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Rulings

Aug 30,2017

SC upholds Bombay HC order, quashes Sec. 153C proceedings initiated against assessee (an educational institution) for AYs 2000-01, 2001-02, 2002-03 and 2003-04; Pursuant to search conducted at one of the

Aug 30,2017

Mumbai ITAT upholds reassessment initiated (beyond 4 years period) in case of assessee-individual for AY 2004-05 for making 'deemed dividend' addition u/ 2(22)(e); Firstly, ITAT rejects assessee’s stand that in absence

Aug 28,2017

Delhi HC reverses ITAT order for AY 2011-12, restores unexplained credit addition u/s. 68 in respect of loans/advances received from four parties as assessee failed to discharge the ‘initial’ onus

Aug 28,2017

Allahabad HC reverses ITAT order for AY 1994-95, holds assessee-firm liable for Sec. 271D penalty for contravening Sec. 269-SS provision; During relevant AY, AO levied penalty taking note of certain

Aug 28,2017

Mumbai ITAT rules in favour of Shahrukh Khan (‘assessee’) for AY 2008-09, holds Signature villa at Dubai received as ‘gift’ by assessee from Dubai’s leading private limited construction company (‘donor

Aug 25,2017

Delhi HC dismisses writ petitions filed by Patanjali Ayurved and others, challenging constitutional validity of amendment to Section 142(2A) by the Finance Act, 2013, expanding the scope of special audit to

Aug 24,2017

Allahabad HC dismisses Revenue’s appeal, upholds ITAT order restricting unexplained expenditure addition u/s. 69C to 5% of amount spent on purchases; During relevant AY 2005-06, AO made unexplained expenditure addition

Aug 23,2017

Delhi HC restrains Vodafone Group Plc. UK (defendant) from initiating parallel arbitration proceedings under India-UK Bilateral Investment Promotion and Protection Agreement (‘BIPA’), while the arbitration under India-Netherlands BIPA is pending;

Aug 22,2017

Delhi HC confirms ITAT order for AY 1995-96, holds that non-compete fee received by assessee-individual (who was working as the President of TSME, an advertising agency and was holding 51%

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