HC

HC: Additional depreciation u/s 32(1)(iia) mandatory, rejects assessee's attempt to differentiate from normal depreciation

Delhi HC dismisses assessee's appeal, holds additional depreciation u/s 32(1)(iia) to be mandatory and thus, observes that assessee does not have option not to claim it;  Assessee sought to withdraw

May 04,2018

HC: Software, deductible revenue expense; Mere specification of depreciation rates in IT Rules inconclusive

Delhi HC reverses ITAT order, allows deduction for software expenses incurred by assessee-bank during relevant AY as revenue expenditure; Rejects Revenue’s stand that the softwares acquired were depreciable assets for

May 02,2018

HC: Larger bench to decide whether ‘oral statement’ constitutes ‘evidence found’ during search

Delhi HC refers matter to larger bench on interpretation of the term ’undisclosed income’ for the purpose of block assessment, holds that “While examining the questions, the view expressed in

Apr 30,2018

HC: One-time trademark royalty deductible u/s 37, explains factors relevant for revenue v capital classification

Delhi HC holds one time royalty payment under Trade Mark License Agreement deductible as revenue expenditure, holds that  no enduring benefit conferred on assessee; AO noted that during the  tenure

Apr 27,2018

HC: Allowance to employees deputed abroad for meeting personal cost taxable as perquisite

Andhra Pradesh HC confirms ITAT order, holds that allowances paid to employees deputed to UK by assessee (software developer) is taxable as perquisite u/s 17 (2) subject to tax deduction

Apr 24,2018

HC: Liquidated damages for cancelling earlier agreement to sell immovable property deductible u/s 48(i)

Delhi HC reverses ITAT order to allow deduction of liquidated damages paid by the assessee for cancelling earlier agreement to sell immovable property, as expenditure incurred wholly and exclusively in

Apr 24,2018

HC: Rejects market value substitution as sales consideration for share-sale to related party

Delhi HC reverses ITAT order for AY 1999-2000, rejects substitution of market value as full value of consideration for sale of shares by assessee (an individual) to its related entity;

Apr 23,2018

HC: Demand on property purchaser towards defaulter seller's tax-dues, justified; Invalidates sales transaction

Rajasthan HC dismisses assessee’s writ against Tax Recovery Officer's (TRO) order raising demand against purchaser assessee, holds sale transaction executed in favour of the assessee by defaulter purchaser as void,

Apr 20,2018

HC: Bureaucracy or substantial tax effect inadequate causes to condone Revenue's 300+ days appeal-filing delay

Bombay HC refuses to condone Revenue’s 318 days delay in appeal filing which is not sufficiently explained , rejects Revenue’s submission that considering the inherent manner in which the State

Apr 18,2018

HC: Builder's income accrues on giving flat possession, not on allotment letter issue

Bombay HC upholds ITAT order for AY 2007-08, rules that income in respect of sale of flats by assessee, a builder and developer accrued when possession of flat was given and

Apr 18,2018

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