The Himachal Pradesh High Court had held that, the assessee-Kangra Central Co-operative Bank Limited is liable to tax only on receipt of interest of Sticky Loans/Non-Performing Assets (NPAs).
A Single Bench of Justice Sanjay Kumar Dwivedi at Jharkhand High Court has recently set aside the entire criminal proceedings against Karta of a Hindu Undivided Family (HUF).
Bombay High Court (HC) chaired by Justice Nitin Jamdar and Justice Gauri Godse quashed the order of the settlement commission as there was no jurisdiction to grant immunity for liability of interest as per the amendment of the Section 127H(1) of the Customs Act, 1962 was amended by the Finance Act, 2007.
A division bench of the High Court has held that the leasehold rights shall be treated as “capital asset” and the compensation received on leasehold rights over a plot shall not be subject to income tax under the provisions of the Income Tax Act, 1961.
In a recent ruling, a Division Bench of the Delhi High Court, quashed the impugned notice and order for wrong mention of PAN number of receiver of an alleged bogus transaction by the assessee.
A Division Bench of the Bombay High Court has recently set aside the denial of income tax deduction under Section 80-IB(10) of the Income Tax Act, 1961 merely on ground of subsequent changes in building after compliance of statutory provisions.
A division bench of the Delhi High Court comprising Justice Manmohan and Justice Dinesh Kumar has held that the absence of a notice cannot be rectified and cured by invoking section 292BB of the Income Tax Act, 1961.
The Kerala High Court has held that the filing of a Special Leave Petition, being recourse by the assessee to the provisions of the Constitution, cannot be treated as “proceedings under the Income Tax Act, 1961.”
A division bench of the Orissa High Court has held that deposit of amount in ‘no-lien/escrow account’ will not constitute ‘actual payment’ under Section 43-B of the Income Tax Act, 1961.
In an assessee-friendly ruling, the Karnataka High Court has held that the Assessing Officer cannot take advantage of the ignorance on the part of the assessee to collect more tax amount than is legitimately due relying on a circular issued by the Central Board of Direct Taxes (CBDT).
The Calcutta High Court has held that a non-profit organization under section 25 of the Companies Act imparting education is eligible for income tax exemption as the same would be treated as charitable activity for the purpose of the Income Tax Act, 1961.
The Delhi High Court has held that in the absence of an independent inquiry, the revenue authorities cannot solely rely on the opinion of property broker firms and websites to determine the adequacy of rent received for invoking section 13(2)(b) of the Income Tax Act, 1961.
The Madras High court has set aside Reassessment notices issued under old Income Tax Act as Taxation Relaxation Act Does not apply on Repealed Provisions.
The Bombay High Court has held that the Tax department cannot raise fresh claims after a resolution plan is approved.
A division bench of the High Court has held that the leasehold rights shall be treated as “capital asset” and the compensation received on leasehold rights over a plot shall not be subject to income tax under the provisions of the Income Tax Act, 1961.
A Single Bench of Allahabad High Court has recently held that criminal proceedings arising out of orders of penalty will be quashed as soon as the penalty demand is quashed.
In hearing an appeal by the Commissioner of Income Tax – International Taxation, a Division Bench of the Delhi High Court upheld the order or the Income Tax Appellate Tribunal(ITAT) and Commissioner of Income Tax (Appeals) (CIT(A)) in favour of the assessee, Travelport L P USA that, performance of booking does not amount to substantial business activity carried out in India.
In a significant ruling, a division bench of the Delhi High Court has held that the statutory benefit under section 54 of the Income Tax Act, 1961 cannot be denied to the assessee merely for the reason that the name of the wife was included in the property newly purchased.
The Delhi High Court held that Section 206AA of the Income Tax Act, 1961 cannot be invoked when tax is deducted according to beneficial provisions of Double Tax Avoidance Agreement (DTAA).
In a major relief to those who are yet to receive long-pending insurance claims with interest, the Punjab and Haryana High Court has held that TDS cannot be deducted by the insurance companies on the interest on the compensation amount till 01.06.2015.
The Delhi High Court bench consisting of Justice Manmohan and Justice Manmeet Pritam Singh Arora held that TDS deduction on payment of interconnect user charges cannot be categorized as the fee for technical service.
A division bench of the Telangana High Court has held that the execution of a registered sale deed shall be treated as a valid “transfer” within the meaning of Section 2(47)(V) of the Income Tax Act, 1961.
A two-judge bench of the Supreme Court, on Thursday held that a manufacturer of ‘polyurethane foam’ used for manufacturing car seats would be eligible for income tax deduction under section 80-IB of the Income Tax Act, 1961.
The Kerala High Court, while considering a writ petition against the delay in processing the income tax refund due to the technical glitches in the online portal, has directed the Centralized Processing Centre (CPC) to initiate the process and allow the refund to the assessee along with interest.
The Calcutta High Court held that the reassessment proceedings initiated beyond the limitation period are not sustainable.
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