ITAT Nagpur Judgments — September 2017

The Tribunal held that the assessee's claim for deduction under Section 10A was justifiable, especially considering it was an Export Oriented Unit under the STPI scheme. The Tribunal upheld the CIT(A)'s decision.

The Tribunal held that the Explanation to Section 73 of the Income Tax Act is a deeming provision that must be strictly construed. It is attracted only when there is a purchase and sale of shares of 'other companies' (plural), implying a repetitive activity across multiple companies, not just one.

The Tribunal held that the assessee's claim for deduction under Section 10A was justifiable, especially considering it was an Export Oriented Unit under the STPI scheme. The Tribunal upheld the CIT(A)'s decision.

The Tribunal upheld the CIT(A)'s decision, finding that the share premium received was a capital receipt and not taxable as profit under Section 28(iv). The Tribunal also found that the loss on sale of shares was not artificially created, as supported by documentary evidence.