HC: Upholds reopening to examine share premium receipt at 450% over face value

Delhi HC upholds re-assessment initiation u/s. 147 for AY 2012-13 alleging that the share application money received by assessee co. from its promoter at a premium of 457% over face

Mar 29,2019

HC: Cost of acquisition of FCCB shares tagged to NSE closing price; Allows writ

Bombay HC rules in favour of Kingfisher Capital CLO Ltd.'s (assessee, a Cyprus based entity) with respect to capital gains computation upon sale of FCCB converted equity shares, allows writ

Mar 28,2019

HC: Grants Sec. 10(23C) exemption to Tata Institute applying subsequently inserted definition of "substantially financed"

Bombay HC upholds ITAT order allowing exemption u/s. 10(23C)(iiiab) to Tata Institute of Social Science (assessee) for AYs 2004-05 & 2006-07; Quashes Revenue's action in importing the meaning of expression

Mar 28,2019

HC: Rentals from letting-out shops in Mall, constitutes Builder's business income, not house-property

Kerala HC dismisses Revenue's appeal for AY 2009-10, rules that rental charges received by assessee-builder on letting out the shop rooms in the mall constructed by it was assessable as

Mar 28,2019

HC: Compensation for delayed shares tendering under open offer - capital receipt, not interest

Bombay HC dismisses Revenue's appeal, holds that additional compensation received by assessee (a Mauritius based Morgan Stanley group company) on account of delay in issuance / tendering of shares under

Mar 28,2019

HC: ITAT's recording of concession, a 'damp squib' sans assessee's affidavit; Expresses anguish

Madras HC expresses anguish on ITAT's act of recording unauthorized concession on behalf of assessee without taking any affidavit or written endorsement from assessee, directs sharing copy of this order

Mar 27,2019

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