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Rulings

Jun 23,2017

Mumbai ITAT reverses its earlier order pursuant to Miscellaneous Application (‘MA’) filed by assessee-company, quashes CIT’s invocation of revisionary jurisdiction u/s. 263 for AY 2008-09 with respect to provision for

Jun 22,2017

Allahabad HC confirms Lucknow ITAT order for AY 2003-04, dismisses assessee’s rectification application, being barred by  limitation period u/s. 154 (7); HC notes that assessee missed filing rectification petition (within

Jun 22,2017

Kerala HC sets-aside ITAT’s order and restores CIT’s Sec. 263 order, denies capital-gains exemption benefit u/s. 47(xiv) upon take-over of assessee’s proprietary concern by a company during AY 2001-02, as

Jun 21,2017

Bombay High Court holds that share-transfer by assessee-company pursuant to the family arrangement among the shareholders of assessee-company and other family members is not exempt; HC notes that assessee-company is

Jun 21,2017

Karnataka HC rules in favour of Revenue and sets-aside ITAT order, denies Sec. 80P(2)(d) deduction to assessee co-operative society (engaged in agro-marketing) with respect to  interest income earned on investments

Jun 20,2017

Gujarat HC upholds ITAT order quashing block-assessment u/s. 158BC on the ground that no formal notice u/s. 143(2) was issued to assessee; Rejects Revenue’s stand that in view of long

Jun 20,2017

Mumbai ITAT allows assessee’s claim of carry forward and set-off of business losses and unabsorbed depreciations for AY 2011-12; During relevant AY, AO ignored the manual return filed by assessee

Jun 19,2017

Jaipur ITAT denies approval u/s 80G(5)(vi) to assessee-trust (registered u/s 12AA), absent approval of competent authority u/s. 11(1)(c) for carrying out activities outside India; Notes that assessee allotted certain funds for

Jun 16,2017

Meghalaya HC allows Sec. 244A interest on TDS refund  to assessee-deductee (a co-operative bank) for AYs 2000-01 to 2003-04, but rejects ‘interest on interest’ claim; With respect to TDS on

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