Weekly DT Digest

ITAT: Upholds CIT's revisionary order absent enquiry by AO, cites 2015 amendment in support

Chennai ITAT upholds revision proceedings u/s. 263 on assessee-individual for AY 2011-12, cites amended Sec. 263; Revenue had

Aug 23,2017

HC: Holds conversion of higher carat to lower carat gold as manufacture; Grants Sec.80-IB deduction

Jammu and Kashmir HC affirms ITAT order , holds that for AY 2010-11 processes employed by assessee for converting 24

Aug 23,2017

HC: Allows deduction u/s. 37, commission-payment to Jordan-based agent not illicit under Volcker-report

Bombay HC affirms ITAT order, holds that for AYs 2000-01 to 2003-04 assessee-company’s commission payment to a Jordan

Aug 23,2017

HC: Allows Trust's depreciation claim, Finance Act 2014 amendment not retrospective

Madras HC allows assesse’s (a charitable trust) depreciation claim on fixed assets, cost of which was already allowed

Aug 23,2017

HC: Allows Dept.'s withdrawal of interest granted u/s 244A to deduce tax arrears u/s 90 of KVSS, 1998

Punjab and Haryana HC upholds withdrawal of interest u/s. 244A granted on refund of tax pursuant to favourable CIT(A)

Aug 18,2017

ITAT: Quashes Rule 8D invocation absent express recording of dissatisfaction by AO

Mumbai ITAT rejects AO's invocation of Rule 8D, holds that recording a satisfaction as contemplated u/s 14A(2) is

Aug 18,2017

HC: Deletes addition u/s. 68; Documentary evidences adequate to prove share application money genuineness

Bombay HC upholds ITAT order, deletes addition u/s. 68 in respect of application money received by assessee-company, holds

Aug 18,2017

HC: Upholds wealth-tax assessment on amalgamating company; Notes assessment-completion before amalgamation effective-date

Madras HC affirms ITAT order imposing wealth-tax on assets held by assessee under the Wealth Tax Act and

Aug 11,2017

HC: Confirms penalty; Trust's reliance on SC's Surat Art case, sheer excuse to avoid tax-liability

Bombay HC upholds ITAT order for AY 1983-84, confirms penalty levy u/s. 273(2)(a) and 140A(A)(3)  by assessee-trust (formed

Aug 11,2017

HC: Quashes penalty u/s 271AAA for AO’s failure to seek manner of earning ‘undisclosed income’

Gujarat HC upholds ITAT's order, quashes penalty u/s 271AAA [which is levied in search cases]  for AO’s failure

Aug 11,2017

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