Direct tax Weekly Digest

Weekly Digest #2 06 Jan to 12 Jan 2018 10 Rulings

High Court HC:Refuses to invalidate return where ITR V filed within extended period

Jan 10, 2018

In Favour of : Assessee
Citation Number : TS-5-HC-2018(DEL)

Income tax Appellate Tribunal ITAT:No Sec. 195 TDS on reimbursement of spares purchased from US parent

Jan 12, 2018

In Favour of : Assessee
Citation Number : TS-621-ITAT-2017(DEL)

Supreme Court SC:Dismisses Revenue's SLP against HC quashing block assessment; Case transfer u/s127 prospective

Jan 12, 2018

In Favour of : Assessee
Citation Number : TS-11-SC-2018

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

Jan 12, 2018

In Favour of : Revenue
Citation Number : TS-12-HC-2018(KAR)

Income tax Appellate Tribunal ITAT:Payment for IT outsourcing services under contract subject to TDS u/s. 194J, not Sec.194C

Jan 12, 2018

In Favour of : Revenue
Citation Number : TS-622-ITAT-2017(Ahd)

Supreme Court SC:Dismisses Revenue's SLP against Delhi HC quashing re-assessment u/s 147 based on audit-report

Jan 12, 2018

In Favour of : Assessee
Citation Number : TS-13-SC-2018

Income tax Appellate Tribunal ITAT:Denies carry forward of unabsorbed depreciation u/s 72A; Amalgamating co not 'industrial undertaking'

Jan 12, 2018

In Favour of : Revenue
Citation Number : TS-623-ITAT-2017(Bang)

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

Jan 12, 2018

In Favour of : Assessee
Citation Number : TS-14-HC-2018(DEL)

Income tax Appellate Tribunal ITAT:Addition u/s 68 not sustainable for inability of donors to establish source

Jan 12, 2018

In Favour of : Assessee
Citation Number : TS-624-ITAT-2017(CHNY)

Income tax Appellate Tribunal ITAT:Sec. 200A amendment enabling Sec. 234E fee collection, prospective ; Follows Sibia Healthcare (co-ordinate bench)

Jan 12, 2018

In Favour of : Assessee
Citation Number : TS-15-ITAT-2018(Ahd)

Weekly Digest #1 23 Dec to 05 Jan 2018 3 Rulings

High Court HC:Can't divest forex gains from export income, allows Sec 10B tax holiday

Jan 02, 2018

In Favour of : Assessee
Citation Number : TS-606-HC-2017(GUJ)

Income tax Appellate Tribunal ITAT: Allows Sec. 80IA deduction for generation of steam power and cooling power

Jan 05, 2018

In Favour of : Assessee
Citation Number : TS-614-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Payment for self-imposed obligation vide Articles of Association, not income diversion

Jan 05, 2018

In Favour of : Revenue
Citation Number : TS-615-ITAT-2017(Mum)

Weekly Digest #38 16 Dec to 22 Dec 2017 3 Rulings

Income tax Appellate Tribunal ITAT:Statements without cross-examination become legally fragile, deletes bogus diamond purchases disallowance

Dec 19, 2017

In Favour of : Assessee
Citation Number : TS-594-ITAT-2017(Kol)

High Court HC:Reverses ITAT order; Holds gift from brother via nephew's bank account, taxable

Dec 22, 2017

In Favour of : Revenue
Citation Number : TS-600-HC-2017(RAJ)

High Court HC:Actual loans advanced amount, not amounts reflected in aging analysis, 'eligible advances' u/s 36(1)(viii)

Dec 22, 2017

In Favour of : Assessee
Citation Number : TS-602-HC-2017(KAR)

Weekly Digest #37 09 Dec to 15 Dec 2017 3 Rulings

High Court HC:Adjusting 'share application money' against sales doesn't amount to cessation of liability

Dec 15, 2017

In Favour of : Assessee
Citation Number : TS-590-HC-2017(ALL)

Income tax Appellate Tribunal ITAT:Succession of sole proprietor by company - taxable transfer, where consideration received other than shares

Dec 15, 2017

In Favour of : Revenue
Citation Number : TS-591-ITAT-2017(Bang)

Income tax Appellate Tribunal ITAT:Denies higher 60 depreciation on 'seismic-survey equipment' ; Holds 'processing' cannot alter equipment's character

Dec 15, 2017

In Favour of : Revenue
Citation Number : TS-592-ITAT-2017(Ahd)

Weekly Digest #36 02 Dec to 08 Dec 2017 4 Rulings

Income tax Appellate Tribunal ITAT:Allows deduction of administrative/selling expenses; Refers ICAI guidance-note for real-estate projects

Dec 08, 2017

In Favour of : Assessee
Citation Number : TS-581-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Rejects revision of reassessment order on issue not raised in reopening reasons

Dec 01, 2017

In Favour of : Assessee
Citation Number : TS-565-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Deletes penalty u/s 271(1)(c) for failure to disclose part-payment on land deal

Dec 08, 2017

In Favour of : Assessee
Citation Number : TS-582-ITAT-2017(ASR)

Income tax Appellate Tribunal ITAT:Holds assessee as 'investor' in shares, rejects taxation of gains as 'business income'

Dec 08, 2017

In Favour of : Assessee
Citation Number : TS-583-ITAT-2017(Kol)

Weekly Digest #35 25 Nov to 01 Dec 2017 7 Rulings

High Court HC:Denies adjustment upto Rs.20,000 threshold u/s 269SS for 'cash' loan, upholds penalty

Dec 01, 2017

In Favour of : Assessee
Citation Number : TS-562-HC-2017(ALL)

Income tax Appellate Tribunal ITAT:Deletes penalty levied in absence of specific charge in standard - printed notice issued u/s 274 r.w.s. 271(1)(c)

Dec 01, 2017

In Favour of : Assessee
Citation Number : TS-563-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Deletes disallowance u/s 40(a)(ia) for payment under cost sharing agreement; Upholds reimbursement plea

Dec 01, 2017

In Favour of : Assessee
Citation Number : TS-560-ITAT-2017(Mum)

High Court HC:Allows additional depreciation u/s 32(1)(iia) on machinery used for production of ready mix concrete

Dec 01, 2017

In Favour of : Assessee
Citation Number : TS-564-HC-2017(MAD)

Income tax Appellate Tribunal ITAT:Holds 'Tax' effect for maintainability of appeal as exclusive of education cess

Dec 01, 2017

In Favour of : Assessee
Citation Number : TS-561-ITAT-2017(Mum)

High Court HC:No addition u/s 68 in the first year of business; Distinguishes Kapur Brothers

Dec 01, 2017

In Favour of : Revenue
Citation Number : TS-567-HC-2017(ALL)

Income tax Appellate Tribunal ITAT:Interest earned on FDs, inextricably linked with the project, capital receipt, not IFOS

Dec 01, 2017

In Favour of : Assessee
Citation Number : TS-566-ITAT-2017(Mum)

Weekly Digest #34 12 Nov to 24 Nov 2017 6 Rulings

Income tax Appellate Tribunal ITAT:Receipt of trivial refundable security on JDA execution, not taxable as capital gains

Nov 24, 2017

In Favour of : Assessee
Citation Number : TS-542-ITAT-2017(Bang)

Income tax Appellate Tribunal ITAT: Deletes addition of on-money receipt against disputed land ; Absent corroborative evidence

Nov 24, 2017

In Favour of : Assessee
Citation Number : TS-543-ITAT-2017(Ahd)

Income tax Appellate Tribunal ITAT:Rejects business loss claim for write-off of rental deposit

Nov 24, 2017

In Favour of : Revenue
Citation Number : TS-544-ITAT-2017(Bang)

Income tax Appellate Tribunal ITAT: Taxpayer's share transaction, not bogus merely because SEBI initiated investigation against broker

Nov 24, 2017

In Favour of : Assessee
Citation Number : TS-545-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Milk processing unit transfer, slump-sale u/s. 50B; Rejects 'only specific assets transfer' plea

Nov 24, 2017

In Favour of : Revenue
Citation Number : TS-546-ITAT-2017(PUN)

High Court HC:Revision Petition u/s 264 maintainable, not availing appeal remedy no bar for availing right u/s. 264

Nov 24, 2017

In Favour of : Assessee
Citation Number : TS-547-HC-2017(DEL)

Weekly Digest #33 04 Nov to 11 Nov 2017 16 Rulings

High Court HC:Upholds deletion of Sec. 40(A)(3) disallowance, cash purchases from individual agriculturist below prescribed-limit

Nov 08, 2017

In Favour of : Assessee
Citation Number : TS-500-HC-2017(KER)

Income tax Appellate Tribunal ITAT:Providing an extract of 'reasons to believe' not sufficient, quashes re-opening

Nov 08, 2017

In Favour of : Assessee
Citation Number : TS-501-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Sec. 234B/C interest payable on MAT liability, dismisses taxpayer's appeal

Nov 08, 2017

In Favour of : Revenue
Citation Number : TS-502-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Sec.54EC deduction on minor's income permissible in addition to assessee's claim u/s. 54EC

Nov 11, 2017

In Favour of : Assessee
Citation Number : TS-509-ITAT-2017(PUN)

Income tax Appellate Tribunal ITAT:Allows deduction for commission paid to director-cum-shareholder, rejects treatment as 'dividend payment'

Nov 11, 2017

In Favour of : Assessee
Citation Number : TS-510-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Sales-tax subsidy given to taxpayer post accomplishment of project, a revenue receipt

Nov 11, 2017

In Favour of : Assessee
Citation Number : TS-511-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Deletes undisclosed income addition for Katrina Kaif

Nov 11, 2017

In Favour of : Assessee
Citation Number : TS-512-ITAT-2017(Mum)

High Court HC:Condones delay for investing capital-gains in infrastructure bonds beyond prescribed period u/s. 54EC

Nov 15, 2017

In Favour of : Assessee
Citation Number : TS-519-HC-2017(KAR)

Income tax Appellate Tribunal ITAT:Advance received from clients in fiduciary capacity, not taxable for law firm

Nov 15, 2017

In Favour of : Assessee
Citation Number : TS-520-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Sec. 201(1A) interest liability ceases from deductee's return-filing date, AO to verify whether taxes paid

Nov 15, 2017

In Favour of : Assessee
Citation Number : TS-521-ITAT-2017(HYD)

Income tax Appellate Tribunal ITAT:Deletes interest disallowance; Acquiring shares from MD not diversion of 'interest bearing funds'

Nov 13, 2017

In Favour of : Assessee
Citation Number : TS-514-ITAT-2017(VIZ)

Income tax Appellate Tribunal ITAT:Forward exchange contracts loss for hedging receivables is business & not speculation loss

Nov 17, 2017

In Favour of : Both, Partially
Citation Number : TS-526-ITAT-2017(VIZ)

Income tax Appellate Tribunal ITAT:Deletes penalty u/s. 271(1)(c) for AO's invocation of wrong limb while recording satisfaction

Nov 17, 2017

In Favour of : Assessee
Citation Number : TS-527-ITAT-2017(PUN)

Income tax Appellate Tribunal ITAT:Holds that payment made to pigmy - agents is salary, not commission to attract TDS u/s 194H

Nov 17, 2017

In Favour of : Assessee
Citation Number : TS-530-ITAT-2017(Bang)

Income tax Appellate Tribunal ITAT:Quashes penalty proceedings, as excess claim u/s. 90 rectified voluntarily through revised returns

Nov 17, 2017

In Favour of : Assessee
Citation Number : TS-531-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Acquiring master copy of software with right for modification, amounts to royalty

Nov 18, 2017

In Favour of : Both, Partially
Citation Number : TS-533-ITAT-2017(JPR)

Weekly Digest #32 28 Oct to 03 Nov 2017 6 Rulings

High Court HC:Reverses ITAT; Including 'Bank' in co-operative society's name cannot disentitle Sec. 80P benefit

Nov 03, 2017

In Favour of : Assessee
Citation Number : TS-488-HC-2017(AP)

Income tax Appellate Tribunal ITAT:Earnest money receipt irrelevant for construing 'year of transfer', deletes capital-gains addition

Nov 03, 2017

In Favour of : Assessee
Citation Number : TS-490-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Considers FMV of the property as cost of acquisition in year of sale of property

Nov 03, 2017

In Favour of : Assessee
Citation Number : TS-491-ITAT-2017(Mum)

High Court HC:After Kerala, Madras HC grants interim relief, allows taxpayer to file return sans Aadhaar

Nov 03, 2017

In Favour of : Assessee
Citation Number : TS-492-HC-2017(MAD)

Income tax Appellate Tribunal ITAT:Payment for Inspection - services, not FIS under US treaty; Deletes Sec. 40(a)(i) disallowance

Nov 03, 2017

In Favour of : Assessee
Citation Number : TS-493-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Only core income from shipping activity & incidental receipts eligible for Tonnage Tax Scheme

Nov 03, 2017

In Favour of : Revenue
Citation Number : TS-494-ITAT-2017(VIZ)

Weekly Digest #31 19 Oct to 27 Oct 2017 3 Rulings

Income tax Appellate Tribunal ITAT:Denies Sec. 11 exemption noting assessee-trust involved in commercial activities

Oct 27, 2017

In Favour of : Revenue
Citation Number : TS-472-ITAT-2017(Kol)

High Court HC:Upholds ITAT order; Gains on sale of industrial gala, short term u/s. 50

Oct 27, 2017

In Favour of : Assessee
Citation Number : TS-473-HC-2017(BOM)

High Court HC:Payment by Hospital to retainer doctors , professional fees and not salary

Oct 27, 2017

In Favour of : Assessee
Citation Number : TS-474-HC-2017(RAJ)

Weekly Digest #30 14 Oct to 18 Oct 2017 4 Rulings

Income tax Appellate Tribunal ITAT:Considers Indian traditions, grants partial relief for ornaments received by relatives sans evidence

Oct 18, 2017

In Favour of : Both, Partially
Citation Number : TS-463-ITAT-2017(Mum)

High Court HC:No Sec. 194J TDS on payments by Bus stand management authority to State corporation

Oct 18, 2017

In Favour of : Assessee
Citation Number : TS-464-HC-2017(HP)

Income tax Appellate Tribunal ITAT: Reckons property holding period from date of sale-deed, not allotment letter

Oct 18, 2017

In Favour of : Revenue
Citation Number : TS-466-ITAT-2017(Mum)

High Court HC:Directs ITSC to consider settlement application on merits for 'comprehensive' examination of matter

Oct 18, 2017

In Favour of : Assessee
Citation Number : TS-465-HC-2017(DEL)

Weekly Digest #29 07 Oct to 13 Oct 2017 3 Rulings

Income tax Appellate Tribunal ITAT:Rejects AO's backdoor entry to initiate re-assessment taking shelter of Sec 150's extended timeline

Oct 13, 2017

In Favour of : Assessee
Citation Number : TS-457-ITAT-2017(JPR)

Income tax Appellate Tribunal ITAT:Allows interest-deduction of closed units to operational unit in light of pending winding-up proceedings

Oct 13, 2017

In Favour of : Assessee
Citation Number : TS-458-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT: Sec 54B capital gains relief available though new property purchased without registration

Oct 13, 2017

In Favour of : Assessee
Citation Number : TS-459-ITAT-2017(CHANDI)

Weekly Digest #28 30 Sep to 06 Oct 2017 3 Rulings

Income tax Appellate Tribunal ITAT:Deletes Sec. 271(1)(c) penalty levied for unexplained credit addition u/s. 68 in quantum proceedings

Oct 06, 2017

In Favour of : Assessee
Citation Number : TS-445-ITAT-2017(Ahd)

Income tax Appellate Tribunal ITAT:Allows share trading loss set-off against non-delivery based F & O income

Oct 06, 2017

In Favour of : Assessee
Citation Number : TS-446-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Deeming fiction u/s. 50C not applicable to transfer of leasehold rights in land

Oct 06, 2017

In Favour of : Assessee
Citation Number : TS-447-ITAT-2017(Mum)

Weekly Digest #27 16 Sep to 29 Sep 2017 10 Rulings

Income tax Appellate Tribunal ITAT:Deletes capital gains addition; Handing over possession doesn't amount to 'transfer'

Sep 25, 2017

In Favour of : Assessee
Citation Number : TS-420-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Recording AO's satisfaction 'must' for rejecting assessee's calculation; Deletes Sec. 14A disallowance

Sep 25, 2017

In Favour of : Assessee
Citation Number : TS-421-ITAT-2017(Mum)

High Court HC:Miscellaneous Application before ITAT not 'alternate remedy' to HC-appeal; Refuses delay condonation

Sep 25, 2017

In Favour of : Revenue
Citation Number : TS-422-HC-2017(DEL)

Income tax Appellate Tribunal ITAT:Quashes penalty u/s 271(1)(b) levied for non-compliance with statutory notices; Holds breach 'venial'

Sep 22, 2017

In Favour of : Assessee
Citation Number : TS-415-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Bogus donation cannot be a ground for cancelling registration u/s 12AA

Sep 22, 2017

In Favour of : Assessee
Citation Number : TS-412-ITAT-2017(Kol)

Supreme Court SC:Dismisses Revenue's SLP; Trust eligible for registration u/s 12A/12AA despite no formal deed

Sep 22, 2017

In Favour of : Assessee
Citation Number : TS-417-SC-2017

High Court HC:Disregards need to distinguish between capital and revenue expenditure while allowing deduction u/s. 35(2AB)

Sep 29, 2017

In Favour of : Assessee
Citation Number : TS-435-HC-2017(DEL)

High Court HC:Applies strict interpretation, duty paid but proof not submitted results in Sec 43B disallowance

Sep 29, 2017

In Favour of : Revenue
Citation Number : TS-436-HC-2017(ALL)

High Court HC:Dismisses assessee's writ; Upholds case transfer u/s. 127 to facilitate co-ordinated investigation

Sep 29, 2017

In Favour of : Revenue
Citation Number : TS-437-HC-2017(GUJ)

High Court HC:Pre-operative interest on FDR kept for LC, taxable; Follows Tuticorin

Sep 29, 2017

In Favour of : Assessee
Citation Number : TS-438-HC-2017(RAJ)

Weekly Digest #26 09 Sep to 15 Sep 2017 6 Rulings

Income tax Appellate Tribunal ITAT:Interest on housing loan taken to repay earlier home-loan, deductible u/s. 24(b)

Sep 11, 2017

In Favour of : Assessee
Citation Number : TS-384-ITAT-2017(Bang)

High Court HC:Dismisses Revenue's appeal; Casually urged ground of perversity without proper pleading, untenable

Sep 13, 2017

In Favour of : Assessee
Citation Number : TS-391-HC-2017(DEL)

High Court HC:Quashes re-assessment on Yum Restaurants, cites non-application of mind while recording reasons

Sep 14, 2017

In Favour of : Assessee
Citation Number : TS-394-HC-2017(DEL)

Income tax Appellate Tribunal ITAT:Order u/s. 132B(4) with respect to application of seized assets, not appealable before ITAT

Sep 15, 2017

In Favour of : Revenue
Citation Number : TS-398-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Net interest income, not gross, to be excluded while determining Sec. 10 deduction

Sep 15, 2017

In Favour of : Assessee
Citation Number : TS-400-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:No expense disallowance u/s. 14A absent nexus established between expenditure and exempt income

Sep 22, 2017

In Favour of : Assessee
Citation Number : TS-411-ITAT-2017(Mum)

Weekly Digest #25 03 Sep to 08 Sep 2017 2 Rulings

High Court HC:Characterizes lease-rentals from composite letting of building with furniture/fixtures as 'income from other sources'

Sep 08, 2017

In Favour of : Revenue
Citation Number : TS-380-HC-2017(DEL)

Income tax Appellate Tribunal ITAT:No taxability in beneficiary's hands, once tax paid by investment trust

Sep 08, 2017

In Favour of : Assessee
Citation Number : TS-382-ITAT-2017(Kol)

Weekly Digest #24 25 Aug to 02 Sep 2017 8 Rulings

Income tax Appellate Tribunal ITAT:DRP empowered to make TP-adjustment not proposed by AO/TPO; Sec 263 remedy unnecessary

Sep 01, 2017

In Favour of : Revenue
Citation Number : TS-362-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Upholds Revenue's treatment of alleged immovable property 'gift' to daughter as 'sale'

Sep 01, 2017

In Favour of : Revenue
Citation Number : TS-363-ITAT-2017(DEL)

High Court HC:Cochin International Airport's agreement with AAI meets Sec. 80-IA requirement

Sep 01, 2017

In Favour of : Assessee
Citation Number : TS-364-HC-2017(KER)

High Court HC:Upholds ITAT; Written back provisions and liabilities qualifies for Sec. 80HHC deduction

Aug 31, 2017

In Favour of : Assessee
Citation Number : TS-359-HC-2017(KER)

Income tax Appellate Tribunal ITAT: ITAT: Free air-travel, stay to doctors for prescribing pharam co.'s medicines, akin to 'commission'

Sep 02, 2017

In Favour of : Revenue
Citation Number : TS-366-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Where quantum addition is remanded to AO, penalty also should be remanded

Sep 02, 2017

In Favour of : Assessee
Citation Number : TS-367-ITAT-2017(DEL)

Income tax Appellate Tribunal ITAT:Research company's e-magazine subscription payment not royalty/FTS; Sec. 194J TDS inapplicable

Sep 02, 2017

In Favour of : Assessee
Citation Number : TS-368-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT:Allows deduction u/s. 43B for stamp-duty paid on demerger; Rejects Revenue's Sec. 35DD invocation

Sep 02, 2017

In Favour of : Assessee
Citation Number : TS-369-ITAT-2017(Mum)

Weekly Digest #23 19 Aug to 24 Aug 2017 7 Rulings

High Court HC:Allows trust's claim for depreciation and capital cost deduction before AY 2015-16

Aug 23, 2017

In Favour of : Assessee
Citation Number : TS-711-HC-2016(KAR)

High Court HC:Allows Trust's depreciation claim, Finance Act 2014 amendment not retrospective

Aug 23, 2017

In Favour of : Assessee
Citation Number : TS-345-HC-2017(MAD)

High Court HC:Allows deduction u/s. 37, commission-payment to Jordan-based agent not illicit under Volcker-report

Aug 23, 2017

In Favour of : Assessee
Citation Number : TS-347-HC-2017(BOM)

High Court HC:Converting 24-carat standard gold into 22 carat gold jewellery amounts to manufacturing

Aug 23, 2017

In Favour of : Assessee
Citation Number : TS-346-HC-2017(J & K)

Income tax Appellate Tribunal ITAT:Upholds CIT's revisionary order absent enquiry by AO, cites 2015 amendment in support

Aug 23, 2017

In Favour of : Revenue
Citation Number : TS-349-ITAT-2017(CHNY)

Income tax Appellate Tribunal ITAT:Product testing fee to foreign AE, not FTS; Sec. 195 TDS inapplicable

Aug 23, 2017

In Favour of : Assessee
Citation Number : TS-348-ITAT-2017(DEL)

High Court HC:Dismisses second writ praying for reliefs identical to earlier writ withdrawn by taxpayer

Aug 24, 2017

In Favour of : Revenue
Citation Number : TS-350-HC-2017(BOM)

Weekly Digest #22 12 Aug to 18 Aug 2017 3 Rulings

High Court HC:Deletes addition u/s. 68; Documentary evidences adequate to prove share application money genuineness

Jul 27, 2017

In Favour of : Assessee
Citation Number : TS-304-HC-2017(BOM)

Income tax Appellate Tribunal ITAT:Quashes Rule 8D invocation absent express recording of dissatisfaction by AO

Aug 18, 2017

In Favour of : Assessee
Citation Number : TS-337-ITAT-2017(Mum)

High Court HC:Allows Dept.'s withdrawal of interest granted u/s 244A to deduce tax arrears u/s 90 of KVSS, 1998

Aug 18, 2017

In Favour of : Revenue
Citation Number : TS-338-HC-2017(P & H)

Weekly Digest #21 05 Aug to 11 Aug 2017 3 Rulings

High Court HC:Quashes penalty u/s 271AAA for AO's failure to seek manner of earning 'undisclosed income'

Aug 11, 2017

In Favour of : Assessee
Citation Number : TS-329-HC-2017(GUJ)

High Court HC:Confirms penalty; Trust's reliance on SC's Surat Art case, sheer excuse to avoid tax-liability

Aug 08, 2017

In Favour of : Revenue
Citation Number : TS-322-HC-2017(BOM)

High Court HC:Upholds wealth-tax assessment on amalgamating company; Notes assessment-completion before amalgamation effective-date

Jul 14, 2017

In Favour of : Revenue
Citation Number : TS-278-HC-2017(MAD)