Editor's Pick

HC: Holds PILCOM as agent of foreign Cricket Boards regarding 1996 World Cup receipts

Calcutta HC reverses ITAT order and rules in favour of Revenue for AY 1996-97, holds PILCOM as agent

Sep 28,2018

ITAT: Grants pro-rata Sec. 80IB benefit as conditions violated only with respect to 2 flats

Pune ITAT allows Sec 80IB(10) deduction to assessee-developer for AY 2012-13 on pro-rata basis, considering violation of Sec 80IB(10)(f)

Sep 28,2018

ITAT: Interprets ‘may’ u/s 50C(2); No discretion to AO on referring valuation to DVO

Chennai ITAT rejects AO’s claim that since Sec. 50C(2) has used the expression “may”, it was not compulsory

Sep 24,2018

HC: Upholds suppressed sales addition, 'security deposit' plea mere device to defer tax liability

HC upholds AO’s undisclosed income addition for suppressed sale proceeds pursuant to block assessment proceedings, rejects assessee’s (one

Sep 21,2018

HC: Calculates compounding fee @100% of 'tax' evaded, not on income addition

Gujarat HC rules that compounding fees should be levied @ 100% of ‘tax’ sought to be evaded and

Sep 21,2018

ITAT: NR’s monthly return from builder until property possession, taxable as ‘Interest’

Chandigarh ITAT upholds characterization of monthly assured return received by assessee (individual, UK resident) from builder in lieu

Sep 19,2018

HC: Quashes re-assessment notice as taxpayer disclosed source for cash deposited post demonetization

Gujarat HC quashes re-assessment notice on assessee-individual for AY 2015-16 on the basis of cash deposited by assessee

Sep 17,2018

ITAT: Technical services ‘made available’ through deputed personnel; Salary recharge - FTS, not reimbursements

Chennai ITAT rules that payment received by a foreign company from its Indian subsidiary towards salary cost recharge

Sep 14,2018

ITAT: Deletes Sec. 56(2)(viib) addition for family owned co. absent possibility of black money generation

Chennai ITAT deletes addition u/s. 56(2)(viib) in hands of a private limited co. (assessee)

Sep 12,2018

HC: Denies capital gains exemption absent shares allotment by Successor Co within reasonable time

Karnataka HC rules in favour of Revenue, holds the successor-company liable for capital gains tax for AY 2000-01

Sep 11,2018