HC: Upholds SB ratio; Unutilized MODVAT credit at year-end not deductible u/s 43B

Delhi HC rules in favour of Revenue, refuses to grant deduction u/s 43B for AY 1999-2000 for unutilized MODVAT credit as at the end of year representing excise duty paid

Dec 07,2017

HC: Communicating reasons to assessee not necessary for case transfer within same city

Madras HC dismisses assessee’s writ petition challenging transfer of its case u/s 127 from DCIT, Corporate Circle-1(1), Chennai to the Central Circle-1(1), Chennai;  HC notes that reasons for transfer as

Dec 07,2017

HC: New units undertaking substantial expansion entitled to 100% deduction u/s Sec. 80IC

Himachal Pradesh HC reverses ITAT order in a batch of over 40 cases and rules in favour of taxpayers, allows  Sec. 80-IC benefit to units established after January 7, 2003 (i.e.

Dec 05,2017

HC: No addition u/s 68 in the first year of business; Distinguishes Kapur Brothers

Allahabad HC upholds ITAT order, deletes cash credit addition u/s. 68 in the hands of AOP-assessee in the first year of business; HC notes that on the first day of

Dec 01,2017

HC: Allows additional depreciation u/s 32(1)(iia) on machinery used for production of ready mix concrete

Madras HC reverses ITAT order, allows additional depreciation u/s 32(1)(iia) on the machinery used for production of ready mix concrete for AY 2011-12 in the case of the assessee engaged

Dec 01,2017

HC: Denies adjustment upto Rs.20,000 threshold u/s 269SS for ‘cash’ loan, upholds penalty

Allahabad HC upholds penalty levy u/s. 271D for cash loans taken by assessee-individual in violation of Sec.269SS provisions during AY 1999-00;  Rejects assessee’s claim that in view of the statutory

Dec 01,2017

HC: Holds taxpayer guilty for false depreciation claim, rejects 'clerical error' plea

Delhi HC confirms the judgement and order of sentence passed by Additional Chief Metropolitan Magistrate (‘ACMM’), holds assessee-company guilty u/s. 276C/277 of the Income Tax Act for false depreciation claim

Nov 30,2017

HC: Upholds ITAT; Compensation received for breach of ‘ROFR’, a capital receipt

Bombay HC upholds ITAT order, rules that compensation received by 2 Parle Group companies (‘assessees’) in AY 1998-99 for breach of Right of First Refusal (‘ROFR’) granted by Coca Cola USA

Nov 29,2017

HC: Non-compete payment towards other obligations/covenants; Holds competitive threats "illusory", denies deduction

Delhi HC denies deduction to assessee (an Indian Arm of the GKN group based in Germany and engaged in manufacture and sale of axle assembly for vehicles) with respect to

Nov 28,2017

HC: Grants Sec.80-IA benefit to taxpayer’s power distribution undertaking considering substantial renovation, modernization

Kerala HC reverses ITAT order for AY 2008-09, grants Sec.80-IA benefit to assessee-company, rules that fulfilling any one of the conditions contained in clauses (a), (b) and (c) of Sec. 80-IA(4)(iv) is

Nov 28,2017