HC: Interest received prior to business set-up not taxable

Interest on bank deposits to be utilized for asset purchase received prior to business set-up not taxable – Delhi HC

Mar 25,2011

HC: Technology transfer payment not royalty under UK treaty

Transfer of know-how related to design, drawing etc not royalty under Indo-UK treaty

Mar 22,2011

HC: SC ruling in Azadi binding despite conflict with Mcdowell

SC ruling in Azadi Bachao binding on HC despite apparent conflict with Mcdowell case –

Mar 21,2011

HC: HC upholds Kolkata ITAT ruling in R.P.G. on explanation to sec 73

Loss from delivery based share transactions deemed as speculation loss; Legal fiction under explanation to Sec 73 applied: Calcutta HC

Mar 18,2011

HC: Assessee precluded from demanding reasons for re-assessment

Assessee cannot seek AO’s “reasons to believe” for initiation of reassessment first time before ITAT and object to proceedings

Mar 18,2011

HC: Asset transfer upon business sale pre-FY 99-00 taxable as capital gains

Asset transfer upon ‘sale of undertaking as a going concern’ taxable as capital gains prior to introduction of ‘slump sale’ provisions –

Mar 17,2011

HC: Calcutta HC overrules ITAT SB in case of ABN AMRO BANK, N.V.

Interest payment to HO of foreign bank tax deductible for PE and no TDS required on interest payment to HO: Calcutta HC rules in favour of ABN Amro

Mar 15,2011

HC: “Dividend stripping” losses allowable before April 2001

Tax losses from dividend stripping transactions entered before April 2001 cannot be disallowed: Calcutta HC

Mar 08,2011

HC: Liability for unapproved pension fund - not deductible.

No deduction allowable for liability towards unapproved pension scheme- Calcutta HC

Mar 08,2011

HC: CIT's revisionary power u/s 263 correctly exercised

CIT’s revisionary power u/s 263 correctly exercised in case of non application of mind by AO by ignoring the material facts- HP High Court

Mar 07,2011