HC: AO obliged to grant stay pending CIT(A) appeal if 15% demand paid

Bombay HC sets-aside CIT’s order refusing to grant stay of demand to assessee for AY 2012-13; During relevant AY, assessee filed a loss return which was assessed at a demand

Dec 15,2016

HC: Upholds prosecution for filing false tax return declaration; Benevolent circular inapplicable

Karnataka HC dismisses assessee’s criminal petition seeking quashing of prosecution proceedings launched u/s 276(C)(2) read with Sec 277 for filing false declaration alongwith the return of income; On noting that

Dec 13,2016

HC: Forex gain on 'project receivables’ blocked for 11-years lose revenue nature

Calcutta HC confirms ITAT order for AY 2003-04, holds that excess amount of Rs. 37.91 cr received by assessee on account of exchange fluctuation in relation to foreign projects receivable (which

Dec 09,2016

HC: Reverses ITAT; Concealment penalty unsustainable on DRE-deduction claim despite earlier year disallowance

Bombay HC reverses ITAT order, rejects imposition of penalty u/s 271(1)(c) with respect to ‘bonafide’ claim of deferred revenue expenditure (‘DRE’) made by assessee during AY 1989-90, but disallowed by

Dec 09,2016

HC: Subsequent positive net-worth triggers capital-gains tax liability for a 'sick' company

Delhi HC upholds assessee’s liability to pay capital gains tax  despite being subjected to the revival scheme sanctioned by the Board for Industrial and Financial Reconstruction (‘BIFR’) directing granting of

Dec 09,2016

HC: Quashes reassessment hit by limitation; Sec. 153 applicable absent finding/direction in ITAT’s order

Bombay HC allows assessee’s (a partnership firm) writ challenging reassessment proceedings initiated u/s 147/148, being barred by limitation period u/s 153 for AY 1990-91; Ruling in assessee’s favour for AY

Dec 09,2016

HC: Directs refund processing pending scrutiny notice; Taxpayer drops constitutional challenge to Sec 143(1D)

Bombay HC directs expeditious processing of assessee’s Rs 19 crores refund application for AY 2014-15 in accordance with law, despite Sec 143(2) notice issued; Revenue had argued that refund cannot

Dec 09,2016

HC: No capital gains upon firm's Chapter-IX conversion into company despite premature share-transfer

Bombay High Court dismisses Revenue's writ against AAR ruling involving a Luxembourg based non-resident applicant on the issue of capital gains;   HC approves AAR's finding that "In  part  IX  of 

Dec 08,2016

HC: Revenue not debarred from making Sec.14A disallowance absent express recording of dissatisfaction

Delhi HC dismisses asseessee’s (an NBFC) appeal for AY 2009-10, upholds Sec 14A disallowance as computed by AO; During relevant AY, assessee had suo-motu offered Rs. 25 lakhs as expenses

Dec 07,2016

HC: Draws credence from buyer's ruling; Accepts seller's Sec 50B ‘slump-sale’ genuineness

Delhi HC sets-aside ITAT order,  grants slump-sale benefit u/s 50B for AY 2007-08 to seller citing similar treatment in the hands of the acquirer, treats capital gains as long term; Rejects Revenue’s

Dec 07,2016