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Rulings

Dec 07,2016

Delhi HC dismisses asseessee’s (an NBFC) appeal for AY 2009-10, upholds Sec 14A disallowance as computed by AO; During relevant AY, assessee had suo-motu offered Rs. 25 lakhs as expenses

Dec 07,2016

Delhi HC sets-aside ITAT order,  grants slump-sale benefit u/s 50B for AY 2007-08 to seller citing similar treatment in the hands of the acquirer, treats capital gains as long term; Rejects Revenue’s

Dec 06,2016

SC reverses Rajasthan HC ruling, grants exemption u/s  10(19A) to assessee-individual (erstwhile Ruler of the princely State of Kota, which is now part of Rajasthan) on rental income derived from letting

Dec 02,2016

Delhi HC reverses AAR order in the case of Formula One World Championship Ltd. (‘FOWC’ / ‘assessee’, a UK tax resident Company), holds that assessee constituted a fixed place PE

Dec 02,2016

SC reverses Uttaranchal HC order for AY 1989-90, upholds ITAT’s basis of arriving at cost of acquisition u/s 55(2) for computing capital gains accruing from land acquisition compensation and sale

Dec 02,2016

Delhi HC dismisses Revenue’s appeal,  quashes reassessment proceedings initiated u/s 147/148; Notes that assessee’s claim for provision of bad and doubtful debts was considered by the AO in original assessment completed u/s

Dec 01,2016

Chennai ITAT allows assessee’s (US Company engaged in exploration/ processing of oil and natural gas) appeal for AY 2010-11, holds that consideration received on transfer of participation rights/interests in oil banks and overriding royalty

Nov 29,2016

Hyderabad ITAT dismisses Revenue’s appeal, grants deduction u/s 10A to assessee (engaged in software development) in respect of amounts relating to disallowance u/s 40(a)(ia) for AY 2007-08; Revenue denied deduction

Nov 29,2016

Bangalore ITAT upholds Revenue’s determination of annual value (‘ALV’) of property let out by assessee to its sister concern, by adopting ‘notional interest’ on security deposit received by assessee; During

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