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Rulings

Dec 15,2016

Bombay HC sets-aside CIT’s order refusing to grant stay of demand to assessee for AY 2012-13; During relevant AY, assessee filed a loss return which was assessed at a demand

Dec 13,2016

Karnataka HC dismisses assessee’s criminal petition seeking quashing of prosecution proceedings launched u/s 276(C)(2) read with Sec 277 for filing false declaration alongwith the return of income; On noting that

Dec 10,2016

SC reverses Karnataka HC ruling, holds subvention receipts by Siemens from its German parent for recoupment of losses, a non-taxable capital receipt for AYs 1999-00 to 2001-02; HC had held

Dec 09,2016

Calcutta HC confirms ITAT order for AY 2003-04, holds that excess amount of Rs. 37.91 cr received by assessee on account of exchange fluctuation in relation to foreign projects receivable (which

Dec 09,2016

Bombay HC reverses ITAT order, rejects imposition of penalty u/s 271(1)(c) with respect to ‘bonafide’ claim of deferred revenue expenditure (‘DRE’) made by assessee during AY 1989-90, but disallowed by

Dec 09,2016

Delhi HC upholds assessee’s liability to pay capital gains tax  despite being subjected to the revival scheme sanctioned by the Board for Industrial and Financial Reconstruction (‘BIFR’) directing granting of

Dec 09,2016

Mumbai ITAT sets aside Sec 14A disallowance for AY 2010-11 made without considering and addressing assessee's claim that no expenditure was incurred to earn exempt income as all investments were routed

Dec 09,2016

Bombay HC directs expeditious processing of assessee’s Rs 19 crores refund application for AY 2014-15 in accordance with law, despite Sec 143(2) notice issued; Revenue had argued that refund cannot

Dec 08,2016

Bombay High Court dismisses Revenue's writ against AAR ruling involving a Luxembourg based non-resident applicant on the issue of capital gains;   HC approves AAR's finding that "In  part  IX  of 

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