Editor's Pick

ITAT: Denies Sec. 80IA deduction on Sales-tax subsidy absent direct nexus; Distinguishes Meghalaya Steels (SC)

Pune ITAT rejects assessee's claim of deduction u/s 80IA on sales tax subsidy received from State Government as

Jan 08,2018

HC: Reverses ITAT; Accrued FD interest not hypothetical income, TDS non-deduction u/s 194A irrelevant

Kerala HC reverses ITAT order for AY 2009-10, rules that interest income from bank deposits accrued but not

Jan 04,2018

ITAT: Biocon’s R&D subsidiary rendered ‘services’, met formative conditions, eligible for SEZ incentive u/s 10AA

Bengaluru ITAT allows Sec. 10AA tax holiday to Biocon Research Ltd. (assessee, a subsidiary of Biocon Ltd and

Dec 22,2017

ITAT: Consideration by partner on relinquishment of share, not ‘receipt without adequate consideration’ u/s. 56(2)

Pune ITAT holds that amount of Rs. 21.53 crs received by assessee (a partner in firm) for surrender

Dec 22,2017

HC: Upholds grossing-up of foreign nationals’ salary u/s. 195A for tax borne by Indian agent

Kerala HC rules on Indian taxability of salary income earned by foreign nationals who were employees of the

Dec 21,2017

HC: Channel placement fees and subtitling charges subject to TDS u/s 194C, not Sec. 194J

Bombay HC dismisses Revenue's appeal, holds that carriage fees or placement fees paid by assessee (engaged in broadcasting television channels)

Nov 16,2017

ITAT: EPF interest exemption only upto retirement date, subsequent interest till withdrawal, taxable

Bangalore ITAT rules against an individual assessee (a retired Wipro employee), holds that interest accrued on accumulated balance in Employee

Nov 16,2017

HC: Delhi HC strikes down several ICDS standards as ultra-vires; Can't overrule binding judicial precedents

Delhi HC, in order to preserve constitutionality of ICDS, reads down Sec.145 (2) of Income tax Act, restricts

Nov 08,2017

ITAT: Crediting Partner's capital account towards revaluation of firm's assets & subsequent withdrawal, impermissible

Chennai ITAT denies deduction to assessee-company (formed on conversion of a partnership firm) with respect to interest (premium) on debentures

Nov 06,2017

ITAT: Upholds deemed dividend taxability; Taxpayer camouflaged ‘advance’ as ‘commercial transaction’

Bangalore ITAT upholds deemed dividend addition u/s. 2(22)(e) in hands of assessee-individual for AY 2013-14, with respect to

Nov 06,2017

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