HC: Sec 194A inapplicable on interest for delayed plot allotment, follows HP HC over Madras HC

Calcutta HC upholds ITAT order deleting Sec. 40(a)(ia) disallowance, rules that payment of interest by assessee (a State owned housing development co.) for delayed delivery of plot during AY 2005-06,

Aug 21,2018

HC: Constructed house cost to include land cost for Sec 54 capital gain exemption

Madras HC allows assessee's (an individual) appeal for AY 2010-11, rules that capital gains exemption u/s 54 shall be allowable for investment made in cost of construction of residential house as

Aug 20,2018

HC: Sans 'role' in overseas share transfer, can't hold Indian co. 'agent'; Quashes proceedings

HC reverses single judge order, quashes show cause notice issued to Indian co. proposing to treat it as an 'agent', in respect of Rs. 429 cr capital gains tax of non-resident transferor; Shares of

Aug 18,2018

HC: Upholds commission disallowance, ITAT’s finding not perverse merely because another finding / conclusion possible

Delhi HC upholds ITAT order disallowing expenditure of Rs.1 crore paid as commission by assessee-company (agent of Korean based company) to its sub-agent during AY 2010-11, observes that ITAT's conclusions

Aug 17,2018

HC: Directs ITAT to examine whether Company incorporated under ROC Sikkim Act constitutes Indian co. u/s. 2(26)

Delhi HC directs ITAT to examine as to whether the assessee company (incorporated under Registration of Companies (Sikkim) Act, 1961) was an Indian company during AY 1987-88 to 1991-92 and

Aug 17,2018

HC: Clarifies wealth-tax liability on cash for proprietorships statutorily required to maintain books

Kerala HC upholds constitutional validity of Sec 2(ea)(vi) of Wealth Tax Act which defines the term 'assets' for the purpose of charge of wealth tax to include 'cash in hand'

Aug 16,2018

HC: Upholds denial of Sec.80-IB deduction absent Assessee’s control over outsourced manufacturing activity

Bombay HC upholds ITAT order and rules in favour of Revenue, denies Sec. 80-IB deduction to assessee-company outsourcing manufacturing activity to contract manufacturer; Observes that the assessee did not retain control over

Aug 16,2018

HC: Treats payment for getting rid of encumbrances in property as part of 'acquisition cost'

Calcutta HC dismisses Revenue’s appeal,  rules that "the cost of getting rid of the encumbrances in any immovable property has to be accepted as a part of the cost of acquisition

Aug 10,2018

HC: Allows IPR depreciation to trading co.despite not ‘put-to-use’ for manufacturing activities

Delhi HC dismisses Revenue’s appeal, allows depreciation on the intellectual property rights (IPR) acquired and purchased by assessee co. from Monsanto India Limited during AY 2010-11; HC notes that the

Aug 09,2018

HC: No ‘charity’ in implementing welfare schemes of Government, denies registration u/s. 12AA

Kerala HC reverses ITAT order, upholds CIT’s cancellation of registration in case of assessee-Trust (having objects of establishing a fund for carrying out public charity); HC notes that assessee implements social

Aug 07,2018