Weekly DT Digest

HC: Allows Dept.'s withdrawal of interest granted u/s 244A to deduce tax arrears u/s 90 of KVSS, 1998

Punjab and Haryana HC upholds withdrawal of interest u/s. 244A granted on refund of tax pursuant to favourable CIT(A)

Aug 18,2017

ITAT: Quashes Rule 8D invocation absent express recording of dissatisfaction by AO

Mumbai ITAT rejects AO's invocation of Rule 8D, holds that recording a satisfaction as contemplated u/s 14A(2) is

Aug 18,2017

HC: Deletes addition u/s. 68; Documentary evidences adequate to prove share application money genuineness

Bombay HC upholds ITAT order, deletes addition u/s. 68 in respect of application money received by assessee-company, holds

Aug 18,2017

HC: Upholds wealth-tax assessment on amalgamating company; Notes assessment-completion before amalgamation effective-date

Madras HC affirms ITAT order imposing wealth-tax on assets held by assessee under the Wealth Tax Act and

Aug 11,2017

HC: Confirms penalty; Trust's reliance on SC's Surat Art case, sheer excuse to avoid tax-liability

Bombay HC upholds ITAT order for AY 1983-84, confirms penalty levy u/s. 273(2)(a) and 140A(A)(3)  by assessee-trust (formed

Aug 11,2017

HC: Quashes penalty u/s 271AAA for AO’s failure to seek manner of earning ‘undisclosed income’

Gujarat HC upholds ITAT's order, quashes penalty u/s 271AAA [which is levied in search cases]  for AO’s failure

Aug 11,2017

HC: Upholds ITAT’s order; Compensation to sole-selling agent upon agreement termination, deductible u/s. 37(1)

Gujarat HC upholds ITAT’s order for AY 2007-08, allows deduction u/s. 37(1) to assessee-company for payment of compensation

Aug 04,2017

HC: Upholds ITAT; Rule 8D(2)(ii) inapplicable, entire interest related to earning of taxable income

Bombay HC upholds ITAT order, quashes CIT's revision u/s 263 enhancing Sec 14A disallowance by invoking Rule 8D(2)(ii)

Aug 04,2017

HC: Quashes Sec. 153A assessment absent notice u/s 143(2)

Allahabad HC upholds ITAT order quashing Sec. 153A assessment on assessee for AY 2006-07 absent notice u/s 143(2);

Aug 04,2017

HC: Multiple establishments in same complex, not prerequisite for 'commercial complex'; Grants wealth-tax exemption

Delhi HC upholds ITAT’s order that the two properties held by assessee-company (one in Connaught Circus and other

Jul 28,2017