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Rulings

Jul 07,2017

Kolkata ITAT dismisses assessee’s (a public sector bank) appeal for AY 2004-05, holds that effect of brought forward losses u/s. 72 has to be given prior to allowing deduction towards

Jul 07,2017

Bangalore ITAT upholds disallowance u/s. 14A read with Rule 8D on account of administrative expenses (i.e. indirect expenses) with respect to dividend income earned during AY 2008-09; Rejects assessee’s stand that

Jul 05,2017

Bangalore ITAT rules that payment received by a US software company (‘assessee’) for rendering implementation, consultancy and maintenance services in connection with ‘customized’ software licensed to Indian customers, amounts to

Jul 05,2017

Bombay HC upholds deletion of Sec. 271(1)(c) penalty levied for wrongly claiming carry forward of long term capital loss (‘LTCL’) on sale of shares and not setting it off against

Jul 05,2017

Chhattisgarh HC sets-aside ITAT order for AY 2006-07 “without expressing anything on merits”, directs AO to consider assessee’s (a public sector company) claim of carry forward and set-off  of losses u/s

Jul 04,2017

Bombay HC upholds ITAT order, restricts levy of penalty u/s. 221 only on arrears of tax, excluding the interest under Sections  234A/B/C; Rejects Revenue’s stand that the terminology ‘tax in

Jul 04,2017

Mumbai ITAT upholds Reliance Industries’ (‘assessee’) computation of deduction u/s. 80IA in respect of its power generation undertaking for AY 2007-08, approves assessee’s action of treating the price at which

Jul 03,2017

Andhra Pradesh and Telangana HC upholds granting of charity registration u/s. 12AA to assessee-institution (engaged in training and guiding Government officials/farmers in the field of water and land management for a

Jul 03,2017

Bengaluru ITAT rules in favour of Revenue for AYs  2010-11 and 2011-12, holds that consideration received by assessee (a UAE based group company) from ABB Ltd. (assessee’s Indian counterpart) pursuant

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