HC: Larger Bench: Holds no MAT-adjustment for bad-debt provision reduced from debtors in balance sheet

Gujarat HC larger bench rules that provision for bad and doubtful debts (‘PBDD’) when charged to P&L account and at the same time, obliterated from account by reducing "the corresponding

Aug 11,2017

HC: Upholds wealth-tax assessment on amalgamating company; Notes assessment-completion before amalgamation effective-date

Madras HC affirms ITAT order imposing wealth-tax on assets held by assessee under the Wealth Tax Act and confirms assessment despite assessee co. amalgamated with another co.; For AY 1990-91,

Aug 11,2017

HC: Confirms penalty; Trust's reliance on SC's Surat Art case, sheer excuse to avoid tax-liability

Bombay HC upholds ITAT order for AY 1983-84, confirms penalty levy u/s. 273(2)(a) and 140A(A)(3)  by assessee-trust (formed in 1941 and involved in publishing newspaper) for declaring ‘NIL’ estimate of advance

Aug 11,2017

HC: Quashes penalty u/s 271AAA for AO’s failure to seek manner of earning ‘undisclosed income’

Gujarat HC upholds ITAT's order, quashes penalty u/s 271AAA [which is levied in search cases]  for AO’s failure to seek explanation from assessee to substantiate the method of earning ‘undisclosed

Aug 11,2017

HC: Depreciation not 'expenditure', not to be reduced while computing exempt warehousing income

Delhi HC confirms ITAT order for AYs 1989-90, 1993-94, 1997-98, 1999-2000 and 2000-01, holds that depreciation not to be deducted while computing exempt income from operating warehouses under erstwhile Sec.

Aug 10,2017

HC: Denies agricultural income exemption for rendering maintenance services under ‘turnkey plantations’ contract

Bombay HC denies agricultural income exemption for AYs 1998-99 and 1999-2000 to income derived by assessee from rendering maintenance services under the turnkey plantations contract; Upholds ITAT’s splitting of assessee’s activity

Aug 10,2017

HC: Interest on FDs out of agricultural land compensation pending Court order taxable

Bombay HC upholds ITAT order, interest  received by assessee-individual pursuant to investing  enhanced compensation on land with Bank’s Fixed Deposit account, taxable as income from other sources (‘IFOS’) for AYs

Aug 07,2017

HC: Upholds Maruti Suzuki's R&D tax break u/s 35(2AB) though DSIR approval received subsequently

Delhi HC allows Maruti Suzuki’s writ, grants deduction u/s. 35(2AB) in respect of capital expenditure incurred on its R&D unit at Rohtak during AY 2011-12 despite DSIR recognition received in

Aug 07,2017

HC: Kerala HC admits writ on Aadhaar-PAN linkage, allows petitioner to file return sans Aadhaar

Kerala HC admits writ petition filed by an individual assessee on Aadhaar-PAN linkage, issues interim direction to Income-Tax officer to allow petitioner to manually file Income tax return without insisting

Aug 05,2017

HC: Upholds ITAT’s order; Compensation to sole-selling agent upon agreement termination, deductible u/s. 37(1)

Gujarat HC upholds ITAT’s order for AY 2007-08, allows deduction u/s. 37(1) to assessee-company for payment of compensation to sole-selling agent on pre-mature termination of agreement; During relevant AY, assessee

Aug 04,2017