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Rulings

Apr 23,2018

Delhi HC reverses ITAT order for AY 1999-2000, rejects substitution of market value as full value of consideration for sale of shares by assessee (an individual) to its related entity;

Apr 23,2018

Cochin ITAT dismisses Revenue’s appeal against CIT(A) order allowing deduction u/s 80P to assessee (primary agricultural co-operative society), distinguishes SC ruling in Citizens Co-operative Society; Notes that SC had denied

Apr 20,2018

Amritsar ITAT upholds Pr. CIT’s invocation of revisionary jurisdiction u/s. 263 for 2012-13, in absence of inquiry by AO on Sec. 14A issue as well as his non-observance of CBDT Circular 5/2014 (wherein

Apr 18,2018

Bombay HC refuses to condone Revenue’s 318 days delay in appeal filing which is not sufficiently explained , rejects Revenue’s submission that considering the inherent manner in which the State

Apr 18,2018

Bombay HC upholds ITAT order for AY 2007-08, rules that income in respect of sale of flats by assessee, a builder and developer accrued when possession of flat was given and

Apr 18,2018

Madras HC upholds ITAT order, allows set-off of loss incurred by assessee-company (having main business of jewellery) from trading in derivative transactions through Multi Commodity Stock Exchange (‘MCX’), against other

Apr 17,2018

Delhi ITAT allows Sec. 80IC deduction to assessee-company (engaged in manufacturing of precision turned parts /gears and also doing job work for the same) in respect of the job work

Apr 17,2018

Mumbai ITAT upholds re-assessment on assessee (an iron and steel trader) for AY 2009-10 based on tangible information received from the Sales tax investigation wing, however restricts bogus purchases disallowance

Apr 16,2018

Mumbai ITAT deletes addition towards proceeds of benefit match in the hands of former cricketer Mr Sameer Dighe (assessee), holds that sum received is in the nature of capital receipt;

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