HC: Denies credit of advance-tax, self-assessment tax under IDS; Disagrees with Delhi HC

Bombay HC denies granting credit of advance tax, self-assessment tax paid by assessee-individual [prior to filing of declaration under the Income Declaration Scheme, 2016 (IDS, 2016)] against discharge of assessee's

Mar 26,2019

HC: Dharma Productions absolved from 'KAAL' horror; Allows advertisement expenditure incurred post-production u/s.37

Bombay HC upholds ITAT order, allows deduction u/s.37 to Dharma Productions (assessee) for expenditure incurred on print and advertisement in connection with the films produced - KAAL & DOSTANA; Upholds

Mar 26,2019

HC: Allows Sec. 10A benefit to TCS despite Sec. 80HHE deduction claimed in earlier years

Bombay HC upholds ITAT order for AY 2005-06, allows Tata Consultancy Services's (TCS, assessee) claim u/s. 10A, although assessee had previously claimed Sec. 80 HHE deduction in respect of same

Mar 26,2019

HC: Deeming fiction u/s. 50C applicable while computing capital gains exemption u/s. 54EC

Bombay HC dismisses assessee-individual's appeal, upholds application of deeming fiction u/s. 50C [which deems stamp duty valuation as sale consideration] while computing capital gains exemption u/s. 54EC [available upon investment

Mar 25,2019

HC: Allows interest recognition under hire-purchase on EMI basis

Madras HC allows recognition of interest under hire purchase on Equated Monthly Installment (EMI) basis and rejects Revenue's recognition on Sum of Digit (SOD) basis based on books of accounts;

Mar 22,2019

HC: JDA transfer triggers when approvals received, not when license granted to developer

Madras HC upholds ITAT order holding that capital gains on property transferred by the assessee (land owner) under joint development agreement arises in the year in which approval was received

Mar 22,2019

HC: Builder's compensation payment to prospective buyers for surrender of allotted commercial spaces, deductible

Delhi HC reverses ITAT order for AY 1995-96, allows compensation paid by assessee-builder to prospective buyers towards surrender of rights in relation to commercial space allotted to them, as business

Mar 22,2019

HC: 'A-political', 'A-religious' Income-tax law prevails over Christian 'Canon' law vis-a-vis taxation of missionaries

Madras HC Division Bench, in a judgment with far reaching impact, allows Union of India's writ, holds that the salaries/grant-in-aid received by the Christian Missionaries & Nuns from Tamil Nadu

Mar 21,2019

HC: Deletes capitation-fees addition in hands of assessee-parent; Cracks whip on engineering college

Madras HC reverses ITAT order, deletes 'undisclosed income' addition made on account of capitation fees paid by assessee-parent to an Engineering college for his son, holds that Income-tax Department should

Mar 20,2019

HC: IT proceedings pendency cannot make mortgage creation void u/s. 281(1); Quashes TRO's attachment order

Andhra Pradesh & Telangana HC allows ICICI Bank's (petitioner) writ, quashes property attachment order issued by the Tax Recovery Officer (TRO); Pursuant to a borrower company defaulting, the petitioner bank

Mar 20,2019