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Rulings

Sep 26,2018

Karnataka HC reverses ITAT order and rules in favour of Revenue, holds that the ‘distributable surplus’ paid to Indian subsidiary of UK based Liquor Conglomerate (‘DIAGEO’) under the Agreement whereby

Sep 25,2018

Kerala HC upholds ITAT order, rules that balance remaining with assessee-agent after settlement of accounts with the Principals upon agency termination and after deducting the expenses incurred, constitutes trading receipts u/s 28(ii)(c)

Sep 25,2018

Jaipur ITAT denies set-off of loss incurred by assessee-individual in respect of trading in commodity derivatives against the normal business income in view of Sec. 73; Accepts Revenue’s stand that

Sep 24,2018

Chennai ITAT rejects AO’s claim that since Sec. 50C(2) has used the expression “may”, it was not compulsory to refer the property valuation matter to the DVO; During relevant AY

Sep 21,2018

HC upholds AO’s undisclosed income addition for suppressed sale proceeds pursuant to block assessment proceedings, rejects assessee’s (one of the Ansal group companies) stand that the sum represented a mere

Sep 21,2018

Gujarat HC rules that compounding fees should be levied @ 100% of ‘tax’ sought to be evaded and not @ 100% of ‘income addition’ with respect to prosecution initiated on

Sep 21,2018

Delhi ITAT grants deduction for provision in respect of price reduction on set top boxes for subject AY 2007-08, notes that price reduction was crystallized after March 31st of relevant

Sep 20,2018

Delhi ITAT dismisses Revenue’s appeal, allows set off of loss arising in assessee's SEZ unit (eligible for Sec. 10AA benefit) against income from other taxable units for AY 2008-09; Holds

Sep 20,2018

Mumbai ITAT deletes addition for Rs. 2,456.50 Cr. received by MIDC (assessee, a State owned industrial development corporation) during AY 2011-12 on account of leasing of plots, providing development activities

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