Editor's Pick

AAR: NRs not entitled to concession​​al rate of 10% on LTCG

Non-Resident not entitled to concession​al rate of 10% on LTCG on off-market share sale; Earlier decision in Timken overruled: AAR

Aug 02,2011

ITAT: ITAT - Amount credited to Gen Insurance Co.'s P&L taxable in absence of exclusion

No deduction available for income credited to P&L account though already taxed in earlier years; 'No principle of equity' in

Jul 31,2011

HC: Co-operative bank eligible for deduction u/s 80P on Interest on advance rent

Interest on 'advance rent' received by co-operative bank taxbale as business income; Eligible for deduction under section 80P

Jul 27,2011

HC: Post ‘Azadi Bachao’, McDowell not good law

Depreciation allowed on sale & lease back transaction; genuineness of the transaction not to be questioned merely because assessee derives tax

Jul 25,2011

HC: Single appeal to HC against multiple orders maintainable

Single appeal against consolidated judgement in case of multiple orders maintainable

Jul 22,2011

AAR: Income from chartering offshore oil service vessels taxable at lower rate of 4.22%

Receipts from chartering of offshore oil service vessels covered u/s 44BB and taxable at lower rate of @ 4.22%

Jul 20,2011

ITAT: Pre merger Unabsorbed book depreciation can be set-off for MAT calculation

Unabsorbed book depreciation of amalgamating company to be reduced for calculation of MAT profit of amalgamated company

Jul 19,2011

HC: Treatment of ‘Tax borne by employer’ as salary, a settled issue; Sec 154 order Valid

Rectification of order u/s 154 by AO, on an issue not decided by ITAT, held valid; Inclusion of taxes borne

Jul 14,2011

ITAT: Sec 80IB(10) deduction available though area of few units exceed 1500 sq ft

Sec 80IB deduction cannot be denied for entire project where area of few residential units exceeded 1,500 sq ft: Chennai

Jul 11,2011

HC: No denial of refund due to mere non - mentioning in ITR form

Refund cannot be denied due to mere non-mentioning in ITR form, when all supporting documents filed by assessee; annexures form

Jul 08,2011