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Rulings

Dec 13,2018

Mumbai ITAT rejects deemed dividend taxation u/s. 2(22)(e) in hands of assessee (a Mauritian Co.) with respect to the transaction relating to the Inter Corporate Deposits (ICDs) between its two

Dec 12,2018

Mumbai ITAT allows Akshaye Khanna’s claim for expenditure (depreciation, insurance expenses) on account of speed boat owned by him for AY 2012-13, rejects Revenue’s stand that the entire speed boat

Dec 12,2018

Pune ITAT denies deduction u/s. 80P(2)(a)(i) to assessee (a Co-operative society engaged in banking business) in respect of ‘gross’ commission receipts (arising on account of collecting electricity charges for &

Dec 12,2018

Delhi ITAT holds assessee-individual (transferee) not liable to deduct TDS u/s. 194-IA as the property purchase consideration qua assessee was only Rs. 37.50 lakhs being less than Rs. 50 lakhs

Dec 11,2018

Delhi HC confirms ITAT order holding that the amount received by assessee (engaged in providing basic telecom services) on sale of prepaid cards to the extent of unutilized talk time

Dec 11,2018

Bombay HC confirms ITAT order, upholds wealth tax liability on urban land, construction on which requires permission from Competent Authority under Tamil Nadu Town Planning Act; Rejects assessee's contention that

Dec 10,2018

Mumbai ITAT rules that the Industrial Promotion Subsidy (IPS) received by assessee (a subsidiary of Mahindra & Mahindra Ltd.) during AY 2012-13 constitutes a non-taxable capital receipt; Noting that assessee

Dec 07,2018

Mumbai ITAT quashes revision u/s 263 made by Pr.CIT on the grounds that there was no nexus between fictitious capital assets purchase & subsequent routing back as share capital in

Dec 06,2018

Pune ITAT rules that service of notice u/s. 143(2) on the manager of assessee-firm and not partners, would not invalidate the assessment proceedings for AY 2010-11; Observes that though the

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