ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
ITAT held that deduction claimed u/s 80-IA(4) had been allowed by CIT(A) without adequate verification and merely by following the Settlement Commission's order for earlier years, which is under challenge before the HC. ITAT ruled that the assessee is entitled to deduction u/s 80-IA(4) only for those projects that were subject matter of the Settlement Commission proceedings and continued in AYs 2013-14 to 2015-16, subject to verification by the AO. Projects for which the assessee had suo motu withdrawn the claim before CIT(A) are to be disallowed. For all other projects, AO must independently examine contract terms and allow deduction only where they are similar to eligible projects. Revenue's appeals were allowed for statistical purposes and matters remanded to AO.
ITAT held that deduction claimed u/s 80-IA(4) had been allowed by CIT(A) without adequate verification and merely by following the Settlement Commission's order for earlier years, which is under challenge before the HC. ITAT ruled that the assessee is entitled to deduction u/s 80-IA(4) only for those projects that were subject matter of the Settlement Commission proceedings and continued in AYs 2013-14 to 2015-16, subject to verification by the AO. Projects for which the assessee had suo motu withdrawn the claim before CIT(A) are to be disallowed. For all other projects, AO must independently examine contract terms and allow deduction only where they are similar to eligible projects. Revenue's appeals were allowed for statistical purposes and matters remanded to AO.
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