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Rulings

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

Feb 13,2017

Punjab and Haryana HC rules that Sec 14A disallowance not applicable to an assessee-bank for AY 2008-09, holds that Sec. 14A applies only to shares held as ‘investments’ and not

Feb 13,2017

SC dismisses Revenue’s SLP against Karnataka HC ruling in the case of IBM Global Services India Private Ltd. (‘assessee’) for AY 1998-99; HC had held that payments for domestic customer database

Feb 10,2017

Kolkata ITAT deletes interest u/s 201(1A) levied for alleged short deduction of TDS u/s 194A on interest payments made by assessee-company during AYs 2008-09 and 2009-10; Notes that the parties to whom

Feb 10,2017

Delhi HC allows Sony India’s appeal and reverses ITAT order for AY 2005-06, allows depreciation on assets forming part of ‘block of assets’ in  respect of  assessee’s unit which was

Feb 10,2017

Kerala HC allows assessee’s (a charitable society) writ, directs CIT to consider assessee’s revision petition u/s 264 for AY 2013-14; Notes that assessee received intimation u/s 143(1) wherein certain deduction

Feb 09,2017

Mumbai ITAT rules in assessee-company’s favour, holds assessee’s share of income from association of persons (AOP), though credited to Profit and Loss account ('P&L a/c'), be reduced while computing book profits for

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