HC: Upholds grossing-up for TDS purpose under India- UK DTAA

Madras HC holds that assessee is required to gross-up the amount of fees for technical services (FTS) paid to UK based university, for the purpose of deducting TDS under India-UK

Nov 30,2018

HC: After Madras & Karnataka High Courts, Bombay HC allows 50% additional depreciation in succeeding year

Bombay HC dismisses Revenue's appeal, allows 50% of the balance additional depreciation in the succeeding AY where the asset was purchased and put to use for less than 180 days

Nov 30,2018

HC: Cheminvest, Holcim rulings not overruled by Maxopp (SC); No Sec 14A disallowance absent exempt income

Delhi HC dismisses Revenue's appeal, reiterates that disallowance u/s. 14A cannot be invoked in absence of any exempt income earned by assessee during relevant AY 2008-09; Rejects Revenue's stand that

Nov 29,2018

HC: Reverses ITAT; Treats loss on sale of mutual funds as 'revenue' loss

Madras HC reverses ITAT order and rules in favour of assessee (a financial service co. and dealing in shares and stocks) for AY 2001-02, allows loss suffered from transactions relating

Nov 27,2018

HC: Upholds penalty levy u/s. 271C on deductor-Bank despite TDS deducted & deposited before year closing

Allahabad HC upholds ITAT order, rules that deduction of TDS on interest income before close of the financial year as provided u/s. 194A(4) would not absolve assessee-Bank from penalty u/s.

Nov 22,2018

HC: Upholds ITAT; Undertaking's Sec. 10B claim not affected by change in ownership / merger

Karnataka HC upholds ITAT order allowing Sec.10B deduction to assessee-firm (a 100% EOU) for AY 2009-10, clarifies that merger of another partnership firm (transferor, also a 100% EOU) with assessee-firm

Nov 21,2018

HC: Quashes Black Money law prosecution against Chidambaram family, cites revised return disclosure

Madras HC quashes prosecution proceedings launched u/s. 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ('BM Act') against the Chidambaram family (Karti

Nov 14,2018

HC: Rejects assessee's 'retrospective' interest plea, but orders 'cost' for Revenue's appeal effect delay

Gujarat HC rejects assessee-Trust's plea for additional interest on refund by retrospective application of sub-section [1A] of Sec. 244A (inserted w.e.f June 1, 2016), however, directs granting of such additional interest only

Nov 12,2018

HC: Single solitary sale transaction sans dominant intention of profit, not 'adventure in nature of trade'

Kerala HC dismisses Revenue's appeal against ITAT order holding that a single solitary sale transaction of sale of agricultural land generating huge profits would not result in adventure in nature

Nov 06,2018

HC: NPA interest non-taxable for Co-op. bank even prior to 2018 Sec 43D amendment

Punjab and Haryana HC deletes addition towards interest due on Non performing Assets (NPA) of co-operative bank (assessee) for AY 2009-10; Rejects Revenue's stand that in view of specific provisions

Nov 01,2018