Editor's Pick

SC: Re-assessment initiation based on PE allegation not sustainable once arm's-length threshold met

SC allows Honda Motor’s (a Japanese company) appeal and sets aside Allahabad HC ruling, quashes issuance of re-assessment

Mar 20,2018

HC: Confirms Revenue's initiation of special audit on Nokia; Dismisses time-barred assessment plea

Delhi HC dismisses Nokia's writ petition, confirms Revenue's initiation of Special Audit u/s 142(2A) and rejects assessee's contention

Mar 15,2018

HC: Honourarium to staff/doctors necessary for decent hospital, quashes Sec. 10(23C) exemption denial

Bombay HC sets aside CCIT’s order rejecting assessee-society’s (running a hospital providing medical facilities at subsidized rates) application for grant/continuation

Mar 13,2018

ITAT: Entire capital gains from property taxable in husband’s hands, rejects co-ownership plea

Bangalore ITAT rejects assessee-individuals’ (husband and wife) claim that long term capital gains (‘LTCG’) arising on sale of

Mar 08,2018

HC: Reverses ITAT; Advance not genuine commercial transaction, cannot escape deemed dividend taxation

Delhi HC reverses ITAT’s order, holds that advance received by the assessee from Ginza (in which it had

Mar 01,2018

HC: Reverses ITAT; Separate non-compete fees received by Pharma company’s MD, a capital receipt

Andhra Pradesh and Telangana HC reverses ITAT order, holds that non-compete fees received by assessee-individual (Chairman & MD of

Mar 01,2018

HC: Audit report, though prepared for non-tax purpose, a tangible material to reopen assessment

Bombay HC dismisses assessee-company’s (an electronic spot exchange for commodities) writ, upholds re-assessment for AY 2010-11 initiated beyond 4 years period

Feb 28,2018

ITAT: Deletes Sec. 271(1)(c) penalty as foundation for levy significantly altered by appellate authority

Ahmedabad ITAT quashes imposition of penalty u/s 271(1)(c) on assessee-individual for AY 2009-10, rules that “where the original basis

Feb 28,2018

ITAT: Allows loss set-off; 51% voting power remained with same individuals, despite shareholding change

Mumbai ITAT allows set off of brought forward house property losses of AY 2009-10 and 2010-11 against income

Feb 26,2018

HC: Sec. 12AA(3) doesn’t empower retrospective withdrawal of Trust registration, rejects Sinhagad ruling reliance

Allahabad HC rules that amended Sec. 12AA(3) does not authorize Commissioner to cancel charitable trust's registration from retrospective effect considering

Feb 14,2018