HC: Upholds reopening beyond 4 years; Additional material indicates lack of true disclosure

Bombay HC upholds reopening of assessment beyond 4 years to make unexplained cash credit addition, observes that merely because AO examined a transaction during original assessment, it cannot preclude him

Feb 15,2019

HC: Upholds initiation of Black Money Act prosecution regarding undisclosed 'inherited' foreign bank accounts

Calcutta HC dismisses individual's (Petitioner) writ petition, holds that sufficient material was on record for the petitioner to stand trial for violation of the provisions of Black Money (Undisclosed Foreign

Feb 15,2019

HC: Quashes ITAT's reliance on Court judgment holding 'no substantial question of law arises'

Karanataka HC sets aside Tribunal order, holds Tribunal committed grave error by placing reliance on the judgment in Lancy's case; Tribunal had remanded the matter to CIT(A) for fresh consideration

Feb 14,2019

HC: Upholds ITAT order allowing unabsorbed depreciation set-off against LTCG

Bombay HC upholds ITAT order for AY 2008-09, allows set-off of unabsorbed depreciation of earlier years against current year's long term capital gains ('LTCG'); ITAT had held that as per

Feb 14,2019

HC: Expense disallowance u/s. 40(a)(ia) for TDS default cannot be invoked in Trust's case pre-April'19

Karnataka HC upholds ITAT order, rules that expense disallowance u/s. 40(a)(ia) for TDS default cannot be invoked in assessee-Trust's case for AY 2006-07;  Assessee-Trust was running a hospital, during subject

Feb 12,2019

HC: AO to apply his discretion for deciding stay application and water-down pre-deposit condition

Delhi HC holds that AO has to apply its mind and decide the Stay Application on merits without seeking any pre-deposit for consideration of Application; The assessee had requested for

Feb 08,2019

HC: Quashes reassessment notice u/s 147 issued on last day of time-limit expiry

Bombay HC quashes notice u/s 147 issued on assessee-company (engaged in manufacturing and processing of frozen meat) for AY 2010-11, observes that AO had issued notice based on information received

Feb 08,2019

HC: HC rules on taxpayer's entitlement for interest on 'seized cash' refund

Bombay HC grants interest u/s. 244A(1)(b) to assessee on refund of cash seized by IT Department pursuant to search-seizure operation (carried out in October, 2014), from the date of passing

Feb 08,2019

HC: Quashes re-assessment notice; No 'live-link' between investigation wing data and income escapement

Bombay HC allows assessee's (an asset reconstruction and securitization company) writ for AY 2011-12 and sets aside notice of re-opening of assessment (initiated beyond 4 years), rules that there was

Feb 07,2019

HC: Upholds ITAT order; Transfer of subsidiary's shares, not 'slump-sale' of undertaking

Bombay HC upholds ITAT order, rules that assessee company's transfer of entire shareholding in its subsidiary to third party doesn't constitute slump sale u/s 2(42C) r.w. Sec 50B, cites distinction

Feb 07,2019