HC: Allows Dept.'s withdrawal of interest granted u/s 244A to deduce tax arrears u/s 90 of KVSS, 1998

Punjab and Haryana HC upholds withdrawal of interest u/s. 244A granted on refund of tax pursuant to favourable CIT(A) order, as assessee’s declaration for settlement of dispute under the Kar Vivad

Aug 18,2017

HC: Deletes addition u/s. 68; Documentary evidences adequate to prove share application money genuineness

Bombay HC upholds ITAT order, deletes addition u/s. 68 in respect of application money received by assessee-company, holds no response/appearance by shareholders before Revenue against summons issued not fatal as

Aug 18,2017

HC: Quashes reassessment on UAE-resident; Requirement to furnish TRC applicable post 2012

Goa bench of Bombay HC allows assessee-individual’s (a tax resident of UAE) writ for AY 2005-06, quashes re-assessment initiated beyond 4 years period; During relevant AY, assessee had claimed India

Aug 18,2017

HC: Sets-aside ITAT order; Denies ‘Peak credit’ benefit as deposits remain unexplained

Delhi HC sets aside ITAT order, rejects application of ‘peak credit' principle in respect of unexplained source of deposit and corresponding outgo; While assessee-individual admitted to being an accommodation entry

Aug 17,2017

HC: Upholds provisional attachment of NDTV’s assets citing declining net-worth, assets liquidation apprehension

Delhi HC dismisses NDTV's writ, upholds re-assessment on NDTV (‘assessee’) for AY 2008-09 initiated beyond 4 years period, also upholds provisional attachment of assessee’s assets u/s. 281B;  AO had issued

Aug 17,2017

HC: Larger Bench: Holds no MAT-adjustment for bad-debt provision reduced from debtors in balance sheet

Gujarat HC larger bench rules that provision for bad and doubtful debts (‘PBDD’) when charged to P&L account and at the same time, obliterated from account by reducing "the corresponding

Aug 11,2017

HC: Upholds wealth-tax assessment on amalgamating company; Notes assessment-completion before amalgamation effective-date

Madras HC affirms ITAT order imposing wealth-tax on assets held by assessee under the Wealth Tax Act and confirms assessment despite assessee co. amalgamated with another co.; For AY 1990-91,

Aug 11,2017

HC: Confirms penalty; Trust's reliance on SC's Surat Art case, sheer excuse to avoid tax-liability

Bombay HC upholds ITAT order for AY 1983-84, confirms penalty levy u/s. 273(2)(a) and 140A(A)(3)  by assessee-trust (formed in 1941 and involved in publishing newspaper) for declaring ‘NIL’ estimate of advance

Aug 11,2017

HC: Quashes penalty u/s 271AAA for AO’s failure to seek manner of earning ‘undisclosed income’

Gujarat HC upholds ITAT's order, quashes penalty u/s 271AAA [which is levied in search cases]  for AO’s failure to seek explanation from assessee to substantiate the method of earning ‘undisclosed

Aug 11,2017

HC: Depreciation not 'expenditure', not to be reduced while computing exempt warehousing income

Delhi HC confirms ITAT order for AYs 1989-90, 1993-94, 1997-98, 1999-2000 and 2000-01, holds that depreciation not to be deducted while computing exempt income from operating warehouses under erstwhile Sec.

Aug 10,2017