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Rulings

Nov 23,2017

Delhi ITAT allows Sec. 80IC deduction on  interest on debtors and foreign exchange fluctuation gains, however denies deduction on interest subsidy and royalty / rent received during AY 2009-10; ITAT

Nov 22,2017

Kerala HC reverses ITAT order for AY 2005-06, holds license fee received by assessee (operating hotels) for giving the hotel along with furniture and fixtures on license, taxable as 'business

Nov 21,2017

Delhi HC judges differ on the interplay between Sec 40(a)(i) expense disallowance for Sec. 195 TDS default on payment by assessee (Mitsubishi India, ‘MI’) to group companies (based in Japan,

Nov 21,2017

Karnataka HC dismisses assessee-individual’s  (a doctor by profession and a director in one company) challenge to summons issued by AO u/s. 131 in respect of the assessment of a company

Nov 20,2017

Mumbai ITAT upholds reassessment for AY 2002-03, confirms undisclosed income addition on assessee-individual regarding deposits in the foreign bank account, follows co-ordinate bench ruling in Shri Ambrish Manoj Dhupelia and

Nov 18,2017

Ahmedabad ITAT invokes Explanation 1 to Sec. 37(1), disallows cost of production of goods incurred by assessee (manufacturer of pan masala) which were found to containing magnesium carbonate, a known

Nov 17,2017

Mumbai ITAT deletes capital gains addition u/s. 93 of over Rs. 1 lakh crore in the hands of Tata Industries Ltd. (‘assessee’) on sale of Idea Cellular shares by its

Nov 17,2017

Mumbai ITAT deletes addition made by AO u/s. 68 with respect to share capital received by assessee (Indian private limited company) from an entity based in Mauritius for AY 2009-10;

Nov 17,2017

Madras HC quashes reassessment proceedings (initiated beyond 4 years) in case of P. Chidambaram and his family members (‘assessees’) for AY 2009-10, holds it a case of mere ‘change of

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