HC: Quashes Revenue’s action of re-valuing property in ‘search proceedings’ absent ‘seized material’

Delhi HC upholds ITAT order, deletes additions u/s 153A made on the basis of re-valuing  assessee’s property sold during AY 2008-09; HC notes that while the dispute relating to transaction

Mar 06,2017

HC: Dismisses writ; Empowers ITAT to call for records / file in connection with transfer-order u/s 127

Delhi HC dismisses Revenue’s writ, upholds ITAT’s power to direct production of file u/s 124 (relating to jurisdiction of AO) in connection with transfer order passed u/s 127; Revenue had

Mar 03,2017

HC: Upholds capital gains exclusion from book profit calculation u/s 115JB, grants Sec 54EC benefit

Madras HC upholds ITAT order, rules that capital gains should be excluded while computing book profits for the purposes of MAT u/s. 115JB, though forming part of net profit in

Mar 03,2017

HC: Holds director liable for tax-dues of "de facto" private company, pierces corporate-veil

Gujarat HC dismisses petitioner-director’s (holding 98% shareholding in a public limited company) writ, upholds order u/s 179 (relating to liability of director of private company) lifting the corporate veil and

Mar 02,2017

HC: Upholds Settlement Commission's order determining higher income; Payment to ‘mafia’ deductible u/s 37

Bombay HC dismisses Revenue’s writ challenging Settlement Commission order (‘ITSC’) u/s 245D(4), ITSC had allowed the Settlement application filed by the Lodha group (‘assessee’); Rejects Revenue’s stand that ITSC’s determination

Feb 20,2017

HC: Upholds ITAT; Investment trust not assessable as AOP; Sec 164(1) inapplicable

Karnataka HC upholds ITAT order quashing  AO's order holding assessee-trust [set up for investment in mezzanine instruments] as 'AOP' for AY 2008-09; Rejects Revenue’s stand that beneficiaries shares were not determinable,

Feb 17,2017

HC: Deletes Sec. 40(a)(ia) disallowance on interest paid to foreign supplier towards machinery imported

Delhi HC reverses ITAT order for AY1996-97, deletes disallowance made u/s 40(a)(i) towards non-deduction of TDS on interest paid by assessee (a domestic company) on machinery imported from supplier based in Canada,

Feb 17,2017

HC: Assessee’s ground for non-payment of advance-tax non-existent, confirms interest levied u/s 215

Bombay HC confirms interest levied u/s 215(1) towards short / non-payment of advance tax for AY 1976-77, rejects assessee’s plea that liability to pay advance tax did not arise on account of retrospective amendment to

Feb 17,2017

HC: Sans FIR registration, mere cash seizure not IPC offence; Allows PMGKY declaration

Punjab & Haryana HC holds petitioner (‘an individual’) entitled to avail remedy under Pradhan Mantri Garib Kalyan Yojna Deposit Scheme  (‘PMGKY Schme’) with respect to Rs. 30 lakhs cash seized

Feb 16,2017

HC: Invoking Rule 8D based on AO's reasonable presumption permissible, actual quantification not required

Punjab and Haryana HC upholds AO’s resort to Rule 8D for ascertaining Sec 14A disallowance for AY 2008-09, inference drawn by AO that assessee would have incurred certain administrative expenses

Feb 13,2017