HC: Revised unfavourable CBDT circular in middle of year applicable only from next FY 

HC allows partial waiver of interest u/s 234C following CBDT Instruction dated May 23, 1996; Revised instruction issued on June 26, 2006 not applicable for waiver application filed in Nov

Apr 27,2012

HC: Sale of assets of discontinued division not taxable if block continues to exist

Block of assets does not make distinction between different business undertakings or different types of businesses; Block combines all assets with same depreciation rate; Sale of assets of discontinued business

Apr 27,2012

HC: Larger Bench to rule whether Guj. HC wrongly decided validity of 'case transfer without recording reasons'

Division Bench of Gujarat HC refers  the issue of validity of case transfer u/s 127 'without assigning reasons' to Larger Bench in view of contrary view of co-ordinate bench in Arti

Apr 27,2012

HC: MF units held for exactly 12 months trigger long term gains

Shares/Mutual fund units held exactly for 12 months constitute long term capital asset; Expression 'month' to be taken as British calendar month as defined in the General Clauses Act; Date

Apr 27,2012

HC: Sec 10A deduction available without setting off non-10A unit’s brought forward losses

HC rejects Revenue’s approach to ‘telescope’ provisions of Chapter VI-A for computing deduction u/s 10A; Sec 10A deduction should be reduced at the stage of computing profits and gains of business;

Apr 26,2012

HC: Division bench of Delhi HC refers examination of 'change of opinion' to larger bench 

HC refers matter to larger bench for examining the term 'change of opinion' for purposes of reassessment u/s 147; Issue was whether reassessment could be done on basis of Notes

Apr 25,2012

HC: "Work" u/s 194C given restricted interpretation, does not cover franchisee agreement 

Revenue sharing arrangement entered by IIT, IIM coaching class with franchisees not covered by the term ‘work’ u/s 194C; No TDS attracted on payment made by assessee to franchisees; Terms

Apr 24,2012

HC: Sets aside ITAT ruling, Calls for Tribunal to pass reasoned orders

HC sets aside ITAT order allowing Sec 36(1)(iii) deduction to BPL Cellular Holdings for interest on borrowings invested in shares of group companies; Matter remanded back to ITAT for re-examination

Apr 23,2012

HC: Sec 50C not attracted on sale of land held as stock-in-trade

Stamp duty valuation provisions u/s 50C not applicable to sale of plot of land held as stock-in-trade; Sec 50C applies only to capital assets; Sale of plots ancillary and incidental

Apr 19,2012

HC: Depreciation reduction mandatory while computing 80HHC deduction, SC ruling in Mahendra Mills distinguished 

Reducing depreciation from profits mandatory while claiming Sec 80HHC deduction even if not claimed in return; Bombay HC Full Bench decision in Plastiblends India Limited relied upon; SC ruling in

Apr 18,2012