HC: Pre-2010 profits on investment sale exempt for general insurance business; MAT inapplicable

Delhi HC  allows assessee’s (a general insurance company) claim for exemption in respect of profit on the sale of investments applying CBDT circular 528 of 1988 for AY 2005-06; Rejects

Aug 31,2017

HC: Mere establishing creditor's identity & routing transactions through cheque cannot make it genuine

Delhi HC reverses ITAT order for AY 2011-12, restores unexplained credit addition u/s. 68 in respect of loans/advances received from four parties as assessee failed to discharge the ‘initial’ onus

Aug 28,2017

HC: Upholds penalty for Sec. 269SS violation; Credit entry in books tantamount to deposit

Allahabad HC reverses ITAT order for AY 1994-95, holds assessee-firm liable for Sec. 271D penalty for contravening Sec. 269-SS provision; During relevant AY, AO levied penalty taking note of certain

Aug 28,2017

HC: Dismisses Patanjali's writ challenging constitutional validity of 2013-amendment to Special audit provisions

Delhi HC dismisses writ petitions filed by Patanjali Ayurved and others, challenging constitutional validity of amendment to Section 142(2A) by the Finance Act, 2013, expanding the scope of special audit to

Aug 25,2017

HC: Dismisses Revenue’s appeal, AO’s power to make ‘unexplained expenditure addition’ u/s. 69C, discretionary

Allahabad HC dismisses Revenue’s appeal, upholds ITAT order restricting unexplained expenditure addition u/s. 69C to 5% of amount spent on purchases; During relevant AY 2005-06, AO made unexplained expenditure addition

Aug 24,2017

HC: Dismisses second writ praying for reliefs identical to earlier writ withdrawn by taxpayer

Bombay HC dismisses assessee’s fresh writ petition as not maintainable, notes  assessee filed the present writ petition praying for same reliefs and on the same cause of action as in the

Aug 24,2017

HC: Converting 24-carat standard gold into 22 carat gold jewellery amounts to manufacturing

Jammu and Kashmir HC affirms ITAT order , holds that for AY 2010-11 processes employed by assessee for converting 24 carat standard gold into 22 carat gold ornaments amount to manufacture and

Aug 23,2017

HC: Allows deduction u/s. 37, commission-payment to Jordan-based agent not illicit under Volcker-report

Bombay HC affirms ITAT order, holds that for AYs 2000-01 to 2003-04 assessee-company’s commission payment to a Jordan based company (assessee’s agent for business in Iraq) were not in the

Aug 23,2017

HC: Allows Trust's depreciation claim, Finance Act 2014 amendment not retrospective

Madras HC allows assesse’s (a charitable trust) depreciation claim on fixed assets, cost of which was already allowed as 'application of income' w.r.t. AY prior to April 1, 2015, rejects

Aug 23,2017

HC: Allows trust's claim for depreciation and capital cost deduction before AY 2015-16

Karnataka HC holds that prior to April 1, 2015 depreciation is allowable as deduction in computing the total income of a charitable trust u/s. 11 even though the amount spent

Aug 23,2017