HC: Settlement Commission cannot give retrospective effect to order invalidating settlement application

Bombay HC rules that Settlement Commission [ITSC] was not justified in giving retrospective effect to the order invalidating the settlement application of the assessees in relation to certain AYs; Assessee

Mar 11,2019

HC: Classifies Bank as 'industrial undertaking'; Allows amortization of share-issue expenses u/s. 35D

Kerala HC allows amortisation of shares issue expenses u/s 35D  to assessee-bank for AY 1996-97, holds it to be industrial undertaking; ITAT had denied the deduction u/s 35D to the

Mar 08,2019

HC: Imposes cost on assessee for indulging in 'Forum-shopping'; Allows Revenue's writ

Delhi HC imposes cost of Rs. 1.5 lakh on assessee-company for indulging in Forum shopping, also deprecates ITAT's action in reviving finalized proceedings; During relevant AY, AO had made certain

Mar 04,2019

HC: Assessment notices not duly served where postal endorsements read as “not known” &“abolished”

Kerala HC sets-aside the assessment order for AY 2011-12 & 2012-13 since the notices were not duly served on the assessee, notes that postal endorsements read as “not known” and

Mar 01,2019

HC: Upholds ITAT; Non-compete fees paid to employees is revenue expense

Punjab & Haryana HC upholds ITAT's order allowing deduction of non-compete fees paid to employees as revenue expense; The assessee claimed deduction of non-compete fee incurred to have been paid

Mar 01,2019

HC: Mere 'individual' asset-valuation cannot reject 'Slump-sale' basis for sale of CRM division

Bombay HC holds that sale of CRM division by assessee without assigning individual values to any assets was slump sale, rejects Revenue's contention that valuation report was based on segregated

Mar 01,2019

HC: AO must examine 'trinity' factors while exercising discretion in stay matters

Madras HC sets aside AO's order rejecting assessee-individual's application for stay of recovery of demand u/s. 220(6), holds AO failed to examine 'trinity factors' viz. the existence of a prima

Feb 28,2019

HC: CIT can't invoke Sec. 263 on different aspect of same issue concluded by CIT(A)

Gauhati HC upholds ITAT order quashing revisionary order u/s. 263 on the ground that the issue pertaining to Sec. 80-IC deduction could not be re-examined by CIT as AO's order

Feb 22,2019

HC: Allows client's loss to intermediary-Bank for safeguarding its reputation, despite no contractual liability

Bombay HC upholds ITAT order, allows loss of Rs. 3.5 Cr. claimed by assessee-Bank (acting as a mediator) for bearing the brunt of client's loss in order to safeguard its

Feb 22,2019

HC: Quashes assessment u/s 153C absent proper satisfaction note by AO of searched-person

Karnataka HC quashes assessment u/s 153C absent proper satisfaction note prepared by AO of searched person; HC notes that for the purpose of Sec. 153-C, a satisfaction note is sine

Feb 15,2019