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

HC: Rejects Aberdeen Funds' claim of carry-forward of losses incurred by its investment series (funds)

Bombay HC upholds AAR's order in case of Aberdeen Fund (Petitioner) denying benefit of carry forward of losses incurred by the three investment series (funds) run and managed by it;

Mar 18,2019

HC: Quashes re-opening on Cyprus-entity initiated based on subsequent year assessment

Bombay HC quashes re-opening u/s 148 on assessee (Cyprus company) initiated for enquiry into beneficial ownership of interest received on CCDs, holds that subsequent year assessment does not form valid

Mar 15,2019

HC: Situs of ITAT, not AO, relevant for determining HC jurisdiction; Sec. 127 inapplicable

Bombay HC dismisses Revenue's appeal against Bangalore ITAT ruling,holds it as not maintainable absent territorial jurisdiction, rejects Revenue's argument that the situs of the AO at the time of filing

Mar 14,2019

HC: Upholds special audit initiation on Multi Commodity Exchange; Cites widened scope of Sec. 142(2A)

Bombay HC upholds special audit initiation on Multi Commodity Exchange of India (assessee) for AY 2015-16, dismisses writ; Takes note of the widened scope for initiating special audit u/s. 142(2A)

Mar 12,2019