Rulings

Rulings

Feb 21,2019

Mumbai ITAT rules that amount received by assessee (a UK resident) towards supply of technical designs, drawings, plans, etc. to Indian entity, under the consulting engineering services contract, not FTS

Feb 21,2019

SC (3 Judges bench) affirms Himachal Pradesh HC judgment allowing 100% deduction u/s. 80-IC to assessees upon undertaking substantial expansion, rules that the definition of ‘initial assessment year’ contained in

Feb 19,2019

Bangalore ITAT holds that lump-sum lease rental received in advance by assessee-lessor during AY 2010-11 would be taxable proportionately over lease period of 30 years on discounted value basis; Assessee

Feb 18,2019

Bangalore ITAT rejects assessee’s (engaged in providing counseling & consulting services) claim of recognizing revenue as per proportionate completion method (as per AS-9) based on bills raised, holds that “The

Feb 18,2019

SC dismisses appeal for non-prosecution; Appellant had sought adjournment on the basis that the learned counsel was out of station; Rejecting the prayer, SC remarks that, “This is no ground

Feb 15,2019

Delhi ITAT quashes assessment order for AY 2008-09 as time-barred, refuses to exclude period taken for special audit u/s 142(2A) citing non-application of mind by AO while initiating special audit;

Feb 15,2019

Calcutta HC dismisses individual's (Petitioner) writ petition, holds that sufficient material was on record for the petitioner to stand trial for violation of the provisions of Black Money (Undisclosed Foreign

Feb 14,2019

Amritsar ITAT treats the land purchase & sale transaction by assessee-individual [dealing in iron/steel, cement, timber, etc.] as a business venture for AY 2012-13, disallows cash payments made for land-purchase

Feb 14,2019

Bombay HC upholds ITAT order for AY 2008-09, allows set-off of unabsorbed depreciation of earlier years against current year's long term capital gains ('LTCG'); ITAT had held that as per

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