HC: Distinguishes ‘de facto’ vs. ‘de jure’ possession; No ‘transfer’ despite parting possession to developer

Calcutta HC upholds ITAT order, rejects Revenue’s stand that since possession of land owned by assessee-company was made over to developer pursuant to development agreement (‘DA’) dated February, 2007, capital

Jul 25,2018

HC: Applies Sec 145A retrospectively; Closing stock valuation to include excise duty paid / payable

Allahabad HC reverses ITAT order and rules in favour of Revenue for AY 1997-98, upholds AO’s addition of excise duty payable to the value of closing stock; Rejects ITAT’s view

Jul 24,2018

HC: Cites "quest for truth", upholds enquiry into Fidelity's 'abnormally' high buy-back price

Karnataka HC dismisses assessee’s (a Fidelity group co. based in India) appeal, holds that ITAT was within its jurisdiction in directing examination of fair market value (‘FMV’) of shares bought back

Jul 23,2018

HC: Quashes ITAT’s ‘unreasoned’ order consolidating appeals absent notice to assessee

Delhi HC allows assessee-company’s writ, quashes ITAT’s unreasoned order consolidating appeals absent any notice given to assessee before issuing the consolidation order; HC notes that all these appeals preferred by

Jul 23,2018

HC: Disallows director’s son higher education expenditure, absent nexus with business.

Bombay HC disallows assessee-company’s (engaged in manufacturing copper foils) claim of expenditure incurred on higher education of one of the director’s son during AY 1997-98 who went abroad for pursuing

Jul 20,2018

HC: Reverses ITAT; Grants dual deduction u/s 80-IA & 80HHC to manufacturer pre-1999 amendment

Bombay HC reverses ITAT order for AY 1997-98, allows assessee-manufacturer’s claim of double deduction under Sections 80IA and 80HHC in respect of its two new factories;  During relevant AY, assessee

Jul 18,2018

HC: Treats subsequent re-assessment notice invalid absent express withdrawal of first notice

Gujarat HC holds fresh re-assessment notice issued in March, 2017 on assessee (a share broking company) as invalid absent formal withdrawal of first notice of reopening by AO for AY

Jul 17,2018

HC: Upholds ITAT; Deletes penalty u/s. 271(1)(c) for making wrong ‘write-off’ claim

Delhi HC upholds ITAT order, deletes penalty levy u/s. 271(1)(c) on assessee-company for making wrong ‘write-off’ claim for AY 2008-09; Penalty proceedings were initiated with respect to write-off of capital

Jul 16,2018

HC: Delayed employee-PF contribution not deductible; Merchem ruling doesn't require reconsideration

Kerala HC upholds ITAT order for AY 2008-09, denies deduction to assessee-employer for belated payment of employees' contribution to PF/ESI beyond the PF Act due-date, follows co-ordinate bench ruling in Merchem

Jul 13,2018

HC: Quashes order of attachment passed in name of assessee’s deceased son

Madras HC quashes order of attachment of property passed in the name of assessee’s deceased son who died in June 2017; States that though assessee had settled the property in

Jul 13,2018