HC

HC: Upholds commission disallowance, ITAT’s finding not perverse merely because another finding / conclusion possible

Delhi HC upholds ITAT order disallowing expenditure of Rs.1 crore paid as commission by assessee-company (agent of Korean based company) to its sub-agent during AY 2010-11, observes that ITAT's conclusions

Aug 17,2018

HC: Directs ITAT to examine whether Company incorporated under ROC Sikkim Act constitutes Indian co. u/s. 2(26)

Delhi HC directs ITAT to examine as to whether the assessee company (incorporated under Registration of Companies (Sikkim) Act, 1961) was an Indian company during AY 1987-88 to 1991-92 and

Aug 17,2018

HC: Clarifies wealth-tax liability on cash for proprietorships statutorily required to maintain books

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

HC: Upholds denial of Sec.80-IB deduction absent Assessee’s control over outsourced manufacturing activity

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

HC: Treats payment for getting rid of encumbrances in property as part of 'acquisition cost'

Calcutta HC dismisses Revenue’s appeal,  rules that "the cost of getting rid of the encumbrances in any immovable property has to be accepted as a part of the cost of acquisition

Aug 10,2018

HC: Allows IPR depreciation to trading co.despite not ‘put-to-use’ for manufacturing activities

Delhi HC dismisses Revenue’s appeal, allows depreciation on the intellectual property rights (IPR) acquired and purchased by assessee co. from Monsanto India Limited during AY 2010-11; HC notes that the

Aug 09,2018

HC: No ‘charity’ in implementing welfare schemes of Government, denies registration u/s. 12AA

Kerala HC reverses ITAT order, upholds CIT’s cancellation of registration in case of assessee-Trust (having objects of establishing a fund for carrying out public charity); HC notes that assessee implements social

Aug 07,2018

HC: Satisfactory explanation u/s. 68 no savior from excess share premium taxability u/s. 56(2)(viib)

Kerala HC confirms Single Judge order, upholds taxability u/s. 56(2)(viib) with respect to excess share premium received by assessee-company (a closely held co.), despite satisfactory explanation on source of funds

Aug 07,2018

HC: Non-compete fee to director, a deductible revenue expenditure; Distinguishes Sharp Business System ruling

Madras HC reverses ITAT order for AY 2000-01, Rejects Revenue's capital expenditure plea for non-compete fees paid by assessee-company (a television broadcasting co.) to one of its directors for not

Aug 03,2018

HC: No transfer upon entering into unregistered development agreement, Chaturbhuj Dwarkadas ruling inapplicable

Bombay HC upholds ITAT order in case of Mr. Fardeen Khan (assessee), rules that there was no transfer u/s 2(47)(v) upon entering into Development Agreement during subject AY 2008-09, since

Aug 02,2018

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