HC: Stays reassessment based on sanctioning authority's mechanical approval; Rejects Revenue's Sec 292B defense

Bombay HC stays re-assessment initiation on assessee-individual for AY 2014-15, observes 'prima-facie' non-application of mind by the sanctioning authority while giving the necessary sanction for issuing the Sec. 148 notice, admits taxpayer's

Jan 02,2018

HC: Can't divest forex gains from export income, allows Sec 10B tax holiday

Gujarat HC upholds ITAT order, allows tax relief u/s. 10B to assessee (a 100% export oriented undertaking [EOU]) in respect of income arising on account of foreign ​exchange rate fluctuation​s​

Jan 02,2018

HC: Dismisses Revenue‘s appeal; Sec. 10B benefit to commence only from EOU certification

Kerala HC dismisses Revenue’s appeal, holds assessee eligible for Sec. 10B benefit from AY 2000-01 i.e. the year of inception of 100% export-oriented undertaking (‘EOU’) and not from AY 1998-99 i.e. the

Dec 27,2017

HC: Property 'transfer' not effective upon mere development agreement's execution, applies 'Chaturbhuj' ratio

Bombay HC upholds ITAT order, treats the date of handing over of physical possession of property by assessee-individual (i.e. March 1, 2008), and not the date of execution of Development Agreement (i.e. September

Dec 23,2017

HC: Actual loans advanced amount, not amounts reflected in aging analysis, 'eligible advances' u/s 36(1)(viii)

Karnataka HC upholds ITAT order in case of assessee (a regional rural bank) for AY 2007-08, holds that while considering eligible advances allowable for deduction u/s 36(1)(viii) it is not

Dec 22,2017

HC: Reverses ITAT order; Holds gift from brother via nephew’s bank account, taxable

Rajasthan HC reverses ITAT order of deleting disallowance made on account of gift received by assessee-individual (partner in Jewellery firm) from his brother (NRI, residing in Hong Kong) through nephew’s

Dec 22,2017

HC: Upholds grossing-up of foreign nationals’ salary u/s. 195A for tax borne by Indian agent

Kerala HC rules on Indian taxability of salary income earned by foreign nationals who were employees of the Canadian consultant engaged by an Indian company [viz. ​Kerala State Electricity Board

Dec 21,2017

HC: Adjusting 'share application money' against sales doesn't amount to cessation of liability

Allahabad HC holds that adjustment made by assessee-company during AY 2007-08 of liability towards 'share application money' received from holding company, against receivables for sales made to holding company, by

Dec 15,2017

HC: Grants MFN-clause benefit; No notification enforcing beneficial provisions of subsequent treaty necessary

Karnataka HC sets-aside CIT’s revisionary order u/s. 264 for AYs 2015-16 & 2016-17, rejects Revenue’s stand that the beneficial FTS clause under the India-Finland treaty  (which was made effective from

Dec 12,2017

HC: Upholds reopening beyond 4 years on ground of wrong accounting for amalgamation

Delhi HC dismisses assessee's writ, upholds reopening of assessment u/s 147 for AY 2007-08 and AY 2008-09 (beyond completion of 4 years of relevant AY) on ground that assessee had

Dec 12,2017