Weekly DT Digest

HC: AO withheld amount without jurisdiction, but rejects assessee's interest plea absent 'malafide' 

Single Judge Bench denies compensation on ‘arbitrary’ withholding of amount deposited by assessee in Capital Gains Account Scheme; Though terming

Jul 04,2014

ITAT: Company, a juridical entity, not eligible for Sec 24(b) residential property interest deduction 

ITAT single member bench denies Sec 24(b) deduction for interest paid by assessee company in respect of construction of property

Jul 04,2014

HC: Confirms ITAT order; Interest income on NPAs not assessable on accrual basis

HC confirms ITAT order, deletes addition on account of accrued interest on loans given by assessee (a NBFC); Loans, being

Jun 27,2014

HC: Wide 'discretionary' powers conferred on Settlement Commission; Limited interference scope for Courts

HC dismisses Revenue’s writ challenging Settlement Commission order admitting assessee’s application u/s 245D(4); Holds no violation of natural justice principles

Jun 27,2014

HC: Quashes Revenue's 'arbitrary', non-judicious order u/s 201(1); Assessee entitled to appeal remedy 

HC allows assessee’s writ, quashes AO’s order u/s 201(1)/(1A) holding assessee as being in default for violating TDS provisions, being

Jun 27,2014

Bom HC admits Revenue’s appeal on Set India's Sec 80HHF deduction

Bombay HC admits IT Dept’s appeal against Mumbai ITAT ruling in Set India Pvt. Ltd.’s case; ITAT had allowed Sec

Jun 26,2014

ITAT: New 'lift’ at residence aides Javed Akhtar's profession; Installation expenses deductible 

ITAT allows expense deduction to Javed Akhtar, a lyricist, for installation of new ‘lift’ in his residence building; As assessee

Jun 19,2014

HC: Forex gain from repatriation of Euro-note proceeds a non taxable capital receipt 

Foreign exchange gain upon repatriation of funds raised abroad, capital in nature & not taxable; Assessee raised funds abroad, by

Jun 19,2014

HC: Denies Sec 80HHC deduction on interest income; No conflict in coordinate bench rulings 

Denies deduction u/s 80HHC for interest earned on deposit in Export Earner Foreign Currency (EEFC) Account, pending utilization; Since assessee

Jun 19,2014

HC: Quashes non-resident’s re-assessment on change of opinion on share transaction taxability 

HC quashes re-assessment order on mere change of opinion that share transactions led to ‘business income’ and not ‘capital gains’

Jun 19,2014