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Rulings

Sep 12,2018

Chennai ITAT deletes addition u/s. 56(2)(viib) in hands of a private limited co. (assessee) despite shares allotted at huge premium of Rs. 23,096 per share during AY 2014-15; Noting that

Sep 11,2018

Karnataka HC rules in favour of Revenue, holds the successor-company liable for capital gains tax for AY 2000-01 due to failure to comply with Sec. 47(xiii)(b) condition for availing capital

Sep 10,2018

Delhi HC dismisses writ petition filed by Ms Sonai Gandhi, Mr Rahul Gandhi and Mr Oscar Fernandes challenging reassessment with respect to National Herald issue; AO reopened the assessments alleging

Sep 10,2018

Bombay HC dismisses Revenue’s appeals for AYs 2000-01 to 2009-10, holds that the regional development authority (assessee) not liable to deduct TDS u/s. 194L / LA on providing tenements to the

Sep 10,2018

Bangalore ITAT allows Sec. 10A(1) deduction to assessee-individual for AY 2010-11 , holds that the proviso below Sec. 10A(1A)  which mandates return filing within Sec. 139(1) due date is not applicable to assessee's

Sep 07,2018

Jaipur ITAT deletes addition u/s 56(2)(viib) towards share premium received by assessee (private limited company), holds that option to choose valuation methodology for unquoted shares i.e. NAV method under Rule

Sep 07,2018

Ahmedabad ITAT upholds re-assessment on assessee-individual for AY 2012-13 initiated based on a Banakhat (agreement to sale) found during search action in third party’s premises, rejects assessee’s stand that the

Sep 07,2018

SC dismisses assessee-individual’s SLP challenging Gujarat HC order which upheld unexplained cash credit addition u/s 68; Addition was made with respect to receipt of unsecured loan despite confirmation from lender; HC had

Sep 06,2018

Delhi ITAT accepts assessee’s (engaged in purchase - sale of shares and mutual funds) claim of long term capital gains for AYs 2008-09, 2009-10 & 2011-12 with respect to gains

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