HC: Distinguishes between power 'to do' and 'redo'; Limitation u/s 153 inapplicable to remand proceedings

Madras HC sets-aside re-assessment order for AY 2012-13 in case of assessee (a real estate company), remits matter back to AO for passing speaking order on the objections against re-opening

Oct 10,2017

HC: Pre-operative interest on FDR kept for LC, taxable; Follows Tuticorin

Rajasthan HC rule in favour of Revenue, holds that interest earned on Fixed Deposit Receipts (FDRs) used as borrowing margin money for funds used for setting up the business was taxable

Sep 29,2017

HC: Dismisses assessee’s writ; Upholds case transfer u/s. 127 to facilitate co-ordinated investigation

Gujarat HC dismisses assessee’s writ, upholds Pr. CIT’s order transferring assessee’s case from Ahmedabad to Moradabad to facilitate coordinated investigation in search and seizure cases involving group companies, relies on

Sep 29,2017

HC: Applies strict interpretation, duty paid but proof not submitted results in Sec 43B disallowance

Allahabad HC sets-aside ITAT order for AY 1997-98, rules that Sec. 43B deduction not allowable absent furnishing of evidence for payment of excise duty by assessee (a cooperative society), even though payment ​was ​made before

Sep 29,2017

HC: Disregards need to distinguish between capital and revenue expenditure while allowing deduction u/s. 35(2AB)

Delhi HC holds that assessee-manufacturer entitled to weighted deduction u/s.  35(2AB) in respect of entire in-house R&D expenditure incurred during AY 2009-10, without bifurcating the same into revenue and capital

Sep 29,2017

HC: Rejects Revenue's 'inequitable' stand to sit-on refund application until assessment conclusion

Gujarat HC holds that mere issuance of notice u/s. 143(2) & claiming extended period for processing of refund u/s. 143(1) would not be sufficient to withhold tax refund for AYs

Sep 29,2017

HC: Prescribes four guidelines for Revenue on re-assessments; Quashes Sec 147-proceedings on share issue

Delhi HC quashes Sec. 148 proceedings (initiated beyond 4 years period) on assessee–company (engaged in the real estate business) for AY 2008-09; AO had recorded reasons that the five companies that subscribed

Sep 28,2017

HC: Grants relief to Vedanta; 'Vagaries of litigation' irrelevant for asset transfer pre-approval u/s 281

Goa bench of Bombay HC sets aside AO’s order rejecting Vedanta’s prior permission request u/s Sec. 281(1) (applicable before effecting an asset transfer or creating a charge thereon); HC refers to Sec. 281

Sep 28,2017

HC: Refuses Sec. 234C waiver plea; Income stands accrued on passing of favourable SC-order

Karnataka HC dismisses assessee company’s (a wholly owned subsidiary of Canara Bank) writ, upholds Chief Commissioner’s order u/s. 119 denying waiver of interest u/s. 234C for the quarter ending September 15,

Sep 27,2017

HC: Quashes assessment; Limitation u/s 153(2A) applicable despite ITAT's remand covered only few issues

Delhi HC quashes assessment order passed pursuant to ITAT's remand in case of Nokia India (‘assessee’) for AY 2007-08, holds that the order was barred by limitation u/s. 153(2A) [which

Sep 26,2017