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Rulings

Jul 24,2018

Kolkata ITAT deletes Sec 68 addition for consideration on sale of shares, allows assessee-individual’s LTCG exemption claim; AO had made addition based on information from Investigation Wing that relevant scrip

Jul 24,2018

Allahabad HC reverses ITAT order and rules in favour of Revenue for AY 1997-98, upholds AO’s addition of excise duty payable to the value of closing stock; Rejects ITAT’s view

Jul 23,2018

Karnataka HC dismisses assessee’s (a Fidelity group co. based in India) appeal, holds that ITAT was within its jurisdiction in directing examination of fair market value (‘FMV’) of shares bought back

Jul 23,2018

SC dismisses Revenue’s appeal against Bombay HC judgment in case of Hercules Hoists Ltd.; HC had dismissed Revenue's appeal against ITAT order holding that losses of units eligible for Sec 80-IA

Jul 23,2018

Delhi HC allows assessee-company’s writ, quashes ITAT’s unreasoned order consolidating appeals absent any notice given to assessee before issuing the consolidation order; HC notes that all these appeals preferred by

Jul 21,2018

Delhi ITAT allows Sec 11 benefit to Indian Olympic Association for AY 2011-12, holds that sponsorship contract for 2010 Asian Games and Youth Olympic Games does not constitute activity in

Jul 20,2018

Delhi Tribunal Special Bench rules that goodwill qualifies for depreciation u/s. 32, follows SC ruling in Smifs Securities Ltd. wherein it had ruled that goodwill falls under the expression ‘or

Jul 20,2018

Delhi ITAT upholds taxation  of consideration for providing SAP/CAD software related support as FTS under Article 13(4)(a), being ancillary and subsidiary to the enjoyment of the right / property for

Jul 19,2018

Mumbai ITAT allows deduction u/s 37(1) to assessee-builder for compounding fine paid  to Municipal Corporation for regularising the building plan during AY 2010-11; Rejects Revenue’s stand that amount paid was

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