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Rulings

Dec 20,2016

Karnataka HC allows assessee’s writ, quashes order passed by Income Tax Settlement Commission (‘ITSC’), being barred by limitation for AYs 2006-07 to AY 2012-13, upholds invocation of Sec 245HA(1)(iv) [which

Dec 19,2016

SC dismisses taxpayer’s writ challenging the Pradhan Mantri Garib Kalyan Yojna, 2016 (‘the scheme’) ; Petitioner had argued that the Union of India could have come with a better scheme

Dec 19,2016

SC dismisses taxpayer’s writ challenging the Pradhan Mantri Garib Kalyan Yojna, 2016 (‘the scheme’) ; Petitioner had argued that the Union of India could have come with a better scheme

Dec 19,2016

SC sets-aside Madras HC directions to the extent of levying interest u/s 234B/C on assessee-director for non-payment of tax on non-compete fees which was  assessed as ‘salary income’ for AY

Dec 16,2016

SC rules upon issue of set-off of losses of Sec. 10A/10B units, non- eligible units while computing benefit allowable u/s 10A/10B in Yokogawa India and other cases; Holds that Sec.

Dec 16,2016

SC sets-aside HC judgements in a batch of over 40 cases including Jeans Knit P. Ltd., Kalanithi Maran; SC notes that HC had dismissed taxpayers’ writ petitions against notice issued u/s

Dec 16,2016

Delhi HC dismisses assessee-company’s writ for AY 2008-09, upholds reassessment proceedings initiated u/s 147/148 on account of assessee’s failure to substantiate genuineness of transactions relating to receipt of share capital; Observes that

Dec 15,2016

Madras HC allows writ filed by assessee (a senior citizen and a retired employee of ICICI Bank), grants VRS exemption u/s 10(10C) in respect of amount received under the Early Retirement Option Scheme, 2003;

Dec 15,2016

Amritsar ITAT grants exemption u/s 11 to assessee-trust (running schools) for AYs 2006-07 to 2012-13 despite Sec 12A registration granted subsequently only w.e.f. February 25th 2013 , holds first proviso to

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