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Rulings

Aug 14,2018

Bengaluru ITAT approves assessee-trust’s plea that application of income in subject AY 2012-13 should be first considered as having been made out of the accumulation u/s. 11(2) of preceding AY

Aug 14,2018

Delhi ITAT quashes CIT’s invocation of revisional jurisdiction u/s. 263 for non-examination of eligibility conditions u/s. 80-IC by AO during AY 2013-14; Rules that “Since the stage for carrying out

Aug 14,2018

Kolkata ITAT delivers double blow to a Kolkata based Vijay Mallya group entity ('assessee'), holds that the sale of its pledged shares by Citicorp would result in a capital gain

Aug 13,2018

Mumbai ITAT denies deduction for expenses incurred by assessee (a JV co. formed by Tata Advances System Ltd. and Lockheed Martin Aerostructure Corporation, USA [‘LMAC’]) as pre-operative expenses, noting that

Aug 13,2018

Delhi ITAT deletes disallowance for donations made by assessee-trust in kind and in cheques, to schools, colleges and other charitable institutions during AY 2013-14, holds that there is no embargo

Aug 10,2018

Ahmedabad ITAT quashes Pr. CIT’s revisionary order u/s. 263 in case of a Pharma co. (assessee) for AY 2014-15, holds that “the foundation for exercise of revisional jurisdiction is sorely missing”

Aug 10,2018

Mumbai ITAT deletes Sec 80IC disallowance made by AO in the final assessment order, over and above the amount disallowed in the draft assessment order for AY 2008–09, rejects Revenue’s

Aug 10,2018

Chennai ITAT reverses CIT(A) order for AY 2014-15, holds that payment made by partnership firm (assessee) to retiring partner consequent to family settlement, is deductible from taxable income; Notes that

Aug 09,2018

Delhi HC dismisses Revenue’s appeal, allows depreciation on the intellectual property rights (IPR) acquired and purchased by assessee co. from Monsanto India Limited during AY 2010-11; HC notes that the

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