Editor's Pick

ITAT: Credit to P&L for unreconciled entries in bank's 'inter-branch account' not subject to tax

Credit to P&L account on account of transfer of 'un-reconciled entries' in ‘inter-branch account’ of a bank not

Oct 31,2011

HC: No PE since specific provision in DTAA prevails over general provision 

Mere existence of office in India did not create a PE under Article 5(2) of Indo-Netherlands DTAA; Article

Oct 25,2011

HC: Reopening of assessment based on documents impounded during survey valid

HC dismisses writ petition challenging reopening of assessment; Documents impounded during survey constituted 'tangible material' to initiate reassessment proceedings

Oct 24,2011

HC: Sec 271(1)(c) not attracted merely because of subsequent adverse HC decision

HC deletes Sec 271(1)(c) penalty on income addition from development agreement transfer; Tax position as on date of

Oct 21,2011

HC: Sec 54 exemption allowable if new house purchased before due date of belated tax return

Exemption u/s 54 from capital gains available even if the investment in new house property is made before due date

Oct 20,2011

AAR: Cites McDowell, Ramsay principles; Holds part compensation on Satyam legal suit settlement taxable as royalty

Compensation towards damages, on account of assignment of imperfect title in patent and cost of litigation, is ‘capital

Oct 18,2011

ITAT:  Non-compete fees received by promoter taxable as business income u/s 28(va)


Non-compete fees received by promoter taxable as business income u/s 28(va) & not capital gains as ‘right to

Oct 07,2011

ITAT: Delhi ITAT reignites ESOP taxation debate, holds income from share sale not STCG

'Right' to exercise an option to sell ‘stock’, a capital asset; Right in shares acquired on the date of

Oct 07,2011

ITAT: Tribunal has power to 'strike down' rules/notifications', Sec 10(15)(iv)(f) exemption withdrawal arbitrary

ITAT strikes down Government Order withdrawing exemption to Reliance Industries u/s 10(15)(iv)(f), on ECB interest ; Tribunal has power to strike

Sep 26,2011

HC: HC Directs Asst Comm to pass Sec 197 order without CIT's 'advise'/ 'consent'

Order u/s 197 to be passed after 'independent application of mind', not on 'dictation' or 'advise' of CIT

Sep 21,2011