HC: No capital gains tax on share transfer under family arrangement 

Family arrangement / partition cannot be construed as 'transfer' for capital gain purposes; Family arrangement / partition entails adjustment of shares & crystallization of respective rights in family properties; Shares

Apr 12,2012

HC: Interest expense relief to Reliance Communications Infrastructure applying commercial expediency test

HC deletes interest disallowance attributable to investments in Reliance Infocomm and for advances to RIL; Interest expense on borrowed funds used for strategic investments  / granting of advances deductible u/s 36(1)(iii); Commercial expediency

Apr 12,2012

HC: Single Judge not justified in entertaining 'writ'; HC declines ruling on TDS applicability to TPAs 

HC's Division Bench sets aside Single Judge decision upholding applicability of Sec 194J to Third Party Administrators (TPA); Single Judge not justified in entertaining & adjudicating writ on the applicability

Apr 10,2012

HC: Composite value of land & building to be split for capital gains computation

In composite sale, bifurcate sale consideration between land and building for computing capital gains; Sec 50 not applicable to land, not being a depreciable asset; Gains on transfer of land not 'short term' as held by

Apr 10,2012

HC: Reduce loan waiver amount from asset cost for depreciation; Accounting entry reflects real transaction nature

Waiver of loan granted to be reduced from actual cost of assets u/s 43(1); Depreciation allowable only on reduced cost; Reduction of cost in books of accounts (contrary to the

Apr 09,2012

HC: BCCI re-assessment upheld as FIR filed against embezzlement not disclosed

Non-intimation by BCCI during scrutiny assessment, of filing of FIR for misappropriation of funds, constituted non-disclosure of material facts fully and truly; Chargesheet filed after investigations amounted to ‘tangible material’

Apr 09,2012

HC: Land-owner developer eligible for Sec 80-IB deduction alongwith promoter 

Sec 80IB deduction available on sale of super-built up area received under development agreement; Assessee not a mere land owner but carried development activities alongwith the promoter; Sec 80IB deduction

Apr 09,2012

HC: Ownership of machinery not a pre-condition for claiming Sec 10A tax holiday

For tax holiday u/s 10A, total value of machinery includes value of machinery received from foreign customers on a returnable basis; Ownership of the machinery not a condition specified u/s 10A read with

Apr 05,2012

HC: Pre-2005, “Built up area” excludes balcony area for Sec 80IB deduction

Amendment by Finance Act (No.2) 2004 to definition of 'built up area,' for including balcony area, prospective and not applicable to projects approved before April 1, 2005; Condition to allot

Apr 05,2012

HC: ITAT should not accept additional evidence arbitrarily at assessee's instance

HC: ITAT should not arbitrarily accept additional evidence at assessee's instance; Where additional evidence disputable and requires detailed consideration, ITAT should remit the matter to the AO; Mere non-objection by Revenue to

Apr 04,2012