HC: Disallows "artificial" capital loss as "colourable device", relies on SC ruling in Vodafone

Capital loss arising on sale of shares of associated companies, 'artificial', not allowed; Share transactions "sham" ; SC's observations in Vodafone make it very clear that colourable device cannot be a part

Mar 12,2012

HC: Loss on transfer of partly convertible debentures not 'speculative'  

Loss on transfer of non-convertible portion of Partly Convertible debentures (PCDs) not speculative in nature; Allotment of PCDs under 'khoka scheme' in favour of assessee amounted to constructive delivery of

Mar 08,2012

HC: Sec 40(a)(ia) amendment extending time limit for TDS retrospective 

Even prior to amendment by Finance Act, 2010 to Sec 40(a)(ia), expenditure deductible if TDS paid within due date for tax return filing; Amendment retrospective in nature; SC rulings in

Mar 07,2012

HC: Settlement Commission not a passive spectator, Can examine issues not raised in application 

Settlement Commission’s jurisdiction not restricted to issues raised in application; Commission not designed to act as a passive spectator, has powers to perform the functions of an income tax authority;

Mar 05,2012

HC: Share brokers' bad debt claim allowed; ITAT SB ruling upheld

Share brokers eligible for bad debts claim on un-recovered balances of share transactions carried on behalf of clients; Brokerage as well as value of the shares due from clients constitute

Mar 05,2012

HC: Settlement Commission to carry independent examination of copius material, HC quashes cryptic order

Settlement Commission's order ignoring serious objections taken by the CIT & granting immunity to assessee quashed, Order cryptic and not in accordance with law; Commission should act independently and carry out in-depth examination in

Mar 02,2012

HC: Existence of alternative remedy not an absolute bar to relief under 'writ'; Re-assessment quashed

'Non speaking' and 'cryptic' order, disposing assessee’s objections against reopening of assessment u/s 147, quashed; Consequent assessment order passed without offering opportunity of being heard to assessee also invalid; Revenue’s

Feb 24,2012

HC: Sale to UNICEF within India not 'deemed export'; Exim policy definition not applicable to IT Act  

Sale to UNICEF in India not eligible for Sec. 80HHC benefit, even though proceeds received in convertible foreign exchange; Concept of ‘deemed export’ under Exim Policy cannot be imported to

Feb 23,2012

HC: CA Study Circle carrying on charitable work, Eligible for Sec 80G approval

A Chartered Accountants' Study Circle carrying on 'charitable activities', eligible for renewal of Sec 80G approval; Activities involving sale of books & publications on audit, to members as well general

Feb 22,2012

HC: Set-off of Sec 10B unit's loss against profits from other units allowed

Loss sustained in eligible unit u/s 10B allowed to be set off against profits from non eligible unit; No specific provision in statute to prohibit set off of loss; Co-ordinate

Feb 22,2012