ITAT Jaipur held that filing of Form 67, for claiming Foreign Tax Credit, is a procedural requirement and violation of procedural norms doesn’t extinguish the substantive right of claiming the credit of Foreign Tax.
ITAT Chennai held that capital gain exemption under section 54 of the Income Tax Act includes investment in purchase or construction of one or more than one residential house
Madras High Court held that an application seeking compassionate appointment lapsed several years from the death of the deceased employee is not allowable
Jharkhand High Court held that once registration has been granted under section 12AA after satisfying about genuineness of the activities of the Trust, the same cannot be cancelled on the basis of the same set of provisions of the Trust.
ITAT Cuttack held that scientific method of calculation is done and the pay revision is approved, hence the provision for the pay revision is an unascertained liability nor the liability does not crystalise.
ITAT Bangalore held that AO cannot go beyond the profits as per profit and loss account prepared in accordance with the Companies Act except in the manner provided in Explanation 1 to section 115JB. therefore the action of the AO to make the adjustment for the disallowance u/s. 14A to the book profits u/s. 115JB is not tenable.
ITAT Pune held that leadership training receipts is not chargeable to tax in the light of Article 12(4)(b) of DTAA between India and Portuguese
Delhi High Court held that the moratorium will cease to exist once the proceedings under the Insolvency and Bankruptcy Code culminates.
Delhi high court held that there was no new/ fresh material before AO to initiate reassessment proceedings, accordingly, mere change of opinion cannot form the basis for initiating reassessment proceedings
ITAT Bangalore held that revisionary powers u/s 263 of the Act rightly exercised by ld.Pr. CIT as AO failed to discharge his duty. Cash deposited during the demonetization period should be assessed as per CBDT guidelines.
