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Rulings

Jun 27,2017

Chennai ITAT upholds Sec. 14A disallowance, rejects assessee-individual’s plea that since no investment yielding exempt income was made during relevant AY 2012-13, invocation of Rule 8D was not warranted as

Jun 27,2017

Bengaluru ITAT denies Sec. 11 exemption to assessee-trust (running educational institutions) with respect to acquisition of fixed assets, using borrowed funds for AY 2011-12; On noting that excess fund was

Jun 26,2017

Ahmedabad ITAT allows  assessee-individual’s claim of treating profit on sale on plot/land as ‘capital gains’, quashes Revenue’s action of assessing it as ‘business income’ for AY 2011-12; Notes that assessee sold

Jun 26,2017

Gujarat HC dismisses Revenue’s writ, upholds Income-tax Settlement Commission’s (‘ITSC’) order accepting assessees’ settlement application u/s 245D for AYs 2010-11 to 2014-15; In the settlement application, taxpayers (belonging to same

Jun 23,2017

Mumbai ITAT reverses its earlier order pursuant to Miscellaneous Application (‘MA’) filed by assessee-company, quashes CIT’s invocation of revisionary jurisdiction u/s. 263 for AY 2008-09 with respect to provision for

Jun 22,2017

Allahabad HC confirms Lucknow ITAT order for AY 2003-04, dismisses assessee’s rectification application, being barred by  limitation period u/s. 154 (7); HC notes that assessee missed filing rectification petition (within

Jun 22,2017

Kerala HC sets-aside ITAT’s order and restores CIT’s Sec. 263 order, denies capital-gains exemption benefit u/s. 47(xiv) upon take-over of assessee’s proprietary concern by a company during AY 2001-02, as

Jun 21,2017

Bombay High Court holds that share-transfer by assessee-company pursuant to the family arrangement among the shareholders of assessee-company and other family members is not exempt; HC notes that assessee-company is

Jun 21,2017

Karnataka HC rules in favour of Revenue and sets-aside ITAT order, denies Sec. 80P(2)(d) deduction to assessee co-operative society (engaged in agro-marketing) with respect to  interest income earned on investments

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