Delhi High Court dismisses B.U. Bhandari firm’s plea for late ITR filing; vague medical grounds and lack of evidence cited for rejecting Section 80IB benefit.
Supreme Court rules in Batliboi v HPCL that arbitral damages must reflect actual loss, not be a windfall. Discusses formulae flaws & public policy review pre-2016.
Supreme Court sets aside High Court ruling in S.M. Overseas tax case, restores ITAT order on reassessment under Sections 147/148 of Income Tax Act.
ITAT Mumbai rules on ITO vs. Vaman International P. Ltd., addressing additions under section 69C for disputed purchase transactions.
Delhi High Court reviews PCIT vs. Param Dairy Ltd., addressing additions under Section 69C & 40A(3) for cash milk purchases.
Orissa HC dismisses Revenue appeal in CIT vs Dhaneswar Rath. Upholds ITAT, rules Sec 263 revision invalid based on consistency & prior allowance of depreciation.
Gujarat High Court upholds ITAT ruling in PCIT vs Shreeji Prints, rejecting revision under Section 263 over inquiries into unsecured loans.
CAAR Delhi refuses to rule on Mondal Traders’ areca nuts classification as the matter is sub-judice. Legal principles and judicial discipline cited.
ITAT Mumbai allows 80P(2)(a)(i) deduction for cooperative credit society, including interest from cooperative banks, reversing lower orders.
ITAT Mumbai allows tax exemption on capital gains for NRI under India-Singapore DTAA, rejecting AO’s classification of mutual fund units as taxable shares.
