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Rulings

Sep 06,2017

SC directs Formula One World Championship Ltd. (‘FOWC’) to remit the amount which it received from Jaypee Sports under LCs, towards discharging its expected tax liability on payments received under the

Sep 06,2017

SC sets-aside HC order, holds HC was not justified in allowing the appeals filed by Revenue u/s. 27A of the Wealth tax Act without formulating ‘substantial questions of law’;  Observes that

Sep 05,2017

Pune ITAT allows deduction u/s. 80P to assessee (a credit cooperative society) in respect of additions made u/s. 68 for AY 2005-06; Follows co-ordinate bench rulings in Shri Mahavir Nagari

Sep 05,2017

Calcutta HC dismisses assessee-individual’s writ, refuses to interfere with the order passed by Tax Recovery officer (‘TRO’) u/s. 159 (which provides for proceedings against the legal representative of the deceased);

Sep 04,2017

Delhi ITAT sets-aside CIT(Exemptions) order, grants Sec. 12A registration to assessee-society involved in the upliftment of farmers and protection of farmers’ interests; Notes that “the section of public to whom benefit is intended

Sep 04,2017

Jammu and Kashmir HC reverses ITAT order for AY 1997-98, rules that loss on account of embezzlement by employees was incidental to assessee’s banking business and should be allowed as

Sep 01,2017

Delhi HC allows Sec. 80HHE deduction to NDTV for AY 1999-00, rules that  television news software exported by assessee falls within the definition ‘customized electronic data’ occurring in clause (b)

Aug 31,2017

Delhi HC  allows assessee’s (a general insurance company) claim for exemption in respect of profit on the sale of investments applying CBDT circular 528 of 1988 for AY 2005-06; Rejects

Aug 31,2017

SC dismisses Revenue’s SLP challenging Delhi HC judgement holding that notices issued u/s 148 for AYs 1999-2000 to 2002-2003 on assessee-company (a public financial institution) were time barred u/s 149

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