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Rulings

Feb 17,2017

Chandigarh ITAT allows assessee-individual’s claim of long term capital loss on transfer of plot to his nephews during AY 2009-10, rejects Revenue's application of Sec 50C on an unregistered document;

Feb 16,2017

Delhi ITAT dismisses Revenue’s appeal for AY 2008-09, holds that pre-operative expenses towards audit fees, salaries, legal  and professional charges, financial and bank charges are allowable u/s 57(iii) since such

Feb 16,2017

Delhi ITAT allows Sec 11/12 exemption to Patanjali Yogpeeth (a public charitable trust having pre-dominant object to provide medical relief through pranayama and yoga and impart education in field of

Feb 16,2017

Punjab & Haryana HC holds petitioner (‘an individual’) entitled to avail remedy under Pradhan Mantri Garib Kalyan Yojna Deposit Scheme  (‘PMGKY Schme’) with respect to Rs. 30 lakhs cash seized

Feb 15,2017

Mumbai ITAT allows assessee’s appeal (a Hong Kong based Company) for AY 2006-07, holds that payments received by the assessee from an Indian bank towards provision of data processing support

Feb 15,2017

Ahmedabad ITAT upholds concealment penalty of Rs. 98 lakhs u/s 271(1)(c) on assessee-company for failure to pay MAT on book profit u/s 115JB for AY 2007-08, notes that assessee has

Feb 14,2017

Chennai ITAT allows Sec. 54F benefit to assessee-HUF despite property purchased in the individual name of coparcener of HUF for AY 2012-13; Observes that though HUF is an independent assessable

Feb 14,2017

SC overturns Karnataka HC ruling and restores Trial Court verdict convicting AIADMK leader, Ms. Sasikala Natarajan in disproportionate assets case, Trial Court had held accused guilty in corruption case and

Feb 13,2017

Punjab and Haryana HC upholds AO’s resort to Rule 8D for ascertaining Sec 14A disallowance for AY 2008-09, inference drawn by AO that assessee would have incurred certain administrative expenses

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