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Rulings

Aug 17,2018

Mumbai ITAT allows exemption u/s. 10(23FB) to assessee (a registered Venture Capital Fund) in respect of income earned out of investments made in Venture Capital Undertaking (‘VCU’) for AY 2013-14, quashes CIT’s

Aug 17,2018

Mumbai ITAT rules that interest income earned by HSBC Bank (Mauritius) Ltd. (‘assessee’) from investments in debt securities made in accordance with the SEBI Regulations during AY 2011-12, not taxable

Aug 17,2018

Ahmedabad ITAT deletes long term capital gains (‘LTCG’) addition made on assessee-individual, who merely acted as a constituted Attorney in respect of sale of immovable properties by NRIs during AY

Aug 16,2018

Kerala HC upholds constitutional validity of Sec 2(ea)(vi) of Wealth Tax Act which defines the term 'assets' for the purpose of charge of wealth tax to include 'cash in hand'

Aug 16,2018

Bombay HC upholds ITAT order and rules in favour of Revenue, denies Sec. 80-IB deduction to assessee-company outsourcing manufacturing activity to contract manufacturer; Observes that the assessee did not retain control over

Aug 16,2018

Bangalore ITAT denies assessee-trust's claim for AY 2009-10 to include unspent accumulated income of earlier AY while computing 15% accumulation; Notes that during relevant AY, AO had taxed the accumulated

Aug 16,2018

Ahmedabad ITAT deletes Rs.436.80 cr. capital gains addition on transfer of wind energy business of Gujarat Fluorochemicals Ltd. (‘assessee’) on slump sale basis, rejects Revenue’s substitution of fair market value

Aug 14,2018

Mumbai ITAT allows vacancy allowance u/s 23(1)(c) to Sachin Tendulkar in respect of his Pune Flat, accepts Sachin's contention that property remained vacant even after making reasonable effort to find

Aug 14,2018

Bengaluru ITAT approves assessee-trust’s plea that application of income in subject AY 2012-13 should be first considered as having been made out of the accumulation u/s. 11(2) of preceding AY

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