Editor's Pick

ITAT: No Sec. 195 TDS on air-freight paid by Logistic co. on Indian clients' behalf

Delhi ITAT deletes Sec. 40(a)(i) disallowance of Rs. 120 cr. for airfreight payments made by assessee (a logistic

Jul 06,2018

HC: Failure to issue Sec 143(2) notice nullifies reassessment; Rejects Revenue's 'remand back' request

Calcutta HC rules that failure to issue notice u/s. 143(2) would vitiate the reassessment proceedings altogether, rejects Revenue’s stand that

Jul 05,2018

HC: Upholds re-assessment on issues totally unconnected with reasons recorded u/s. 148(2)

Kerala HC reverses ITAT order and upholds re-assessment for AY 1999-2000, rejects assessee-company's stand that no other issues can be

Jul 04,2018

ITAT: Allows loss on shares sold off-market to group company, rejects ‘colorable device’ plea

Kolkata ITAT allows the long term capital loss claim on off-market sale of shares by assessee to its

Jul 03,2018

ITAT: Share buy-back at lower than book value, non-taxable u/s 56(2)(viia); Fails ‘property’ test

Mumbai ITAT deletes addition of Rs. 82 lakhs made u/s 56(2)(viia) with respect to shares bought back by

Jul 02,2018

ITAT: Allows Forex fluctuation losses to PE for working capital loan from Spanish HO

Delhi ITAT allows deduction u/s. 37 for foreign exchange fluctuation losses arising to PE  (project office - PO)of assessee (a

Jun 29,2018

District Court : Convicts assessee & directors u/s 276C/D, penalty deletion on technical ground not savior

Delhi District Court convicts assessee-company and its directors  u/s. 276C / 276D for willful attempt to evade tax by underreporting

Jun 26,2018

ITAT: Capital-gains to Singaporean Co. from trading in Indian securities, non-taxable; LOB clause inapplicable

Mumbai ITAT rules that capital gains of Rs. 455.70 Cr. arising to assessee-company (a tax resident of Singapore),

Jun 22,2018

ITAT: Rejects ‘exempt’ demerger plea, however deletes capital-gains addition absent monetary consideration

Kolkata ITAT dismisses Revenue’s appeal for AY 2009-10, deletes long term capital gains (‘LTCG’) addition u/s. 50B, made

Jun 22,2018

ITAT: Trade advance driven by commercial consideration, not deemed dividend; Applies 2017 CBDT-circular

Chennai ITAT confirms CIT(A) order, rejects deemed dividend addition u/s. 2(22)(e) in hands of assessee-individual during AY 2014-15,

Jun 19,2018