Editor's Pick

HC: Non-compete fee to director, a deductible revenue expenditure; Distinguishes Sharp Business System ruling

Madras HC reverses ITAT order for AY 2000-01, Rejects Revenue's capital expenditure plea for non-compete fees paid by

Aug 03,2018

HC: No transfer upon entering into unregistered development agreement, Chaturbhuj Dwarkadas ruling inapplicable

Bombay HC upholds ITAT order in case of Mr. Fardeen Khan (assessee), rules that there was no transfer

Aug 02,2018

ITAT: Registered GPAs legalized ‘un-registered’ JDA, upholds capital-gains taxation; Distinguishes Balbir Singh Maini

Chennai ITAT upholds capital gains taxability for assessee-firm (land-owner) in AY 2013-14 i.e the year in which the unregistered

Jul 26,2018

ITAT: Special Bench: Confirms Sec. 271D penalty absent pressing business need to accept loan in cash

Mumbai ITAT Special Bench (‘SB’) confirms penalty levy u/s. u/s 271D on assessee-company for receiving cash loans from

Jul 19,2018

ITAT: No Sec. 195 TDS on air-freight paid by Logistic co. on Indian clients' behalf

Delhi ITAT deletes Sec. 40(a)(i) disallowance of Rs. 120 cr. for airfreight payments made by assessee (a logistic

Jul 06,2018

HC: Failure to issue Sec 143(2) notice nullifies reassessment; Rejects Revenue's 'remand back' request

Calcutta HC rules that failure to issue notice u/s. 143(2) would vitiate the reassessment proceedings altogether, rejects Revenue’s stand that

Jul 05,2018

HC: Upholds re-assessment on issues totally unconnected with reasons recorded u/s. 148(2)

Kerala HC reverses ITAT order and upholds re-assessment for AY 1999-2000, rejects assessee-company's stand that no other issues can be

Jul 04,2018

ITAT: Allows loss on shares sold off-market to group company, rejects ‘colorable device’ plea

Kolkata ITAT allows the long term capital loss claim on off-market sale of shares by assessee to its

Jul 03,2018

ITAT: Share buy-back at lower than book value, non-taxable u/s 56(2)(viia); Fails ‘property’ test

Mumbai ITAT deletes addition of Rs. 82 lakhs made u/s 56(2)(viia) with respect to shares bought back by

Jul 02,2018

ITAT: Allows Forex fluctuation losses to PE for working capital loan from Spanish HO

Delhi ITAT allows deduction u/s. 37 for foreign exchange fluctuation losses arising to PE  (project office - PO)of assessee (a

Jun 29,2018