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Rulings

Mar 02,2018

ITAT upholds Revenue's plea that assessee (a private limited company & engaged in real estate business) received high share premium as a conduit to route the funds involved as a 'layering'

Mar 01,2018

Delhi HC allows Greater Noida Industrial Development Authority’s (‘assessee’) writ, holds assessee is not engaged in ‘commercial activity’, directs CBDT to issue necessary notification granting exemption u/s. 10(46); Revenue had

Mar 01,2018

Delhi HC reverses ITAT’s order, holds that advance received by the assessee from Ginza (in which it had more than 10% shareholding) during AY 1995-96 cannot be termed as ‘advance

Mar 01,2018

Mumbai ITAT allows assessee's claim of set off of loss from commodity derivatives against derivative profit during AY 2012-13, holds that assessee was engaged in speculative business and therefore inter-se

Mar 01,2018

Andhra Pradesh and Telangana HC reverses ITAT order, holds that non-compete fees received by assessee-individual (Chairman & MD of Natco Pharma Ltd.) from Ranbaxy (‘RLL’) and Sun Pharmaceuticals (‘SPIL’) during AYs

Feb 28,2018

Bombay HC dismisses assessee-company’s (an electronic spot exchange for commodities) writ, upholds re-assessment for AY 2010-11 initiated beyond 4 years period on the basis of a special audit report; Rejects assessee’s stand that in

Feb 28,2018

Ahmedabad ITAT quashes imposition of penalty u/s 271(1)(c) on assessee-individual for AY 2009-10, rules that “where the original basis of imposition of penalty has been altered in a significant way by

Feb 27,2018

Mumbai ITAT upholds profit attribution at 15% of gross receipts to Indian PE of non-resident assessee (engaged in providing Computerized Reservation System - 'CRS') for AY 2005-06 to 2011-12, rejects

Feb 27,2018

Delhi HC reverses ITAT order, quashes penalty proceedings u/s 271(1)(c) for AY 1989-90 as barred by limitation u/s 275 in view of Revenue’s failure to pass penalty order within 6 months from

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