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Rulings

Jul 27,2018

Mumbai ITAT allows deduction for professional fees / merchant banking fees paid to PwC and other financial advisors for conducting financial and legal due diligence during AY 2008-09, observes that

Jul 27,2018

Andhra Pradesh and Telangana HC confirms ITAT order to uphold Sec 68 addition for gifts received by assessee-invidual from his father-in-law for AY 2005-06, rejects assessee's reliance on co-ordinate bench

Jul 26,2018

Agra ITAT allows Sec. 89 relief to assessee-employee with respect to arrears received in lieu of employer's contribution to an approved superannuation fund [taxable as perquisite u/s. 17(2)(vii)] during AY

Jul 26,2018

Chennai ITAT upholds capital gains taxability for assessee-firm (land-owner) in AY 2013-14 i.e the year in which the unregistered JDA was executed coupled with the two registered General Power of Attorneys

Jul 26,2018

Madras HC reverses ITAT order for AYs 2003-04 & 2004-05, holds that the process of putting mushroom powder into capsule amounts to manufacture or production eligible for deduction u/s 80IB;

Jul 25,2018

SC clarifies that CBDT’s office memorandum (‘OM’) dated July 31, 2017 regarding stay of demand does not interfere with AO’s power to grant stay on deposit of a lesser amount,

Jul 25,2018

Madras HC sets aside CIT’s order directing Kaliagnar TV (‘assessee’) to pay 20% demand as a condition precedent for staying demand of approx. Rs. 90 cr for AYs 2009-10 and

Jul 25,2018

Calcutta HC upholds ITAT order, rejects Revenue’s stand that since possession of land owned by assessee-company was made over to developer pursuant to development agreement (‘DA’) dated February, 2007, capital

Jul 24,2018

Ahmedabad ITAT rules that assessee (a Pharma co.) entitled to go in appeal before CIT(A) u/s. 248 despite not being called upon to withhold TDS u/s. 195 on foreign remittances made

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