HC: Grants Sec. 35(2AB) benefit considering approvals for prior and subsequent years

Madras HC upholds ITAT order allowing assessee's claim of weighted deduction u/s 35(2AB) for expenditure on development of "Research and Development' facility for AY 2003-04 even though approval of concerned

May 17,2019

HC: Upholds royalty payment as revenue expenditure, distinguishes SC ruling in own case

Delhi HC dismisses Revenue's appeal against ITAT order allowing expenditure on royalty payment as revenue expenditure for AY 2010-11, distinguishes SC ruling in assessee's own case; Notes that ITAT had

May 17,2019

HC: Raises red flag over govt. notifications advancing Black Money Act commencement date

Delhi HC arrives at a considered prima facie view that the Central Government could not have exercised powers to issue notifications u/s. 85 and 86 of the Black Money (Undisclosed

May 17,2019

HC: Excludes time taken for pursuing remedy before HC from time-limit for passing Settlement Commission order

Gujarat HC holds that time taken by the assessee for in pursuing the remedy before HC would stand excluded while computing the time limit for passing the order by Settlement

May 14,2019

HC: Dismisses Revenue's low tax effect 'writ' matter, applies CBDT Circular

Karnataka HC division bench rejects Revenue's plea that appeal filing monetary limits prescribed by CBDT (vide Circular dated February 5, 2019) are not applicable to writ matters, dismisses Revenue's writ

May 14,2019

HC: Distribution of immovable property towards share in partnership on retirement, not transfer u/s 45(4)

Madras HC reverses ITAT order, holds that  Sec.45(4) is not attracted on allotment of immovable property by assessee-firm to retiring partners towards their share in partnership; During relevant AY 2004-05,

May 09,2019

HC: Upholds ITAT order; Treats assessee-trust - 'revocable', accepts taxation in beneficiaries' hands

Madras HC upholds ITAT order that Assessee-Trust was a revocable one entitled to claim status u/s.61, thus the income derived by assessee was taxable in the hands of the beneficiaries

May 08,2019

HC: Overrules ITAT for incorrect application of Maersk ratio on Sec. 234B interest levy

Uttarakhand HC sets aside ITAT order deleting Sec.234B interest levy on assessee (a Mauritian Co.) for AY 2006-07, holds that ITAT erred in following jurisdictional HC full bench ruling in

May 07,2019

HC: Allows revised return filed beyond Sec. 139(5) timeline, pursuant to NCLT approved amalgamation scheme

Madras HC accepts validity of revised returns filed by assessee companies beyond the prescribed time limit u/s. 139(5) of the Income-tax Act, pursuant to the scheme of arrangement and amalgamation

May 07,2019

HC: Quashes Sec. 197 order denying Mauritius DTAA benefit, leaves window open for Revenue

Bombay HC quashes AO's Sec. 197 order denying 'Nil' withholding tax certificate to assessee (a Mauritian Co.) in respect of sale of shares of an Indian NBFC ('ICFL'), directs Revenue

May 06,2019