HC

HC: Treats payment for getting rid of encumbrances in property as part of 'acquisition cost'

Calcutta HC dismisses Revenue’s appeal,  rules that "the cost of getting rid of the encumbrances in any immovable property has to be accepted as a part of the cost of acquisition

Aug 10,2018

HC: Allows IPR depreciation to trading co.despite not ‘put-to-use’ for manufacturing activities

Delhi HC dismisses Revenue’s appeal, allows depreciation on the intellectual property rights (IPR) acquired and purchased by assessee co. from Monsanto India Limited during AY 2010-11; HC notes that the

Aug 09,2018

HC: No ‘charity’ in implementing welfare schemes of Government, denies registration u/s. 12AA

Kerala HC reverses ITAT order, upholds CIT’s cancellation of registration in case of assessee-Trust (having objects of establishing a fund for carrying out public charity); HC notes that assessee implements social

Aug 07,2018

HC: Satisfactory explanation u/s. 68 no savior from excess share premium taxability u/s. 56(2)(viib)

Kerala HC confirms Single Judge order, upholds taxability u/s. 56(2)(viib) with respect to excess share premium received by assessee-company (a closely held co.), despite satisfactory explanation on source of funds

Aug 07,2018

HC: Non-compete fee to director, a deductible revenue expenditure; Distinguishes Sharp Business System ruling

Madras HC reverses ITAT order for AY 2000-01, Rejects Revenue's capital expenditure plea for non-compete fees paid by assessee-company (a television broadcasting co.) to one of its directors for not

Aug 03,2018

HC: No transfer upon entering into unregistered development agreement, Chaturbhuj Dwarkadas ruling inapplicable

Bombay HC upholds ITAT order in case of Mr. Fardeen Khan (assessee), rules that there was no transfer u/s 2(47)(v) upon entering into Development Agreement during subject AY 2008-09, since

Aug 02,2018

HC: Copy of Madras HC ruling granting interim relief by allowing manual return filing

Madras HC grants interim relief to petitioners by allowing them to file income-tax return for AY 2018-2019 manually  without an Aadhaar number, however, holds that “These returns will have to be filed

Jul 28,2018

HC: Directs CBDT to allow filing of IT return without furnishing Aadhaar No.

Delhi HC allows assessees’ writ and directs CBDT to issue an appropriate direction and create a platform by amending the digital IT return forms or  substituting them properly to enable “opt

Jul 27,2018

HC: ITAT’s setting aside revisionary order u/s 263 ‘faulty’, amounts to putting gloss over AO’s glaring omissions

Delhi HC holds ITAT’s approach of setting aside CIT’s revisionary order u/s 263 as ‘faulty’; Notes that CIT had observed that AO had failed to make any enquiry as regards

Jul 27,2018

HC: Interest on mobilization advance to contractors, a capital receipt; Dissents from co-ordinate bench

Kerala HC reverses ITAT order, rules that interest received by assessee (engaged in construction of roads / bridges) on mobilization advance made to contractors to ensure smooth commencement and completion

Jul 27,2018

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