HC
HC: Larger bench to examine AO's power to reassess income beyond recorded reasons
Delhi HC division bench refers the matter to larger bench on whether the interpretation of Sec. 147 read with Explanation (3), given by co-ordinate bench in Ranbaxy Laboratories Ltd.’s case
HC: Quashes cancellation of Tata Tele’s ‘Nil’ TDS certificate u/s. 197 by non-speaking order
Bombay HC allows Tata Teleservices (Maharashtra) Limited’s (‘assessee’) writ, quashes order of TDS authorities cancelling Sec. 197 certificate of nil deduction of tax issued to assessee, takes note of reason
HC: CBDT's 2014 guidelines on compounding of offence, not arbitrary; Imposes cost on taxpayer
Delhi HC dismisses assessee’s challenge to imposition, legality and validity of compounding fee charged u/s. 279 under CBDT guidelines dated December 23, 2014, confirms levy of compounding fees of Rs. 69.75
HC: Grants benefit of presumption u/s. 132(4A), allows expense deduction to extent of seized documents
Kerala HC allows assessee's (engaged in the business of real estate) claim of property development expenditure to the extent of the cheque payments as disclosed from the documents seized during search-seizure operation u/s. 132, grants benefit of
HC: No Sec. 234B interest levy on payee where deductor paid tax with interest u/s. 201
Madras HC sets aside Settlement commission order, holds that assessee (an employee of a multinational company) not liable for interest u/s 234B in respect of salary received outside India, accepts
HC: Deletes Sec. 234B interest on reassessment demand despite refund of advance-tax on regular assessment
Kerala HC upholds ITAT's deletion of interest charged u/s. 234B(3) for AY 1992-93, but rejects ITAT's reasoning that if there is no interest payable under sub-section (1) of Sec. 234B
HC: Upholds penalty levy in absence of ‘bonafide’ explanation substantiating source of unexplained income
Kerala HC reverses ITAT order, upholds levy of penalty on assessee-individual under Explanation 1[B] to Sec. 271(1)(c) for not producing substantiating material with respect to the source of unexplained income
HC: Investment before extended return filing due-date u/s 139(4) eligible for capital gains exemption
Rajasthan HC upholds ITAT order, allows capital gains relief u/s. 54B and Sec. 54F to assessee-individual for AY 2010-11 for depositing the un-utilized net sale consideration in the capital gain account scheme
HC: Revenue Officers get tongue-lashing for 'unholy' desire to multiply litigations; Exemplary costs imposed
Karnataka HC dismisses Revenue’s writ with 'exemplary' cost of Rs. 50,000 each, to be paid personally by 2 Principal CITs & an ACIT, for their irresponsible & unfair behaviour in filing
HC: Allows indefinite carry forward for pre-2002 unabsorbed depreciation; Follows General Motors (Guj HC)
Delhi HC confirms ITAT order and allows carry forward and set-off of unabsorbed depreciation relating to AYs prior to April 2002, beyond 8 years in AY 2010-11; Rejects Revenue’s stand