HC: AAR not mandated to hear IT Dept, record reasons while admitting application

AAR not required to provide opportunity of hearing to IT Department while admitting application; recording of reasons for admission not necessary:  

Jul 22,2011

HC: Remuneration to director 'reasonable' considering legitimate business needs

Remuneration to director held as 'reasonable' in view of legitimate business needs, no disallowance u/s 40A(2)

Jul 22,2011

HC: Single appeal to HC against multiple orders maintainable

Single appeal against consolidated judgement in case of multiple orders maintainable

Jul 22,2011

HC: Reassessment invalid as overseas transfer and change in shareholding disclosed

Change in shareholding due to overseas indirect transfer disclosed during assessment; Reassessment after 4 years to deny loss carry forward u/s 79 invalid

Jul 21,2011

HC: Accounting method not relevant for claiming deduction u/s 43B

Deduction u/s 43B allowable on 'payment basis' even though 'liability to pay' incurred in subsequent year

Jul 21,2011

HC: Pre 2003 non-compete fees not taxable, ITAT can't question genuineness of transaction

Non-compete fees to be treated as capital receipt; not liable to tax if received before 2003; no scope for ITAT to question genuineness of transaction if AO has not levelled

Jul 20,2011

HC: Pre 2003 non-compete fees not taxable

Non-compete fees to be treated as capital receipt; not liable to tax if received before 2003

Jul 20,2011

HC: Azaadi Bachao not applicable as Mauritius co. not 'real owner' of shares

Key conclusions from the landmark Bombay HC ruling in the writ petitions filed by Aditya Birla Nuvo, Tata Industries and New Cingular Wireless over stake sale in Indian telecom company

Jul 15,2011

HC: ‘Advance License’ benefits taxable only on sale though credited in P&L

‘Advance License’ benefits for custom duty taxable as income, upon actual sale of license and not upon mere accounting in the books of accounts; substantial error of law committed by

Jul 14,2011

HC: Treatment of ‘Tax borne by employer’ as salary, a settled issue; Sec 154 order Valid

Rectification of order u/s 154 by AO, on an issue not decided by ITAT, held valid; Inclusion of taxes borne by employer while calculating perquisite value of rent-free accommodation, not a

Jul 14,2011