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Rulings

Jun 30,2017

Kerala HC allows assessees’ writ, directs Revenue to process assessees’ declarations under the  Direct Tax Dispute Resolution Scheme, 2016 ('DRS') with respect to penalties imposed under Sections 271D, 271E and 272A(2)(C)

Jun 29,2017

Madras HC sets-aside ITAT order, condones 1631 days of appeal-filing delay and remits matter back to ITAT for decision on merits on grant of registration u/s. 12AA to assessee (a

Jun 29,2017

Allahabad HC upholds ITAT order quashing re-assessment proceedings  u/s. 148 (initiated beyond 4 years period), but holds that “notice issued u/s. 148 cannot be said to be illegal”  for AY 2007-08, despite

Jun 29,2017

Chandigarh ITAT grants capital gains exemption u/s. 54 to assessee-individual for investing gains arising on sale of residential house in a flat (i.e under-construction property) during AY 2013-14; Revenue had

Jun 28,2017

Andhra Pradesh and Telangana HC upholds ITAT order for AY 2005-06 in favour of taxpayer, capital gains arising to assessee (a Dutch company) on sale of shares of its Indian

Jun 28,2017

ITAT circuit bench at Mangaluru upholds capital gains taxability on shares for AY 1996-97, dismisses assessee-company’s plea that since shares were deposited in Escrow account in terms of the Arbitration

Jun 27,2017

Chennai ITAT upholds Sec. 14A disallowance, rejects assessee-individual’s plea that since no investment yielding exempt income was made during relevant AY 2012-13, invocation of Rule 8D was not warranted as

Jun 27,2017

Bengaluru ITAT denies Sec. 11 exemption to assessee-trust (running educational institutions) with respect to acquisition of fixed assets, using borrowed funds for AY 2011-12; On noting that excess fund was

Jun 26,2017

Ahmedabad ITAT allows  assessee-individual’s claim of treating profit on sale on plot/land as ‘capital gains’, quashes Revenue’s action of assessing it as ‘business income’ for AY 2011-12; Notes that assessee sold

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