HC: Reverses ITAT order; Non-filing of audit report warrants Sec. 80HHC claim denial

Rajasthan HC  reverses ITAT ruling for AY 1995-96, holds filing of audit report by Chartered accountant a mandatory  requirement to claim deduction u/s 80HHC (available on export profits); HC  notes

Sep 19,2016

HC: Rejects 'forum shopping'; Upholds AAR's disposal post taxpayer's conscious participation in assessment

Karnataka HC dismisses assessee’s writ challenging AAR order; AAR disposed of assessee’s application as having become infructuous in view of completion of assessment proceedings; On noting that assessee 'consciously' participated

Sep 19,2016

HC: Sec 54F benefit restricted for non-deposit of amount in capital-gains account scheme

Bombay HC upholds ITAT order restricting assessee’s Sec 54F claim in respect of capital gains arising on sale of land during AY 1996-97 for non-deposit of un-utilized consideration in capital

Sep 19,2016

HC: Dismisses Revenue appeal in JC Bamford’s case for 660 days delay in re-filing appeal

Delhi HC dismisses Revenue’s appeal, denies condoning delay of 660 days in re- filing of the appeals absent ‘sufficient cause’; Observes that impugned order of Tribunal was dated March 14,

Sep 19,2016

HC: Retrenchment compensation for transferred units’ employees allowable; Dismisses Revenue’s business closure plea

HC reverses ITAT order for AY 1980-81, reimbursement of retrenchment compensation by assessee-company to its subsidiary  in respect of employees of  transferred   units  for discharging contractual obligation allowable as revenue expenditure u/s 37(1); Notes

Sep 16,2016

HC: Upholds reassessment u/s 147 not undertaken at audit party’s behest

HC dismisses assessee’s writ challenging reassessment proceedings initiated u/s 147/148 for AY 2009-10; Notes that audit party   had   raised   several   objections   to   the   assessment carried

Sep 16,2016

HC: Deletes Sec 14A disallowance, applies presumption of utilizing own funds towards tax-free investments

Punjab & Haryana HC upholds deletion of Sec 14A disallowance of Rs. 4.32 cr on account of interest expenditure for AY 2002-03 in case of assessee-company (engaged in diverse activities); Rejects Revenue’s

Sep 14,2016

HC: Distinguishes Brahma Associates' ruling; Allows Sec 80IB housing deduction on 'part project'

Delhi HC upholds ITAT order for AYs 2007-08 to 2009-10, grants Sec 80IB(10) deduction to assessee-builder/developer in respect of real estate developments that were complete on a stand-alone basis, despite

Sep 13,2016

HC: Denies higher 60% depreciation on machinery merely using computers, applies functionality test

Madras HC upholds lower authorities’ orders, rejects higher depreciation claim @ 60%for AY 2011-12 to assessee (a newspaper publication house) on computerised counting and stacking machines despite classified as ‘computer machineries’ by assessee; Approves

Sep 13,2016

HC: Rejects Revenue’s no new-unit plea, grants Sec.80IB deduction

HC grants deduction u/s 80IB to assessee (a partnership firm) in respect of new unit for AYs 2006-07, 2008-09 and 2009-10, holds that manufacturing activities carried out by the assessee

Sep 09,2016