HC: Upholds penalty levy in absence of ‘bonafide’ explanation substantiating source of unexplained income

Kerala HC reverses ITAT order, upholds levy of penalty on assessee-individual under Explanation 1[B] to Sec. 271(1)(c) for not producing substantiating material with respect to the source of  unexplained income

Jan 19,2018

HC: Investment before extended return filing due-date u/s 139(4) eligible for capital gains exemption

Rajasthan HC upholds ITAT order, allows capital gains relief u/s. 54B and Sec. 54F to assessee-individual for AY 2010-11 for depositing the un-utilized net sale consideration  in the capital gain account scheme

Jan 18,2018

HC: Revenue Officers get tongue-lashing for 'unholy' desire to multiply litigations; Exemplary costs imposed

Karnataka HC dismisses Revenue’s writ with 'exemplary' cost of Rs. 50,000 each, to be paid personally by  2 Principal CITs & an ACIT, for their irresponsible & unfair behaviour in filing

Jan 16,2018

HC: Allows indefinite carry forward for pre-2002 unabsorbed depreciation; Follows General Motors (Guj HC)

Delhi HC confirms ITAT order and allows carry forward and set-off of unabsorbed depreciation relating to AYs prior to April 2002, beyond 8 years in AY 2010-11; Rejects Revenue’s stand

Jan 12,2018

HC: Legal representative liable to comply notice u/s 133(6) on behalf of deceased assessee

Karnataka HC dismisses petitioner’s (wife of a deceased assessee) writ challenging the notice issued u/s 133(6) on her deceased husband to explain the credit entry of Rs.95.83 lakhs in the

Jan 12,2018

HC: Cannot aggregate receipts of assessee's 2 educational institutions for determining Rs. 1 Cr cap u/s 10(23C)

Jammu and Kashmir HC reverses ITAT order,  allows assessee-society’s (running two educational institutions) claim of exemption u/s 10(23C) for AY 2005-06 as the aggregate annual receipts for each institution did

Jan 12,2018

HC: Turns heat on assessee & TRO for wilful disobedience, praises Sr. Adv. J.D. Mistry's exemplary conduct

Bombay HC dismisses Sinhgad Technical Education Society's writ,  directs initiation of civil and criminal contempt proceedings against the President of assessee-society Prof. M.N. Navale as also against the Tax Recovery Officer (‘TRO’) for

Jan 10,2018

HC: Weighs bonafide conduct, uncertainty over disputed property income to allow Sec 234A/B/C interest waiver

Madras HC allows assessee-HUF’s writ, grants waiver of interest under Sections 234A (for delay in furnishing the return of income), 234B (for default in payment of advance tax) and 234C

Jan 05,2018

HC: Reverses ITAT; Accrued FD interest not hypothetical income, TDS non-deduction u/s 194A irrelevant

Kerala HC reverses ITAT order for AY 2009-10, rules that interest income from bank deposits accrued but not due and hence not credited to assessee’s (a Public sector undertaking) account

Jan 04,2018

HC: CBDT to formulate 'fair' policy on return/refund processing; AO's manual intervention permissible

Bombay HC holds that manual processing of return is legally permissible in case of glitches ​in the system, ​further ​directs CBDT to formulate a ​'​rational​'​ policy for processing of returns​

Jan 03,2018