Editor's Pick

HC: Quashes re-opening based on incorrect reasons; Return-processing u/s.143(1) no carte blanche for re-assessment

Bombay HC quashes re-assessment initiation (beyond 4yrs period) for AY 2011-12 as the ‘reasons to believe’ were based

Jan 17,2019

HC: Delhi HC also joins the league, upholds constitutional validity of Sec. 234E

Delhi HC upholds constitutional validity of Sec. 234E imposing a fee for delayed filing of TDS statements, rejects

Jan 15,2019

ITAT: Allows loss claim on ‘listed’ shares sold off-market; Rejects ‘Colorable device’ plea

Ahmedabad ITAT allows assessee-company’s claim of long term capital loss (‘LTCL’) on ‘off-market’ sale of 30 lakhs shares

Jan 14,2019

ITAT: NHAI subsidiary not liable to collect TCS on toll collection by collecting entity

Ahmedabad ITAT rules that assessee (a wholly owned subsidiary of NHAI incorporated to construct express highway between Ahmedabad

Jan 14,2019

ITAT: Rejects capital-gains claim on ‘penny stock’ sale; Disregards paper-trail through contract-notes

Pune ITAT upholds undisclosed income addition for sale proceeds received by assessee-individual on sale of shares, rejects assessee’s

Jan 10,2019

ITAT: Treats Charitable Trust’s rentals from Kalyanamandapam, as income from property under Trust

Chennai ITAT rejects Revenue’s stand that property (i.e. Kalyanamandapam) built by assessee (a charitable Trust) subsequent to its

Jan 10,2019

HC: Allows Sec 80IA benefit to Vodafone on revenue from fibre cables/cell sites sharing

Delhi HC allows deduction u/s 80IA(2A) to Vodafone Mobile Communications Ltd on income from sharing fibre cables and

Jan 09,2019

ITAT: Auditor not ‘accountant’ for share valuation under Rule 11UA; Affirms AO’s NAV based valuation

Bangalore ITAT rules that the auditor cannot be an accountant for the purposes of Rule 11UA (2) [dealing

Jan 08,2019

ITAT: Partners remuneration deductible u/s. 40(b)(v) despite ‘quantum’ not specified in partnership deed

Mumbai ITAT allows assessee-firm’s claim of remuneration paid to its partners during AY 2014-15, rejects Revenue’s stand that

Jan 07,2019