Dec 30,2016

Mumbai ITAT allows inter-se  set-off of profit/ loss between cash segment and future segment of assessee-company  dealing in cash future arbitrage for AY 2009-10; Rejects Revenue’s stand that set-off should

Dec 30,2016

Punjab & Haryana HC upholds denial of ‘charity’ exemption u/s 10(23C)(iv) to assessee-trust (engaged in printing and publishing of newspaper – ‘The Tribune’) for AY 2009-10; HC relies on Privy

Dec 29,2016

Mumbai ITAT rules against taxpayer & reverses CIT(A), denies relief from Sec 14A in respect of strategic investment made by assessee (a cooperative bank) in its subsidiary company;  Observes that the statute does

Dec 28,2016

Delhi HC allows Revenue’s appeal challenging ITAT order attributing 15% of assessee’s (USA based limited partnership concern, engaged in online airline booking services) income to India relying on co-ordinate bench ruling

Dec 27,2016

Mumbai ITAT reverses CIT(A)’s order for AY 2011-12, payments made by assessee (a bulk SMS provider) to domestic telecom operator towards connectivity charges not taxable as royalty within the meaning of Sec. 194J;

Dec 26,2016

Ahmedabad ITAT dismisses Revenue’s appeal for AY 2010-11, allows depreciation on ‘goodwill’ claimed by the assessee – company during the course of assessment proceedings vide a revised computation of income

Dec 26,2016

Bangalore ITAT allows assessee’s (a Government undertaking) appeal for AY 2008-09, holds that long term capital gains (‘LTCG’) arrived at by reducing indexed cost of acquisition from asset’s sale proceeds to be considered

Dec 23,2016

Bombay HC upholds foreign tax credit denial u/s 91 to Reliance Infrastructure Ltd. (‘assessee’) with respect to taxes paid in Saudi Arabia during AY 1983-84, however, allows expense-deduction for foreign

Dec 22,2016

Chandigarh ITAT upholds CIT's revision u/s 263 in case of Virbhadra Singh HUF (Karta Mr Virbhadra Singh is Chief Minister of Himachal Pradesh) for lack of inquiry by AO on