HC

HC: Upholds penalty u/s 271(1)(c) despite concealed income fully disclosed and accepted in assessment

Bombay HC upholds ITAT's order levying penalty u/s 271(1)(c) irrespective of the fact that the concealed income declared in the return filed pursuant to search was accepted and no addition

Jan 18,2019

HC: Quashes re-assessment on HSBC Mauritius as AO minutely examined ECB-interest exemption claim

Bombay HC quashes re-assessment initiation (beyond 4 yrs period) on HSBC Bank (Mauritius) for AY 2011-12;  During relevant AY, assessee had claimed the interest income on External Commercial Borrowings ('ECB')

Jan 17,2019

HC: Quashes re-opening based on incorrect reasons; Return-processing u/s.143(1) no carte blanche for re-assessment

Bombay HC quashes re-assessment initiation (beyond 4yrs period) for AY 2011-12 as the 'reasons to believe' were based on incorrect facts; Pursuant to a flat received upon liquidation of a

Jan 17,2019

HC: Delhi HC also joins the league, upholds constitutional validity of Sec. 234E

Delhi HC upholds constitutional validity of Sec. 234E imposing a fee for delayed filing of TDS statements, rejects assessee's stand that levy u/s 234E is in the nature of 'penalty'

Jan 15,2019

HC: Explanation 5A to Sec. 271(1)(c) not applicable to 'other than searched person'

Bombay HC upholds ITAT order deleting penalty u/s 271(1)(c) where the assessee had not filed the ROI 'originally' since income was below taxable limit which was also accepted by the

Jan 11,2019

HC: Upholds re-assessment initiation, Cites legitimate nexus between Investigation Wing report and Income Escapement

Bombay HC upholds initiation of re-assessment proceedings u/s 147/148 for AY 2011-12, rules that there was a direct nexus between material submitted(bank statements) by the Investigation Wing and the formation

Jan 11,2019

HC: Sec. 10AA exemption available to 'new' SEZ unit notwithstanding assessee earlier availed Sec. 10A benefit

Delhi HC upholds ITAT order allowing exemption u/s 10AA  to assessee's SEZ unit for subject AY 2013-14, notes that upto AY 2011-12, assessee was claiming exemption u/s. 10A from its

Jan 11,2019

HC: Allows Sec 80IA benefit to Vodafone on revenue from fibre cables/cell sites sharing

Delhi HC allows deduction u/s 80IA(2A) to Vodafone Mobile Communications Ltd on income from sharing fibre cables and cell sites for AY 2008-09; Relying on BSNL ruling, holds that scope

Jan 09,2019

HC: Upholds PE-constitution for GE Group entities, affirms 26% profit-attribution for 'marketing' activity

Delhi HC confirms ITAT order upholding constitution of fixed place PE as well as dependent agent PE ('DAPE') for 24 GE group entities in a batch of appeals taking GE

Jan 09,2019

HC: Settlement of ESOP-shares by settlor, assessable as 'capital-gains' in Trust's hands

Bombay HC upholds ITAT order, rules that income arising to assessee-trust from sale of shares during AY 2010-11 upon settlement by settlor shall be assessable as long term capital gains,

Jan 09,2019

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