HC: Return filing timeline u/s. 153A applicable for availing loss carry-forward in search cases

Calcutta HC rules that in search cases, the due date for filing return, in order to avail carry forward of loss [as required u/s 139(3)], stands extended till the date specified

Jun 29,2018

HC: Releasing share to other partner upon firm’s dissolution amounts to ‘transfer’

Kerala HC upholds revision proceedings u/s. 263, denies long term capital gains (‘LTCG’) claim on assets sold during AY 1999-00 by assessee-partner to the extent of value of assets released in

Jun 28,2018

HC: Inflating goodwill consideration unsustainable as reputation stands transferred with trademark transfer

Gujarat HC rejects capital gains addition on goodwill for AY 1994-95, rejects AO's stand that assessee (Bisleri International P Ltd) undervalued goodwill (at Rs. 15.67 lakhs) by allocating higher valuation

Jun 27,2018

HC: Approaching court to declare transfer void u/s 281, unwarranted; Expounds on statutory vs. judicial declaration

Andhra Pradesh & Telangana HC refuses to set aside the property attachment order and the order passed u/s. 281, rejects petitioner’s (property purchaser) stand that in view of SC ruling

Jun 26,2018

HC: Reverses ITAT; Abandoned project expenses deductible, despite incurred from capital account

Madras HC reverses ITAT order for AYs 1998-99 and 1999-2000, allows deduction to assessee-company for expenses incurred on abandoned project, holds the same as revenue in nature as the venture

Jun 25,2018

HC: Upholds addition based on 'window-dressed' financials prepared for availing bank loan

Calcutta HC dismisses assessee’s appeal with costs for AY 2005-06, confirms addition based on the balance-sheet and P&L account prepared for availing bank loan and certified by Chartered Accountant in

Jun 25,2018

HC: Directs passing speaking order disposing assessee’s objections against re-opening following GKN Driveshafts case

Madras HC directs AO to pass speaking order disposing off  assessee’s objections to re-opening proceedings u/s 147 in view of the directions of SC in GKN Driveshafts (India) Ltd.; The

Jun 22,2018

HC: Allows investment allowance u/s. 32A on computers / equipments, not directly used in production

Calcutta HC sets aside ITAT order for AY 1983-84, allows Brooke Bond India’s investment allowance claim u/s. 32A on weighing machines, electrical equipments, other machineries and computers; Rejects Revenue’s stand that

Jun 20,2018

HC: Revenue can’t compel legal-heir to participate in deceased’s re-assessment; Death non-intimation irrelevant

Madras HC allows petitioner’s (deceased assessee’s spouse) writ, quashes re-assessment notice issued u/s 148 in the name of deceased-assessee, holds that petitioner cannot be compelled to participate in the proceedings and

Jun 18,2018

HC: Insists Tax Clearance Certificate before director leaving country, considering Rs. 400 cr. demand raised u/s. 179

Kerala HC sets aside order u/s. 179 holding assessee-individual jointly and severally liable for payment of tax and penalty demands of the company to the extent of Rs.408.6 Cr., but insists on

Jun 18,2018