Sep 30,2011

Portfolio management services fees not deductible; Pune ITAT decision in  KRA Holding & Trading not good law: 

Sep 29,2011

Interest paid on delayed payment of income tax not allowable as deduction u/s 36(1)(iii) or 37(1); Interest paid cannot be set off against interest received on tax refund; Gross amount

Sep 28,2011

Capital gains on built-up area received under JDA, cannot be computed using market price of the property; Act consciously adopts two different concepts - ‘full value of consideration’ u/s 48

Sep 26,2011

ITAT strikes down Government Order withdrawing exemption to Reliance Industries u/s 10(15)(iv)(f), on ECB interest ; Tribunal has power to strike down rules/  notification by application of doctrine of 'Reading Down';

Sep 23,2011

Sec 14A amendment by Finance Act, 2002 has retrospective application for pending assessments; Amended Sec 14A also applicable for pending appeal before ITAT and HC; Sec 14A disallowance upheld for

Sep 23,2011

Time limit for completing assessment u/s 153 cannot be extended by filing petition under Article 226, in absence of a legal provision

Sep 21,2011

Order u/s 197 to be passed after 'independent application of mind', not on 'dictation' or 'advise' of CIT

Sep 21,2011

The AAR has rejected application by payee as questions raised covered in the assessment of payer entity. AAR observed that the question raised need not necessarily be subject matter of assessment

Sep 21,2011

Issues raised in AAR application covered in assessment; AAR rejects the application