Mar 06,2017

Delhi HC upholds ITAT order, deletes additions u/s 153A made on the basis of re-valuing  assessee’s property sold during AY 2008-09; HC notes that while the dispute relating to transaction

Mar 02,2017

Kolkata ITAT excludes retention money from book profits for the purposes of MAT calculation u/s 115JB in case of assessee (engaged in executing turnkey contracts) for AY 2006-07; Rejects Revenue’s

Mar 02,2017

Gujarat HC dismisses petitioner-director’s (holding 98% shareholding in a public limited company) writ, upholds order u/s 179 (relating to liability of director of private company) lifting the corporate veil and

Mar 01,2017

Chennai ITAT upholds AO's action of restricting depreciation claim by invoking Explanation 3 to Sec. 43(1) for determining the actual cost of second-hand windmill acquired by the assessee for AY

Feb 28,2017

Mumbai ITAT upholds concealment penalty u/s 271(1)(c) on assessee-individual ( a salaried employee) for not disclosing income on account of director's sitting fee (Rs. 4 lakh) and short term capital

Feb 28,2017

Mumbai ITAT rules that loan waiver of Rs. 314 cr., being on capital account, be reduced while computing book profits for the purposes of MAT calculation u/s 115JB for AY

Feb 27,2017

Delhi ITAT rules on deductibility of leasehold expenses in case of assessee (running resorts and restaurants) for AY 2008-09; During relevant AY, assessee incurred civil, interior works expenditure, electrical works

Feb 24,2017

Pune ITAT third member  rules that  process of generation of electricity through windmill amounts  to ‘manufacture or production of article or thing’ as contemplated u/s 32(1)(iia),   allows assessee’s ‘additional depreciation

Feb 24,2017

Mumbai ITAT rules that consideration received by assessee-company (engaged in research development, manufacturing, licensing of bio-pharmaceuticals products)  on assignment of indigenously developed patent of a medicine shall be taxable as ‘capital gains’ and