HC: Reverses ITAT; Upholds taxability u/s. 41(1), cites liability ceased by 'efflux of time'

Madras HC reverses ITAT order and rules in favour of Revenue, upholds taxability u/s. 41(1) [for remission / cessation of liability] for AY 2003-04 in respect of ground rent  payable

Apr 04,2019

HC: Mere distribution of money to retiring partners upon Firm reconstitution, not transfer u/s. 45(4)

Bombay HC upholds ITAT order, rules that mere distribution of money to retiring partners upon reconstitution of assessee-firm does not result in 'transfer' as envisaged u/s.45(4), follows Full Bench Judgment

Apr 04,2019

HC: Rejects stamp-value based taxation u/s. 43CA pre-April'14 on Builder's inventory sale

Bombay HC quashes re-assessment on assessee-firm (a real estate developer) for AY 2013-14 initiated on the basis of partner's admission during survey proceedings that the flats were sold at price

Apr 03,2019

HC: Upholds Sec. 80P deduction to co-op credit society; Distinguishes Citizens Society SC-ruling

Madras HC upholds ITAT order, allows deduction u/s 80P(2)(a)(i) to assessee [a primary agricultural co-operative credit society registered under Tamil Nadu Cooperative Societies Act, 1983 (TNCS Act)] for AYs 2013-14

Apr 02,2019

HC: Reverses ITAT; Subsidy from JV-partner for subscribing to JV share-capital - capital receipt

Madras HC reverses ITAT's order, holds that the subsidy received by assessee [Sundaram Finance Limited] during AY 2002-03 from a UK company [JV partner] towards subscribing the share capital of

Apr 02,2019

HC: TCS u/s. 206C applicable to Timber-traders; Upholds constitutional validity of 'buyer' definition

Calcutta HC dismisses assessees' (engaged in timber trading) writ, upholds constitutional validity of the definition of 'buyer' as introduced by Finance Act, 2012 by way of insertion of Explanation (aa)

Apr 02,2019

HC: Confirms deletion of Rs. 2000 cr. share premium addition u/s. 68; Rejects Revenue's 'complex web of structures' plea

Bombay HC upholds ITAT order deleting addition u/s. 68 for Rs. 2098.25 cr. share capital / premium received by Aditya Birla Telecom Ltd. (assessee) during AY 2009-10; During relevant AY,

Apr 01,2019

HC: Allows deduction u/s 42 to Oil Exploration Company for expenditure on surrender of contract

Bombay HC allows deduction u/s 42 to assessee (Oil exploration company) for AY 2008-09 for expenditure in oil exploration on the ground that the block was surrendered; The assessee entered

Mar 29,2019

HC: Make My Trip not liable to deduct TDS u/s. 194H on payment gateway charges

Delhi HC dismisses Revenue's appeal, rules that payment made by Make My Trip India Pvt. Ltd. (assessee) to Banks for providing payment gateway facility, not liable to deduct TDS u/s.

Mar 29,2019

HC: Dismisses Revenue's appeal on grounds urged for first time before Court

Uttarakhand HC dismisses Revenue's appeal against ITAT order, on grounds urged for the first time before the Court; The Revenue challenged AO's order first time before HC on the ground

Mar 29,2019