HC: Key personnel appointments indicate business set-up for SPV engaged in developing project plans

Delhi HC directs AO to grant deduction u/s. 37 to assessee-SPV [which was set up by Indian Railways to develop / re-develop new / existing railway stations] for expenses towards

Apr 15,2019

HC: Assessee-company gets sweet deal; Allows expenditure towards abandoned 'Mawa' project u/s 37(1)

Bombay HC upholds ITAT order for AY 2010-11, allows deduction u/s.37(1) for expenses incurred by assessee-company on abandoned project relating to setting up of a factory for the production of

Apr 12,2019

HC: Nirav Modi co.'s paintings to go under hammer, dismisses challenge against tax-recovery

Bombay HC dismisses assessee's (a company in which Nirav Modi holds 99% shareholding)  writ challenging assessment orders and recovery of taxes through auction sale of paintings by way of writ

Apr 11,2019

HC: Upholds taxability u/s. 41(1) for unclaimed trade liabilities pertaining to erstwhile discontinued business

Madras HC upholds ITAT order confirming addition u/s 41(1) (relating to cessation of liability) on assessee-company for AY 2003-04, holds that unclaimed and unproven trade liabilities incurred in the course

Apr 11,2019

HC: 'Managerial remuneration' provisioning in Company's books triggers taxability in MD's hands despite non-receipt

Madras HC rules in favour of Revenue, upholds ITAT order taxing the 'managerial remuneration' on 'accrual basis' in the hands of assessee-individual (who is the Managing Director in a Company),

Apr 10,2019

HC: Senior citizen gets breather, lifts attachment on bank accounts for meeting daily expenses

Bombay HC grants limited relief to a senior citizen (assessee), lifts provisional attachment of his bank accounts without disturbing the attachment of immovable properties, till the litigation with respect to

Apr 10,2019

HC: Reverses ITAT; Guardian to discharge tax obligation of orphan 'minor'

Madras HC reverses ITAT order, holds that assessee's (minor individual) guardian (her grandfather) is to be treated as 'representative assessee'  liable to discharge tax obligations with respect to her income

Apr 08,2019

HC: Grants charitable exemption; Golf club's activities not in the nature of business

Bombay HC upholds ITAT order granting exemption u/s 11 on interest income earned by golf club, rejects Revenue's claim that assessee's activities were in the nature of commerce or business;

Apr 05,2019

HC: Grants Sec. 80IA(4) benefit to sub-contractor for development/maintenance of railway siding

Madras HC upholds ITAT order, grants deduction u/s 80IA(4) to assessee (a subcontractor) on income from development and maintenance of railway sidings pursuant to contract with principle contractor; Notes that

Apr 05,2019

HC: No Sec 195 TDS on interest payment to Indian bank towards LC for import

Madras HC rules that TDS u/s. 195 not applicable on interest payment by assessee (an Indian Co.) to its Banker in India in relation to import of goods from a

Apr 05,2019