HC: Cannot aggregate receipts of assessee's 2 educational institutions for determining Rs. 1 Cr cap u/s 10(23C)

Jammu and Kashmir HC reverses ITAT order,  allows assessee-society’s (running two educational institutions) claim of exemption u/s 10(23C) for AY 2005-06 as the aggregate annual receipts for each institution did

Jan 12,2018

HC: Turns heat on assessee & TRO for wilful disobedience, praises Sr. Adv. J.D. Mistry's exemplary conduct

Bombay HC dismisses Sinhgad Technical Education Society's writ,  directs initiation of civil and criminal contempt proceedings against the President of assessee-society Prof. M.N. Navale as also against the Tax Recovery Officer (‘TRO’) for

Jan 10,2018

HC: Weighs bonafide conduct, uncertainty over disputed property income to allow Sec 234A/B/C interest waiver

Madras HC allows assessee-HUF’s writ, grants waiver of interest under Sections 234A (for delay in furnishing the return of income), 234B (for default in payment of advance tax) and 234C

Jan 05,2018

HC: Reverses ITAT; Accrued FD interest not hypothetical income, TDS non-deduction u/s 194A irrelevant

Kerala HC reverses ITAT order for AY 2009-10, rules that interest income from bank deposits accrued but not due and hence not credited to assessee’s (a Public sector undertaking) account

Jan 04,2018

HC: CBDT to formulate 'fair' policy on return/refund processing; AO's manual intervention permissible

Bombay HC holds that manual processing of return is legally permissible in case of glitches ​in the system, ​further ​directs CBDT to formulate a ​'​rational​'​ policy for processing of returns​

Jan 03,2018

HC: Stays reassessment based on sanctioning authority's mechanical approval; Rejects Revenue's Sec 292B defense

Bombay HC stays re-assessment initiation on assessee-individual for AY 2014-15, observes 'prima-facie' non-application of mind by the sanctioning authority while giving the necessary sanction for issuing the Sec. 148 notice, admits taxpayer's

Jan 02,2018

HC: Can't divest forex gains from export income, allows Sec 10B tax holiday

Gujarat HC upholds ITAT order, allows tax relief u/s. 10B to assessee (a 100% export oriented undertaking [EOU]) in respect of income arising on account of foreign ​exchange rate fluctuation​s​

Jan 02,2018

HC: Dismisses Revenue‘s appeal; Sec. 10B benefit to commence only from EOU certification

Kerala HC dismisses Revenue’s appeal, holds assessee eligible for Sec. 10B benefit from AY 2000-01 i.e. the year of inception of 100% export-oriented undertaking (‘EOU’) and not from AY 1998-99 i.e. the

Dec 27,2017

HC: Property 'transfer' not effective upon mere development agreement's execution, applies 'Chaturbhuj' ratio

Bombay HC upholds ITAT order, treats the date of handing over of physical possession of property by assessee-individual (i.e. March 1, 2008), and not the date of execution of Development Agreement (i.e. September

Dec 23,2017

HC: Actual loans advanced amount, not amounts reflected in aging analysis, 'eligible advances' u/s 36(1)(viii)

Karnataka HC upholds ITAT order in case of assessee (a regional rural bank) for AY 2007-08, holds that while considering eligible advances allowable for deduction u/s 36(1)(viii) it is not

Dec 22,2017