HC: Income from organized activity of ‘advancing loan’ despite no banking license, business-income

Bombay HC reverses ITAT order, income arising to assessee company from advancing loan to various parties, assessable as business income and not income from other sources for AYs 1984-85 and AYs 1988-89

Mar 23,2017

HC: Quashes reassessment premised on third-party statement, cites earlier year detailed inquiry

Delhi HC allows assessee’s writ, quashes reassessment (initiated beyond 4 years period) for AYs 1997-98 to 2001-02, premised on statement of a third party recorded u/s 133(6); During the course

Mar 21,2017

HC: Upholds re-assessment beyond 4 years; ‘Under-invoicing’ based on Shah Committee report, ‘sufficient reason’

Karnataka HC quashes assessee’s writ, upholds initiation of reassessment proceedings u/s 147/148 for AYs 2009-10 and 2010-11 beyond 4 years period; Pursuant to Justice Shah committee report, assessee was accused

Mar 20,2017

HC: Director’s statement during search, sufficient satisfaction for company’s assessment u/s 153C

Delhi HC sets aside ITAT order, holds satisfaction recorded by AO against assessee-company  for the purpose of Sec. 153C assessment, sufficient; Notes that pursuant to search undertaken on assessee’s director

Mar 17,2017

HC: Non-filing return by NR despite accrued bank-interest, not valid reopening reason

Bombay HC allows assessee’s (a non-resident) writ, holds that reopening notice issued u/s 148 for AY 2009-10 was without jurisdiction; Notes that reasons recorded proceeds on the assumption that assessee

Mar 17,2017

HC: Reverses ITAT; Upholds addition u/s 68 for unexplained credits though received by cheque

Kerala HC reverses ITAT order, upholds Sec. 68 addition on assessee-company with respect to unexplained credits from its sister concern in Nepal; HC holds that ITAT got swayed by the fact

Mar 17,2017

HC: 15-flats received under JDA constitute ‘a residential house’, allows Sec. 54F relief pre-2014 amendment

Madras HC rules in favour of taxpayer, upholds Sec 54F (capital gains exemption) benefit to assessee-individual for AY 2012-13; By virtue of assessee alongwith his sons (land-owners) entering into joint

Mar 17,2017

HC: Upholds ITAT, applies Excel Industries ratio; Carbon credits taxable only on transfer

Gujarat HC dismisses Revenue’s appeal, upholds ITAT order in Kalpataru Power Transmission Ltd. (‘assessee’) on carbon credits taxation for AY 2009-10; ITAT had held that transfer of carbon credits is

Mar 16,2017

HC: Quashes order directing Flipkart to pay 15% demand, Circular No. 1914 not superseded by 2016-Circular

Karnataka HC allows Flipkart’s writ, sets-aside AO’s as well as Pr. CIT’s orders refusing to stay collection of demand for AYs 2014-15 & 2015-16 and directing assessee to deposit approx

Mar 15,2017

HC: Tax payable under VDIS, a 'different animal' from normal tax; Denies TDS-adjustment

Bombay HC dismisses assessee-company’s writ, holds that TDS under the Income-tax Act, 1961 cannot be adjusted against the tax payable on the undisclosed income declared by assessee under the Voluntary Disclosure of Income

Mar 13,2017