure incurred for construction/acquisition of new facility which was subsequently abandoned at work-in-progress stage was allowable in year of write off as incurred wholly and exclusively for purpose of business.
ITAT Bangalore held that as the additional income offered is considered as business income, remuneration u/s. 40(b)(v) of the Income Tax Act is available on the same.
ITAT Pune held that as the business of amalgamating company continues uninterruptedly by amalgamated company, the benefit of carry forward and set off earned by amalgamating company is available to amalgamated company.
Held that there is no concept of deferred revenue expenditure but the assessee is entitled to depreciation on the assets so capitalized and put to use for the software services related to health care.
ITAT Delhi held that forward contract was purely hedging transactions entered into by assessee to safeguard against loss arising out of fluctuation in foreign currency, loss on such transactions could not be held as speculative transactions felling within ambit of section 43(5).
In the case of JCIT v. Rahul Rajnikant Parikh, ITAT Mumbai held that interest income need not be assessed when assessee is a Non-resident.
ITAT Pune held that foreign exchange gain/loss which has arisen from exports/imports of the product/materials which are in the ordinary course of business of the assesses are included as operating cost.
ITAT Delhi held that benefit of India-UK DTAA is available to Limited Liability Partnership on the portion of income from Indian engagement.
