Weekly DT Digest

HC: Books rejection u/s 145 does not automatically lead to penalty-proceedings, absent independent findings

Allahabad HC upholds ITAT order and deletes penalty u/s 271(1)(c) levied on assessee- company (engaged in business of

Apr 14,2018

HC: Deemed dividend u/s 2(22)(e) not attracted in absence of ‘actual’ payment

Allahabad HC dismisses Revenue’s appeal, holds that the provision of Sec. 2(22)(e) can never be attracted in “absence

Apr 14,2018

HC: No re-opening u/s. 147/148 to re-consider Sec. 80-IC deduction claim subjected to 'regular assessment' enquiry

Bombay HC upholds ITAT’s order , rules that re-opening by AO for disallowing deduction u/s 80-IC on 'other

Apr 14,2018

ITAT: Allows capital gain exemption u/s 54, mere availing of housing loan not a disqualification

Kolkata ITAT grants exemption u/s 54 to assessee (an individual) for AY 2010-11, rules that mere availing of

Apr 13,2018

ITAT: Confirms share premium addition u/s. 68 for routing accommodation entries through shell companies

Delhi ITAT upholds unexplained share premium addition u/s. 68 with respect to shares (of face value Rs. 10/-)

Apr 13,2018

SC: Dismisses SLP; AO cannot ‘re-assess’ claim pending before appellate forum

SC dismisses Revenue’s SLP against Gujarat HC quashing re-assessment for AY 2010-2011 on assessee- partnership firm on the

Mar 29,2018

ITAT: Testing charges not FTS under India-Netherlands DTAA sans knowledge made available

Chennai ITAT holds that  testing fees paid by assessee (an Indian company)   to Netherlands company,  not FTS  under India-Netherlands

Mar 29,2018

HC: Deemed dividend u/s 2(22)(e) not exempt u/s 10(34) absent payment of additional tax

Kerala HC rules that amount assessed as deemed dividend u/s 2(22)(e) in hands of assessee-individual  during AY 2005-06 shall

Mar 29,2018

HC: Condones delay for making belated TDS refund claim for bonafide reason

Gujarat HC condones delay of deductor-assessee in making refund claim of excess tax deducted inadvertently as compared to

Mar 29,2018

ITAT: Receipt from relative of deceased exempt u/s 56(2)(v)(d) once conditions of Indian Succession Act satisfied

Pune ITAT dismisses Revenue’s appeal, holds that amount of Rs. 1 Cr received as a gift by individual-assessee

Mar 29,2018

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