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Rulings

Mar 21,2017

Delhi HC allows assessee’s writ, quashes reassessment (initiated beyond 4 years period) for AYs 1997-98 to 2001-02, premised on statement of a third party recorded u/s 133(6); During the course

Mar 20,2017

Karnataka HC quashes assessee’s writ, upholds initiation of reassessment proceedings u/s 147/148 for AYs 2009-10 and 2010-11 beyond 4 years period; Pursuant to Justice Shah committee report, assessee was accused

Mar 17,2017

Kerala HC reverses ITAT order, upholds Sec. 68 addition on assessee-company with respect to unexplained credits from its sister concern in Nepal; HC holds that ITAT got swayed by the fact

Mar 17,2017

Madras HC rules in favour of taxpayer, upholds Sec 54F (capital gains exemption) benefit to assessee-individual for AY 2012-13; By virtue of assessee alongwith his sons (land-owners) entering into joint

Mar 16,2017

Ahmedabad ITAT upholds addition u/s 68 on assessee-company (a manufacturer of industrial oil) with respect to unexplained share application money for AY 2002-03; Rejects assessee’s stand that since it provided

Mar 16,2017

Gujarat HC dismisses Revenue’s appeal, upholds ITAT order in Kalpataru Power Transmission Ltd. (‘assessee’) on carbon credits taxation for AY 2009-10; ITAT had held that transfer of carbon credits is

Mar 16,2017

Ahmedabad ITAT dismisses assessee’s (a Pharmaceutical Company) stay petition on collection of income tax demands aggregating to Rs. 1954.93 crores for AY 2012-13, restores the matter to Pr. CIT’s file; Notes that assessee had

Mar 15,2017

Karnataka HC allows Flipkart’s writ, sets-aside AO’s as well as Pr. CIT’s orders refusing to stay collection of demand for AYs 2014-15 & 2015-16 and directing assessee to deposit approx

Mar 15,2017

Bangalore ITAT rules that payment received by assessee (a Swiss company engaged in providing operations and management services to airports) from Bangalore International Airport Ltd. (‘BIAL’) for secondment of skilled

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