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Rulings

Nov 01,2017

Mumbai ITAT deletes Rs. 768 Cr addition to book profits u/s 115JB for AY 2006-07 towards entire revaluation reserve created during the year in respect of land converted from fixed asset

Nov 01,2017

Full Bench of the Karnataka High Court rules in favour of  taxpayer, holds that income by way of interest on bank deposits or staff loans earned by 100% export oriented unit is

Oct 31,2017

Delhi HC allows writ petitions filed by ESPN Mauritius entities, quashes re-opening notices issued by AO; HC also quashes assessment orders passed by the AO in complete disregard of both earlier

Oct 31,2017

SC dismisses assessee's appeal, upholds HC conclusion that mobilization fee payable to non-resident assessees for transportation of oil rigs is taxable u/s 44BB; Notes that Income-tax Act, 1961 follows territorial system

Oct 31,2017

Gujarat HC upholds ITAT order for AY 2003-04, allows Sec. 80IA(4) deduction to assessee company (entrusted with the road project by Government on BOT basis), despite assessee assigning the task

Oct 31,2017

Gujarat HC reverses ITAT order, allows deduction u/s. 36(1)(iii) for interest on Special Purpose Notes (‘SPN’) to Nirma Ltd. (assessee)  claimed upon pre-mature redemption of SPNs during AY 1999-2000; HC notes

Oct 30,2017

Andhra Pradesh & Telangana HC holds proviso to Sec. 254(2A) as directory, notes that Sec. 254(2A) uses the phrase ‘wherever it is possible’ implying that the Parliament had thought it

Oct 30,2017

SC sets aside Karnataka HC ruling in Gemini Distilleries and allows Revenue’s appeal; HC had dismissed Revenue’s appeal relying on Karnataka HC ruling in Ranka & Ranka wherein it was held that

Oct 27,2017

Visakhapatnam ITAT upholds levy of interest u/s 201(1A) for AY 2013-14 and 2014-15 in case of assessee failing to deduct tax at source u/s 194J, rejects assessee’s contention that since

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