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Rulings ( 15447 results )

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Supreme Court

SC: Reiterates law on bad debts’ allowability; Disallows deduction where sum not written-off in books as irrecoverable

  • In Favour of Revenue
  • Citation Number : TS-671-SC-2022
  • Tax Payer : Khyati Realtors Pvt. Ltd
Foreign Court

FC: FC: UK's Upper Tribunal upholds replacing cash with preference shares for part consideration in share-transfer, as tax avoidance not main purpose

  • In Favour of Assessee
  • Citation Number : TS-668-FC-2022(UK)
  • Tax Payer : Euromoney Institutional Investor PLC
Income tax Appellate Tribunal

ITAT: Holds option agreement with group entity for interim funding as commercially prudent, not sham transaction

  • In Favour of Assessee
  • Citation Number : TS-666-ITAT-2022(Mum)
  • Tax Payer : K. Raheja Pvt. Ltd
High Court

HC: Follows SC ruling in Rajesh Jhaveri to uphold reassessment proceeding against Big 4's US arm under new regime

  • In Favour of Revenue
  • Citation Number : TS-667-HC-2022(DEL)
  • Tax Payer : Ernst And Young U.S. LLP
Supreme Court

SC: SC: Holds Benami Act amendments as substantive in nature; Forfeiture envisaged, punitive in nature, cannot be retroactive

  • In Favour of Assessee
  • Citation Number : TS-665-SC-2022
  • Tax Payer : Ganpati Dealcom Pvt. Ltd
Supreme Court

SC: Declines to interfere with Karnataka HC judgment on valuation of IISc employees' residential accommodation

  • In Favour of Revenue
  • Citation Number : TS-662-SC-2022
  • Tax Payer : Indian Institute Of Science
Income tax Appellate Tribunal

ITAT: Intimation not assessment order for all purposes but subject to 4 years' limitation for rectification

  • In Favour of Revenue
  • Citation Number : TS-660-ITAT-2022(HYD)
  • Tax Payer : Zintec Software (P) Ltd
High Court

HC: VsV benefit applicable to Company petition for interest-waiver; Holds Revenue's approach 'hyper technical'

  • In Favour of Assessee
  • Citation Number : TS-661-HC-2022(DEL)
  • Tax Payer : Kapri International (P) Ltd
Income tax Appellate Tribunal

ITAT: Upholds income declaration by land owner under Project Completion Method; Advances not taxable on receipt basis

  • In Favour of Assessee
  • Citation Number : TS-648-ITAT-2022(Mum)
  • Tax Payer : Suratchandra B. Thakkar (HUF)
Income tax Appellate Tribunal

ITAT: Allows revised return based on consolidated balance sheet pursuant to amalgamation, against defective return notice

  • In Favour of Assessee
  • Citation Number : TS-650-ITAT-2022(DEL)
  • Tax Payer : Rohit Bal Designs Pvt. Ltd.
Income tax Appellate Tribunal

ITAT: Upholds reassessment notice issued before expiry of time limit for initiating scrutiny assessment

  • In Favour of Revenue
  • Citation Number : TS-654-ITAT-2022(Bang)
  • Tax Payer : C. Gangadhara Murthy
Income tax Appellate Tribunal

ITAT: 10% margin under Sec.43CA applicable retrospectively, since beneficial in nature

  • In Favour of Assessee
  • Citation Number : TS-658-ITAT-2022(PUN)
  • Tax Payer : Sai Bhargavanath Infra
Income tax Appellate Tribunal

ITAT: Depreciation on capacitors 'ready to use' not allowable due to termination of lease; Remits on allowability as business loss

  • In Favour of Both, Partially
  • Citation Number : TS-659-ITAT-2022(Mum)
  • Tax Payer : L&T Ltd
Supreme Court

SC: Situs of officer who actually assesses is relevant for deciding HC’s appellate jurisdiction, despite transfer of 'case' under Sec.127

  • In Favour of Both, Partially
  • Citation Number : TS-656-SC-2022
  • Tax Payer : ABC Papers Limited
Income tax Appellate Tribunal

ITAT: Reference to DVO without rejecting Assessee's books, invalid; 2014 amendment to Sec.142A not retrospective

  • In Favour of Assessee
  • Citation Number : TS-655-ITAT-2022(Bang)
  • Tax Payer : K. Satish Kumar
Income tax Appellate Tribunal

ITAT: ITAT: Rejects NIIT's plea for quashing Sec.153A assessment over Revenue's inability to produce search warrant; On merits, allows depreciation

  • In Favour of Both, Partially
  • Citation Number : TS-653-ITAT-2022(DEL)
  • Tax Payer : NIIT Online Learning Ltd
High Court

HC: Directs for Circular warranting non-interference in AO's quasi-judicial function; Defers hearing for Rs.50 Lacs cost on Revenue

  • In Favour of Assessee
  • Citation Number : TS-652-HC-2022(ALL)
  • Tax Payer : S R Cold Storage
Income tax Appellate Tribunal

ITAT: ITAT: CSR expenses, not allowable adjustment for MAT computation; Deletes addition

  • In Favour of Assessee
  • Citation Number : TS-649-ITAT-2022(DEL)
  • Tax Payer : GE Power Systems India Private Limited, (formerly known as Alstom Bharat Forge Power Private Limited)
Income tax Appellate Tribunal

ITAT: ITAT: Leela's claim on Kovalam Hotels' losses under Sec.72A not tenable until carry forward allowed under Sec.79 for prior year by appellate order

  • In Favour of Revenue
  • Citation Number : TS-647-ITAT-2022(Mum)
  • Tax Payer : Hotel Leela Venture Ltd
High Court

HC: No TDS on interest on compensation awarded by MACT prior to FA 2015 amendment; Cannot burden claimants with refund process

  • In Favour of Assessee
  • Citation Number : TS-642-HC-2022(P & H)
  • Tax Payer : New India Assurance Company Limited