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Rulings

Nov 29,2018

Delhi HC dismisses Revenue’s appeal, reiterates that disallowance u/s. 14A cannot be invoked in absence of any exempt income earned by assessee during relevant AY 2008-09; Rejects Revenue’s stand that

Nov 28,2018

Bangalore ITAT deletes addition made on account of unexplained investment in FDRs in hands of erstwhile larger HUF, being partitioned into smaller HUFs, quashes assessment u/s. 153A for AYs 1999-2000,

Nov 27,2018

Madras HC reverses ITAT order and rules in favour of assessee (a financial service co. and dealing in shares and stocks) for AY 2001-02, allows loss suffered from transactions relating

Nov 23,2018

Ahmedabad ITAT deletes disallowance u/s 40(a)(i) for TDS non-deduction on provision for liability in respect of royalty payable on the bundled software, rules that withholding tax obligation would arise only

Nov 22,2018

Mumbai ITAT deletes addition u/s. 68/69 in hands of assessee-individual (a non-resident) relating to deposits found in HSBC Bank, Geneva during AY's 2006-07 and 2007-08, holds that AO erred in

Nov 22,2018

Allahabad HC upholds ITAT order, rules that deduction of TDS on interest income before close of the financial year as provided u/s. 194A(4) would not absolve assessee-Bank from penalty u/s.

Nov 21,2018

Bangalore ITAT rules that amendment to Sec. 2(14)(iii)(b) of Income Tax Act vide Finance Act, 2013, not retrospective in operation, dismisses Revenue’s appeal; In connection with assessee-individual’s wealth tax assessment

Nov 21,2018

Karnataka HC upholds ITAT order allowing Sec.10B deduction to assessee-firm (a 100% EOU) for AY 2009-10, clarifies that merger of another partnership firm (transferor, also a 100% EOU) with assessee-firm

Nov 20,2018

Mumbai ITAT upholds CIT(A)’s order, deletes Sec. 68 addition on account of share premium of Rs. 598.44 cr. received by a Piramal group of company (assessee) from its sister concern

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