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Rulings

Dec 21,2018

Mumbai ITAT allows deduction for pre-operative expenses (salaries and wages, travelling expenses, repairs and maintenance, staff room expenses and other general administrative expenses) incurred by Olive Bar & Kitchen P.

Dec 21,2018

Delhi HC quashes re-assessment on legal representative of a deceased assessee, observes that the reassessment notice was issued in the name of the deceased and no notice was issued to

Dec 20,2018

Karnataka HC reverses ITAT order, deletes disallowance u/s. 40A(3) for payments made by assessee (a manufacturing company) to vendors by non-crossed bank drafts during AY 2005-06; Notes that Revenue had

Dec 19,2018

Bombay HC upholds ITAT order, rules that capital gains arising to assessee during AY 2005-06 on assignment of development rights, in respect of the immovable property, to a builder is

Dec 19,2018

Pune ITAT rejects Revenue’s action of invoking Sec. 80AB to deny assessee-builder’s Sec. 80IB(10) claim for AY 2009-10; During relevant AY, assessee had earned profits from eligible projects and incurred

Dec 19,2018

Madras HC discharges assessee-individual from the prosecution launched u/s. 276C(2) for non-payment of determined tax; Notes that since the assessee was agitating his case before various fora [CIT(A) / ITAT],

Dec 18,2018

Punjab & Haryana HC reverses ITAT order, upholds CIT’s revisionary order u/s. 263 resulting in enhancement of assessee’s income for AY 2008-09; Takes note of CIT’s observations that AO had

Dec 18,2018

SC dismisses assessee-company’s SLP challenging Bombay HC order upholding re-assessment initiation (beyond 4 yrs period) based on a special audit report; HC had held that the special audit report constituted

Dec 17,2018

Visakhapatnam ITAT rejects taxability u/s. 56(2)(vii)(c) in the hands of assessee-individual for share allotment under 'rights issue' in a family owned company at less than fair market value during AY

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