HC: Sees no difficulty in STT recovery on delivery-based derivatives considering CBDT-communication

Bombay HC takes on record the CBDT communication of August 27th clarifying STT applicability on delivery-based derivative settlements, pursuant to writ filed by Association of National Exchanges Members of India challenging STT levy@  0.1%

Sep 05,2018

HC: Grants Sec. 80-IA deduction on interest on deposits used for obtaining LC

Madras HC reverses ITAT order for AY 1996-97, grants Sec. 80IA deduction to assessee-company with respect to  interest earned on deposits (FD) kept with the bank by way of margin money

Sep 04,2018

HC: Public hearing ensures guarantee of justice; Warns against ITSC Chairman's interference with proceedings

Bombay HC warns against interference in judicial proceedings, observes that none including Chairman of Settlement Commission (ITSC) can direct taking of particular course of action or passing particular order in

Sep 03,2018

HC: Upholds wealth-tax on Bangalore Palace land despite 'ownership dispute' pendency before SC

Karnataka HC rules in favour of the Revenue, holds that the 28-acre land at the Bangalore Palace Grounds, which is in possession of assessees (sisters of Ex-Ruler of Mysuru family),

Sep 03,2018

HC: Allows deduction of expenditure on abandoned project noting commonality in funds and control

Madras HC reverses ITAT’s order, allows deduction for expenses incurred by assessee on abandoned textile project during AY 2000-01, holds it to be revenue expense; The assessee is engaged in

Aug 31,2018

HC: Gratuity contribution for employees 'past services' under business take-over, deductible

Kerala HC reverses ITAT’s order, allows deduction u/s 36(1)(v) for LIC premium paid in order to indemnify the liability towards gratuity of employees taken over from another company pursuant to business

Aug 30,2018

HC: Upholds grossing-up for TDS purpose; DTAA provides tax rate not 'income computation mechanism'

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

Aug 30,2018

HC: Disagrees with Cochin & Nagpur ITAT-ruling allowing Sec. 80P benefit on unexplained cash-credit additions

Kerala HC expresses disagreement with Cochin ITAT ruling in The Kadakkarappally Service Co-op Bank and Nagpur ITAT ruling in Buldana Urban Cooperative Credit Society Limited allowing Sec. 80P benefit on

Aug 29,2018

HC: Education Cess not 'tax'; Sec.40(a)(ii) disallowance not attracted

Rajasthan HC reverses ITAT’s order, holds that education cess cannot be disallowed under the provisions of Sec. 40(a)(ii); Relies on CBDT Circular No. F. NO. 91/58/66-ITJ(19) dated May 18th ,

Aug 27,2018

HC: Share-sale income, not STCG; 80% shares held for less than 7-days

Bombay HC rules that income earned by individual-assessee during AY 2007-08 from share sale transactions is in the nature of business income and not short-term capital gain (STCG) as claimed

Aug 24,2018