Income Tax : Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible...
Income Tax : Explore remedies for taxpayers under the Income Tax Act, 1961, comparing appeals & revisions. Understand procedures, limitations &...
Income Tax : On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the s...
Income Tax : Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of c...
Income Tax : A remedy by way of appeal from the orders of ITAT is provided both u/s.260A of the Income-tax Act, 1961 and u/s.15 (w.e.f. 6-1- 20...
Income Tax : Bombay High Court confirms private trust assessable as Association of Persons, upholding disallowance of interest paid to benefici...
Income Tax : Delhi High Court dismisses revenue appeal against Bharti Airtel, reaffirming that charges paid for bandwidth to overseas operators...
Income Tax : Assessee was predominantly engaged in activities of imparting education and also involving the certain educational institutions. A...
Income Tax : Calcutta High Court held that initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act and passing of penal...
Income Tax : Delhi High Court held that since AY 2012-13 falls beyond the block of ten years that are required to be reckoned from the end of t...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
Gujarat HC dismisses Revenue’s appeal, upholding ITAT’s decision to delete additions on F&O profit, capital increase, & investment due to AO’s errors.
Assessee-a government-owned entity, had initially filed its income tax return for the assessment year 2016-17, declaring nil income after setting off carried-forward losses and reported book profits of Rs. 26.90 crore under the MAT provisions of Section 115JB.
Allahabad HC upheld ITAT’s decision in PCIT vs Sapna Gupta, ruling the Section 153D approval was mechanical, invalidating the assessment proceedings.
Bombay High Court held that reopening of assessment by AO by merely acting under dictation or on borrowed satisfaction without independent application of mind to materials on record is not justifiable in law. Hence, appeal of revenue liable to be dismissed.
Karnataka High Court allows ESOP discount as deductible expense under Section 37 for Biocon Ltd. Revenue’s appeal dismissed for AY 2004–05.
Calcutta HC rules share sale profits as capital gains for Century Plyboards, citing investment intent and consistent past tax treatment.
ITAT Pune held that penalty under section 270A is not leviable since neither the assessment order nor the notice issued u/sec.274 r.w.s.270A the Assessing Officer has specified the limb under which the case of the assessee falls.
Delhi High Court held that application of funds by Indian Broadcasting Foundation in BARC doesn’t qualify as deployment was not intended to yield income/profit hence denial of exemption u/s. 11 and 12 of the Income Tax Act not justified.
Bombay High Court upholds disallowance of short-term capital loss in Trends Pharma case, finding the share transaction a sham to avoid tax.
Delhi High Court held that Resale Price Method (RPM) is the most appropriate method to determine arm’s length price since assessee purely acts as a distributor and makes no value addition. Thus, appeal of revenue dismissed.
