HC: Tax payable under VDIS, a 'different animal' from normal tax; Denies TDS-adjustment

Bombay HC dismisses assessee-company’s writ, holds that TDS under the Income-tax Act, 1961 cannot be adjusted against the tax payable on the undisclosed income declared by assessee under the Voluntary Disclosure of Income

Mar 13,2017

HC: Quashes Revenue’s action of re-valuing property in ‘search proceedings’ absent ‘seized material’

Delhi HC upholds ITAT order, deletes additions u/s 153A made on the basis of re-valuing  assessee’s property sold during AY 2008-09; HC notes that while the dispute relating to transaction

Mar 06,2017

HC: Dismisses writ; Empowers ITAT to call for records / file in connection with transfer-order u/s 127

Delhi HC dismisses Revenue’s writ, upholds ITAT’s power to direct production of file u/s 124 (relating to jurisdiction of AO) in connection with transfer order passed u/s 127; Revenue had

Mar 03,2017

HC: Upholds capital gains exclusion from book profit calculation u/s 115JB, grants Sec 54EC benefit

Madras HC upholds ITAT order, rules that capital gains should be excluded while computing book profits for the purposes of MAT u/s. 115JB, though forming part of net profit in

Mar 03,2017

HC: Holds director liable for tax-dues of "de facto" private company, pierces corporate-veil

Gujarat HC dismisses petitioner-director’s (holding 98% shareholding in a public limited company) writ, upholds order u/s 179 (relating to liability of director of private company) lifting the corporate veil and

Mar 02,2017

HC: Upholds Settlement Commission's order determining higher income; Payment to ‘mafia’ deductible u/s 37

Bombay HC dismisses Revenue’s writ challenging Settlement Commission order (‘ITSC’) u/s 245D(4), ITSC had allowed the Settlement application filed by the Lodha group (‘assessee’); Rejects Revenue’s stand that ITSC’s determination

Feb 20,2017

HC: Upholds ITAT; Investment trust not assessable as AOP; Sec 164(1) inapplicable

Karnataka HC upholds ITAT order quashing  AO's order holding assessee-trust [set up for investment in mezzanine instruments] as 'AOP' for AY 2008-09; Rejects Revenue’s stand that beneficiaries shares were not determinable,

Feb 17,2017

HC: Deletes Sec. 40(a)(ia) disallowance on interest paid to foreign supplier towards machinery imported

Delhi HC reverses ITAT order for AY1996-97, deletes disallowance made u/s 40(a)(i) towards non-deduction of TDS on interest paid by assessee (a domestic company) on machinery imported from supplier based in Canada,

Feb 17,2017

HC: Assessee’s ground for non-payment of advance-tax non-existent, confirms interest levied u/s 215

Bombay HC confirms interest levied u/s 215(1) towards short / non-payment of advance tax for AY 1976-77, rejects assessee’s plea that liability to pay advance tax did not arise on account of retrospective amendment to

Feb 17,2017

HC: Sans FIR registration, mere cash seizure not IPC offence; Allows PMGKY declaration

Punjab & Haryana HC holds petitioner (‘an individual’) entitled to avail remedy under Pradhan Mantri Garib Kalyan Yojna Deposit Scheme  (‘PMGKY Schme’) with respect to Rs. 30 lakhs cash seized

Feb 16,2017