HC

HC: Allows taxpayer’s writ; Quashes AO’s curtailment of 30 days period for demand payment u/s. 220

Delhi HC allows assessee’s writ for AY 2011-12, quashes AO’s action of curtailing the normal period from 30 days to 7 days for complying with payment of demand u/s 220; Notes

Apr 21,2017

HC: Upholds unaccounted sales addition on account of excess gold consumption

Gujarat HC upholds ITAT order holding excess consumption of gold by assessee firm (manufacturer and exporter of gold) taxable as unaccounted local sales for AYs 1990-91 to 1994-95; AO had

Apr 21,2017

HC: Rejects ITAT's appeal dismissal citing 1902 days delay; Accepts ignorance of law plea

HC sets aside ITAT’s order dismissing assessee’s (a charitable trust running a children home) appeal on the grounds of delay, condones 1902 days of appeal-filing delay and remits matter back to

Apr 20,2017

HC: Compounding charges levy, even before considering taxpayer’s compounding application, irrational

Delhi HC rules that the Income-tax Department cannot reject an application for compounding of offences u/s 279(2) either on the ground of limitation or on the ground that such application

Apr 18,2017

HC: Deletes Sec. 40A(2) disallowance; Involvement with multiple concerns cannot make VP's remuneration unreasonable

Delhi HC reverses ITAT order, deletes disallowance u/s 40A(2) with respect to professional remuneration payment by assessee-company to its Vice President (Marketing) [who is a related party u/s 40A(2)(b)]  during

Apr 12,2017

HC: Rejects demonetisation alibi for missing IDS installment deadline

Nandu Atmaram Wajekar (‘assessee’) filed a declaration under the Income Declaration Scheme, 2016 (part of the Finance Act, 2016) (‘Scheme’) on September 30, 2016 declaring undisclosed income of Rs.11.59 crores  

Apr 10,2017

HC: Rejects demonetisation alibi for missing IDS installment deadline

Nandu Atmaram Wajekar (‘assessee’) filed a declaration under the Income Declaration Scheme, 2016 (part of the Finance Act, 2016) (‘Scheme’) on September 30, 2016 declaring undisclosed income of Rs.11.59 crores  

Apr 10,2017

HC: Allows balance additional depreciation in succeeding year; Finance Act, 2016 amendment, retrospective

Madras HC upholds ITAT’s order, allows assessee-company's balance additional depreciation claim u/s 32(1)(iia) (which provides for additional 20% depreciation on new plant and machinery installed) in subject AY 2011-12; Rejects

Apr 07,2017

HC: Exorbitant ‘legal fees’ no ground to deny Sec. 37 deduction claim

Madras HC upholds ITAT order, allows deduction for payment of legal fees for seeking advice in connection with protecting assessee’s rights in a registered software during AY 2006-07; Rejects Revenue’s

Apr 07,2017

HC: Sec. 68 proviso relating share-premium receipts, prospective; Lovely Exports ratio holds fort pre-2012

Bombay HC upholds ITAT order deleting unexplained cash credit addition u/s. 68 with respect to share premium received by assessee-company during AY 2008-09; HC notes that Revenue had invoked proviso

Apr 06,2017

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