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Rulings

Apr 18,2017

Delhi HC rules that the Income-tax Department cannot reject an application for compounding of offences u/s 279(2) either on the ground of limitation or on the ground that such application

Apr 17,2017

SC upholds Karnataka HC judgment in Revenue's favour, holds that waiver of liability due by amalgamating company after amalgamation is taxable in the hands of the amalgamated company u/s 41(1);

Apr 17,2017

SC dismisses Revenue’s SLP against Delhi HC judgment, HC had allowed assessee’s (a US company) writ and directed CBDT  to  grant approval u/s 10(15A)  with respect to lease rentals received

Apr 13,2017

Delhi ITAT sets aside assessment u/s 153A on assessee (chairman of Jindal Group of companies) for AY 2006-07 making addition of Rs. 69.07 lakhs representing undisclosed bank account balance; Notes that

Apr 12,2017

Delhi HC reverses ITAT order, deletes disallowance u/s 40A(2) with respect to professional remuneration payment by assessee-company to its Vice President (Marketing) [who is a related party u/s 40A(2)(b)]  during

Apr 12,2017

ITAT circuit bench at Mysore, quashes re-assessment for AY 2005-06,  which was initiated merely on the basis of survey proceedings u/s 133A during the pendency of assessee’s appeal before Bangalore

Apr 11,2017

Bangalore ITAT upholds 40% profit attribution to Indian operations of Arrow Group for AYs 2000-01 to 2004-05 in reassessment proceedings pursuant to survey conducted at liaison office premises, however, upholds restriction of TP-adjustment to 40%

Apr 10,2017

Nandu Atmaram Wajekar (‘assessee’) filed a declaration under the Income Declaration Scheme, 2016 (part of the Finance Act, 2016) (‘Scheme’) on September 30, 2016 declaring undisclosed income of Rs.11.59 crores  

Apr 10,2017

Nandu Atmaram Wajekar (‘assessee’) filed a declaration under the Income Declaration Scheme, 2016 (part of the Finance Act, 2016) (‘Scheme’) on September 30, 2016 declaring undisclosed income of Rs.11.59 crores  

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