HC: Quashes ITSC's abatement order, SC's Prabhu Dayal ruling cannot affect assessee's rights

Gujarat HC sets-aside order of Settlement Commission ('ITSC') treating assessee's settlement application as abated, relies on SC ruling in Star Television News Ltd. to hold that Settlement Application would not abate if

Jul 10,2018

HC: Rs. 655 cr refund 'release' for Vodafone, assuages Dept's Idea merger concerns via bank guarantee

Delhi HC directs Revenue to revoke provisional attachment order u/s. 281B and release refund of Rs. 655.67 cr. due to Vodafone Mobile Services Ltd. (assessee) within a week’s time of assessee furnishing

Jul 09,2018

HC: Quashes TP-reassessment notice citing failure to mention income escapement exceeds Rs.1 lakh

Karnataka HC allows assessee's (distributor of diabetic care and other products ) writ, quashes reassessment notice for AY 2006-07; Notes that during assessment proceedings u/s 143(3), TPO had accepted assessee's

Jul 06,2018

HC: Follows ‘real-income’ theory for valuing Bank’s closing stock of securities

Calcutta HC sets aside ITAT order for AY 1990-91, affirms assessee’s manner of valuing closing stock of securities and shares in income tax return at lower of market value or cost as

Jul 06,2018

HC: Distinguishes between tax-recovery notice under Rule 73 & offence u/s 276C; Dismisses 'anticipatory bail' plea

Karnataka HC dismisses assessee-individual’s petition u/s. 438 of Criminal Procedure Code (CrPC) seeking protection from arrest, as assessee not an ‘offender’ but a ‘defaulter’ as per the Second Schedule; Notes

Jul 05,2018

HC: Failure to issue Sec 143(2) notice nullifies reassessment; Rejects Revenue's 'remand back' request

Calcutta HC rules that failure to issue notice u/s. 143(2) would vitiate the reassessment proceedings altogether, rejects Revenue’s stand that the matter must be restored to the stage where a notice u/s.

Jul 05,2018

HC: Upholds re-assessment on issues totally unconnected with reasons recorded u/s. 148(2)

Kerala HC reverses ITAT order and upholds re-assessment for AY 1999-2000, rejects assessee-company's stand that no other issues can be dealt in re-opening other than what were recorded as reasons u/s. 148(2); Notes

Jul 04,2018

HC: Quashes Settlement application rejection on technical ground, accepts Apollo Hospitals Chairman's ‘inadvertence' plea

Madras HC allows assessee’s (Dr. Prathap Reddy, Chairman of Apollo Hospitals) writ, directs Income-tax Settlement Commission (‘ITSC’) to permit assessee to make good the short fall in payment of additional

Jul 03,2018

HC: Allows Sec 10B benefit on deemed exports; Rejects Revenue's insistence on direct exports

Karnataka HC upholds ITAT order, allows Sec. 10B deduction to assessee-company (100% EOU) in respect of the ‘Deemed Export’ of goods made by it through a third party during AYs

Jul 02,2018

HC: No penalty u/s 271(1)(c) for inadvertent mistake in calculation of income

Calcutta HC deletes penalty u/s 271(1)(c) on assessee-firm for AY 1987-88, states that though Revenue observed inaccuracy in the statement of income to the extent of Rs 91000, it does

Jun 29,2018