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Rulings

Oct 16,2018

Mumbai ITAT quashes PCIT’s revisionary order u/s. 263 directing AO to recalculate valuation of unquoted shares under Rule 11UA for Sec 56(2)(viia) purpose by replacing book value of assets with

Oct 16,2018

Delhi HC quashes block assessments framed u/s 153A pursuant to ITAT's remand for AYs 2005-06 to AY 2012-13 holds that limitation period provided under erstwhile Sec. 153(2A) would apply and

Oct 15,2018

Rajkot ITAT confirms Sec. 40(a)(i) disallowance for TDS default on payment of usance interest by assessee (an Indian co.) on delayed import payments to its Singaporean holding co. during AY

Oct 15,2018

Delhi ITAT rules that Whirlpool Corporation (assessee based in US) is entitled to interest u/s. 244A on the refund of TDS deducted during AY 1997-98; Notes that the assessee is

Oct 15,2018

Delhi HC upholds Trial Magistrate’s order framing prosecution charges on assessee u/s 276CC for non-filing of return before due date u/s 139(1) and failure to comply with notice u/s 142(1)

Oct 15,2018

SC allows Revenue's appeals, denies Sec. 10(20) exemption to assessee (constituted under Rajasthan Urban Improvement Act, 1959) as it is no longer covered by the definition of local Authority as

Oct 13,2018

Gauhati HC directs CBDT to consider petitioner’s representation on extending return filing & tax audit due date; Petitioner had argued that though CBDT had extended due date till October, 31st,

Oct 11,2018

Delhi ITAT allows deduction  to assessee co. for amount incurred towards premium and interest components under the hedging contract entered with two foreign banks during AYs 2007-08 and 2008-09; Assessee had

Oct 11,2018

Madras HC upholds reassessment initiation on Sun Direct TV Pvt. Ltd. (assessee) for AY 2009-10 (initiated beyond 4yrs period), dismisses writ; Based on the information received from the CBI, AO

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