HC: High Court - Tax authoritie​s can “lift the veil” of the transactio​n subject to conditions

Tax authorities can determine “true character” of transaction by “lifting veil” but should evaluate the transaction from the point of view of “prudent businessman”: P&H HC

Feb 14,2011

HC: No TDS under section 194C on hire charges of machines

Payment of hiring charges for millers and rollers operated and maintained by respective owners is subject to TDS under section 194I and not 194C: Madras HC

Feb 11,2011

HC: Revision in warranty provision allowed as expenditure: Delhi HC

Upward revision in warranty provision made in subsequent year allowed as revenue expenditure: Delhi HC

Feb 10,2011

HC: Revision of assessment not possible where “fundament​al aspects” of transactions have not changed: Delhi HC

Revision of assessment cannot be made where “fundamental aspects” of transactions have not changed: Delhi High Court

Feb 10,2011

HC: BIFR order under SICA overrides Income-tax Act: Calcutta HC

The High Could allowed carry forward of the tax losses of the sick company which was amalgamated with the assessee company; J.K. Corporation Limited vide BIFR order of May 1994

Feb 04,2011

HC: Loss from shares deemed as speculation loss for companies: Calcutta HC

Loss from delivery based share dealings business by companies deemed as “speculation loss” as per explanation to section 73

Feb 04,2011

HC: Protective assessment possible in block assessment proceedings: Delhi HC

Tax officer has power to make protective assessment in block assessment proceedings: Delhi HC

Feb 03,2011

HC: Income received by foreign satellite companies not taxable in India

In a sigificant ruling in the case of ASIA SATELLITE TELECOMMUNICATIONS CO. LTD., the Delhi High Court held that income received by foreign satellite companies was not taxable in India.

Feb 02,2011

HC: Delhi HC ruling - ITAT can accept additional evidence

Delhi HC: ITAT has power to accept additional evidence filed by assessee

Jan 27,2011

HC: Madras HC -Additional depreciation on assets acquired after Sept

Madras HC: Additional depreciation on assets shall be limited only to the extent of 50% of eligible amount where asset was used for less than 180 days in a year

Jan 27,2011