HC: Quashes ITSC order rejecting settlement application, as 'prima facie' findings based on surmise

Delhi HC quashes Settlement Commission’s order rejecting the settlement applications of the assessee u/s 245D(1); ITSC had rejected the assessee’s application observing that the petitioners had failed to establish sources

Sep 22,2018

HC: Upholds re-opening as Samsung failed to disclose FTS/royalty income; Tax deduction irrelevant

Delhi HC confirms ITAT order upholding re-opening in case of Samsung Electronics Co. Ltd. (resident of Korea) as it failed to declare income from royalty/FTS from its Indian subsidiary during

Sep 22,2018

HC: Deletes deemed dividend addition; RBI’s ‘substantiality test’ for money lending business irrelevant

Delhi HC upholds ITAT order deleting deemed dividend addition made by AO u/s. 2(22)(e) in respect of advances received by assessee-company from two companies “which were concededly NBFC”; Rejects Revenue’s

Sep 22,2018

HC: Upholds suppressed sales addition, 'security deposit' plea mere device to defer tax liability

HC upholds AO’s undisclosed income addition for suppressed sale proceeds pursuant to block assessment proceedings, rejects assessee’s (one of the Ansal group companies) stand that the sum represented a mere

Sep 21,2018

HC: Calculates compounding fee @100% of 'tax' evaded, not on income addition

Gujarat HC rules that compounding fees should be levied @ 100% of ‘tax’ sought to be evaded and not @ 100% of ‘income addition’ with respect to prosecution initiated on

Sep 21,2018

HC: Rejects Revenue's ‘rapidly improving technology’ stand to disallow Nokia’s warranty provision claim

Delhi HC upholds ITAT order allowing Nokia India Pvt. Ltd.’s (assessee) claim for provision for warranty during AY 2003-04; Revenue had argued that the technology in the mobile phone industry

Sep 18,2018

HC: Quashes re-assessment notice as taxpayer disclosed source for cash deposited post demonetization

Gujarat HC quashes re-assessment notice on assessee-individual for AY 2015-16 on the basis of cash deposited by assessee during post demonetization period; AO held that assessee’s returned income of Rs.

Sep 17,2018

HC: Upholds penalty; Rejects Finance co. ’s inadvertent mistake plea in claiming land keep-up expenses

Madras HC rules in favour of Revenue, upholds penalty levy u/s 271(1)(c) on assessee-company (engaged in financial services) for wrongly claiming non-business expense (i.e. land keep-up expenses) during AY 1989-90;

Sep 14,2018

HC: Reprimands Revenue for high handed recovery; Highlights AO’s incompetence to understand law

Karnataka HC admonishes AO for attaching assessee’s bank account for recovery of entire tax demand immediately upon CIT(A)’s confirmation of assessment order, without waiting for appeal period statutorily provided u/s.

Sep 12,2018

HC: Denies capital gains exemption absent shares allotment by Successor Co within reasonable time

Karnataka HC rules in favour of Revenue, holds the successor-company liable for capital gains tax for AY 2000-01 due to failure to comply with Sec. 47(xiii)(b) condition for availing capital

Sep 11,2018