HC: Liability for unapproved pension fund - not deductible.

No deduction allowable for liability towards unapproved pension scheme- Calcutta HC

Mar 08,2011

HC: CIT's revisionary power u/s 263 correctly exercised

CIT’s revisionary power u/s 263 correctly exercised in case of non application of mind by AO by ignoring the material facts- HP High Court

Mar 07,2011

HC: Kerala HC differs with Madras HC on Re-assessment/Rectification

AO can initiate “re-assessment” u/s 148 even after dropping rectification proceedings u/s 154

Mar 04,2011

HC: Production of corrugated boxes amounts to “manufactu​re”

Production of corrugated boxes from kraft sheets amounts to “manufacture” and eligible for deduction under sec 80-IB

Feb 28,2011

HC: Delhi HC follows Bombay HC on DEPB credit tax issues

Delhi HC follows Bombay HC on DEPB credit tax issues, sets aside 27 Delhi ITAT rulings.

Feb 23,2011

HC: Arrears of rent taxable only as "house property" income: CALCUTTA HC

Arrears of rent cannot be taxed under any other head of income when “notional rent” of the property was already taxed as House Property Income

Feb 23,2011

HC: Exemption u/s 10(22)for Educational Institution

Educational institution eligible for exemption u/s 10(22) as long as surplus earned was used for fulfilling educational purpose: Delhi HC

Feb 23,2011

HC: Acquittal of director from prosecution does not imply acquittal of Company: Delhi High Court

The High Court held that even if a director of the company was acquitted of prosecution, it did not absolve the Company from penal consequences as per section 276B of

Feb 23,2011

HC: Bombay HC upholds ITAT Special Bench decision on sec 80-IB(10)

A division bench of Bombay High Court upheld the ITAT Special Bench decision in case of Brahma Associates. The decision pertains to the deduction under section 80-IB(10) available on “housing

Feb 23,2011

HC: Write-back of advance received taxable as income: Delhi HC

The Delhi High Court held that write back of advance received from customers and not claimed back, was taxable as “income”. The High Court held that act of “write

Feb 22,2011