HC: AO cannot reject external valuation without reference to another expert

AO cannot discard valuation report without calling for report of another expert: Delhi High Court

Apr 08,2011

HC: Asset valuation using well-recognised methods allowed 

Depreciation on cost of assets determined using well recognised valuation principles allowable –

Apr 07,2011

HC: No default where lower TDS certificate was not cancelled 

Assessee not in default where lower TDS certificate u/s 195(2) not cancelled by AO

Apr 07,2011

HC: Interest u/s 220 cannot be levied on TDS default 

Notice of demand u/s 156 redundant in case of ‘deemed default’ for TDS u/s 201; Interest u/s 220 cannot be levied –

Apr 06,2011

HC: Tax benefits under SICA continue even after positive net-worth

IT Department cannot withdraw concessions under SICA rehabilitation scheme merely because net-worth of sick unit becomes positive

Apr 04,2011

HC: Delhi HC Full bench rules on house property income in case of Interest-free deposit

Notional interest on interest-free security deposit received from tenant not to be added in determining fair rental value of house property: Delhi HC Full Bench

Apr 01,2011

HC: Rectification u/s 154 for loss set-off under MAT invalid

‘Issue of Interpretation of sec 115JA’ for loss set-off not a ‘mistake apparent from record’ u/s 154 –

Mar 31,2011

HC: Reassessment valid though notice served on assessee's old address

Reassessment valid when assessee acted on notice served on old address and participated in re-assessment proceedings – Delhi HC

Mar 30,2011

HC: Unabsorbed depreciation carry forward allowed despite delayed return filing

Carry forward of unabsorbed depreciation allowed despite non filing of tax return before due date –

Mar 29,2011

HC: Madras HC quashes block assessment order

'Writ' before HC maintainable against block assessment order despite pending appeal before CIT(A); HC quashes time-barred block assessment order: Madras HC

Mar 26,2011