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Rulings

Apr 26,2018

SC dismisses Revenue's SLP against Rajasthan HC decision upholding retrospective application of amendment made to Sec 115WC(1)(b) exempting employer's contribution to Superannuation Fund upto Rs 1 lakhs per employee from Fringe Benefits Tax (FBT); Noting

Apr 26,2018

SC upholds Delhi HC order for AY 1999-2000, allows deduction to assessee-company (‘lessor’) on account of lease equalization charges debited to P&L account based on ICAI Guidance Note; Rejects Revenue’s stand that the deduction

Apr 25,2018

SC dismisses Revenue's appeal, holds that amount received by assessee (Chairman and Managing Director of Procter and Gamble India) towards redemption of Stock Appreciation Rights (SARs) is to be treated

Apr 25,2018

SC holds that assessee’s (an individual, resident in India) lottery income from Sikkim cannot be taxed under Income-tax Act, 1961 for AY 1986-87 as the same was already taxed under

Apr 25,2018

SC upholds HC-order disallowing Sec 80-O deduction claimed by assessee [for rendering specialized industrial and commercial knowledge relating to the Indian automobile industry to Sumitomo Corporation, Japan] for AY 1997-98

Apr 25,2018

SC upholds HC’s quashing of reassessment proceedings, holds that initiation of such proceedings merely on account of AO's view that Sec 10A deduction was allowed in excess was based on

Apr 25,2018

SC holds that interest income earned on share application money kept in fixed deposits as per the statutory requirements, is not taxable as Income from Other Sources; Upholds HC decision

Apr 24,2018

Andhra Pradesh HC confirms ITAT order, holds that allowances paid to employees deputed to UK by assessee (software developer) is taxable as perquisite u/s 17 (2) subject to tax deduction

Apr 24,2018

Delhi HC reverses ITAT order to allow deduction of liquidated damages paid by the assessee for cancelling earlier agreement to sell immovable property, as expenditure incurred wholly and exclusively in

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