Rulings

Rulings

Jul 17,2019

Gujarat HC upholds ITAT order allowing deduction for legal and professional expenses incurred by assessee-company pertaining to buyback of shares, holds it to be a revenue expenditure; During AY 2004-05,

Jul 17,2019

Karnataka HC quashes prosecution initiated against the assessee-petitioner [a Co-op Society] u/s. 276C [for wilful attempt to evade tax] for alleged non-payment of self-assessment tax alongwith the returns filed pursuant

Jul 16,2019

Rajasthan HC rules that “the Benami Amendment Act, 2016, amending the Principal Benami Act, 1988, enacted w.e.f. 1st November, 2016, i.e. the date determined by the Central Government in its

Jul 16,2019

Delhi HC rules that assessee's [a Company based in Spain] petition u/s. 264 seeking revision of 'intimation' u/s 143(1) was maintainable, directs Revenue to permit assessee to revise its return

Jul 16,2019

Madras HC reverses ITAT order and allows business expenses deduction [for operating expenses, financial expenses and depreciation] to assessee co. for AY 2010-11, holds that Tribunal exceeded in its jurisdiction

Jul 15,2019

Mumbai ITAT rules that income earned by assessee (a US company) from rendering cloud hosting services to Indian customers, doesn't constitute royalty under Article 12 of India-USA DTAA for AYs

Jul 15,2019

SC reverses Calcutta HC judgment  for AYs 1985-86 and 1986-87, rules that subscriptions received from public at large under collective investment schemes floated by assessee [a Non Banking Financial Company(NBFC)]

Jul 12,2019

Ahmedabad ITAT deletes addition in hands of Sun Pharmaceuticals (assessee) on account of alleged diversion of profits on transfer of technology to a group entity based in USA [CARACO] through

Jul 12,2019

Cochin ITAT dismisses Revenue's appeal for AY 2012-13, deletes addition  towards Short Term Capital Gains [STCG] arising from sale of units of equity oriented mutual funds [MFs], in the hands

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