HC: Reverses ITAT; Addition towards waived interest unsustainable despite mercantile system followed

Calcutta HC rules in favour of assessee for AY 1990-91, deletes addition in respect of waiver of interest for two of its borrowers; AO had made addition in respect of

Jun 02,2017

HC: Sec. 68 applicable to cheque transaction though not encashed, entry in books relevant

Allahabad HC rules in favour of Revenue, upholds ‘unexplained credit’ addition u/s. 68 in respect of advance cheques received by assessee-company for AY 2003-04; During relevant AY, assessee credited accounts of

May 31,2017

HC: Dismisses taxpayer’s writ, can’t interfere with Settlement Commission’s fact findings

Delhi HC dismisses assessee’s writ, denies to interfere with Income Tax Settlement Commission (‘ITSC’) order rejecting assessee’s settlement application absent manifest unreasonableness or perversity; Though ITSC had earlier allowed assessee’s application

May 31,2017

HC: Expansively interprets Sec. 132(1), allows third-party bank a/c attachment; Fumes over false affidavit

Delhi HC upholds IT Department's action u/s 132(1) of the Income Tax Act directing the bank to attach the bank accounts of petitioners, pursuant to the search carried on in

May 30,2017

HC: Grants Sec. 80P benefit on FD interest, distinguishes SC ruling in Totgars

Andhra Pradesh and Telangana HC upholds assessee's (primary agricultural co-operative credit societies) claim for deduction u/s 80P(2)(a) with respect to interest income on bank FDs for AYs 2010-11, 2013-14 and 2014-15; Rejects Revenue’s

May 30,2017

HC: Upholds ITAT order quashing invocation of Sec.153A; Applies Kabul Chawla ratio

Delhi HC upholds ITAT order holding that invocation of Sec. 153A by Revenue for AYs 2000-01 to 2003-04 was without any legal basis in the absence of incriminating material qua

May 26,2017

HC: Upholds Sec. 10A/10AA claim for providing travel reservation facility access; Rejects ‘no export’ plea

Delhi HC approves ITAT order allowing Sec. 10A deduction to Amadeus India (assessee, a 100% EOU engaged in rendering ITeS data processing services to Amadeus Spain) for AY 2009-10, notes

May 25,2017

HC: Denies interest-waiver u/s. 220(2); Rejects ‘genuine hardship’ plea of taxpayer belonging to ‘profitable’ MNC

Delhi HC dismisses assessee’s writ petition (assessee being a US company having an India branch which is engaged in contract research activities) against CIT's rejection of interest waiver application u/s

May 20,2017

HC: Sec.80HHD not analogous with Sec.80HHC, allows deduction without reducing ineligible hotel’s losses

Madras HC upholds ITAT order for AY 1998-99, holds that while computing 'eligible profit' for allowing deduction u/s 80HHD(1) (available to companies running hotels) loss from ineligible units/hotels cannot be

May 19,2017

HC: Grants charity exemption to VHP despite belated audit report filing, distinguishes Congress ruling

Delhi HC upholds charity exemption u/s. 11 to Vishwa Hindu Parishad (assessee, 'VHP') for AY 1993-94 despite assessee’s failure to comply with mandatory condition u/s. 12A(b) of filing of audit report;

May 16,2017