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Rulings

Jun 20,2017

Mumbai ITAT allows assessee’s claim of carry forward and set-off of business losses and unabsorbed depreciations for AY 2011-12; During relevant AY, AO ignored the manual return filed by assessee

Jun 19,2017

Jaipur ITAT denies approval u/s 80G(5)(vi) to assessee-trust (registered u/s 12AA), absent approval of competent authority u/s. 11(1)(c) for carrying out activities outside India; Notes that assessee allotted certain funds for

Jun 16,2017

Meghalaya HC allows Sec. 244A interest on TDS refund  to assessee-deductee (a co-operative bank) for AYs 2000-01 to 2003-04, but rejects ‘interest on interest’ claim; With respect to TDS on

Jun 16,2017

Visakhapatnam ITAT upholds treatment of profit on sale of agricultural land as business income of assessee, deletes capital gains addition for AY 2007-08; Notes that assessee converted his investment (i.e. agricultural

Jun 14,2017

Delhi HC decides the preliminary objection on maintainability of the review petition in favour of assessee (i.e review petitioner), rules that “review petition to be not barred owing to the SLP

Jun 13,2017

Delhi ITAT upholds CIT(A)’s order annulling assessment, quashes invocation of Sec. 50C(1) (relating to substitution of sale consideration with stamp duty valuation) while computing capital gains on sale of land

Jun 13,2017

Delhi ITAT deletes deemed dividend addition u/s. 2(22)(e) in the hands of assessee-individual for AY 2010-11 with respect to transfer of commercial space between two entities in which assessee held

Jun 12,2017

Kolkata ITAT holds that remuneration received by assessee-individual (a non-resident engaged as a ‘master’ with a foreign shipping company) in his NRE account in India, not taxable for AY 2011-12;

Jun 12,2017

Bangalore ITAT upholds expense disallowance u/s. 14A, however, directs that business income increased by the amount of disallowance, should be considered for computing deduction u/s. 10A in case of assessee

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