Category: High Courts
Section 68 applicability to share premium or share application money upheld. Section is widely worded to include capital account receipts-Calcutta High Court ABCAUS Case Law Citation: ABCAUS 1173 (2017) (03) HC Substantial Question of Law: Whether in the facts and circumstances of the case and in law, …
Exemption us 11 can not be denied if not filled in Schedule-F when the verification clause of ITR-7 was duly filled – Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1167 (2017) (03) HC Question for determination: Whether the finding of the Tribunal that Schedule-F to the …
Interest expenditure Disallowance u/s 36(1)(iii) for interest free loan-Allahabad High Court says business expediency not a must, earlier Division Bench decision was not a good law, pronounced in ignorance. ABCAUS Case Law Citation: ABCAUS 1166 (2017) (03) HC The Grievance: The appellant assessee was aggrieved by part of the …
No Section 54F exemption if construction not started within time prescribed. Development charges paid not start of construction-Allahabad HC In a recent judgment, the Hon’ble Allahabad High Court has held that capital gain exemption u/s 54F not allowable if construction not started within prescribed time. ABCAUS Case Law …
Royalty and fee for technical assistance held revenue expenditure not capital as on termination of agreement all rights of the assessee stood extinguished. The judgment was delivered by the Hon’ble Allahabad High Court in a batch of similar cases. ABCAUS Case Law Citation: ABCAUS 1160 (2017) (03) HC Question …
Section 43B applicable to both employee and employer contributions. No disallowance can be made u/s 36(1)(va) if paid before ITR due date. Allahabad High Court CBDT in view of the decision of the Hon’ble Supreme Court in Alom Extrusions Ltd. has vide circular no. 22 of 2015 dated 17/12/2015 …
Commercial expediency-Disallowance for loan-advance u/s 40A(2).Once commercial expediency established beyond doubt no further test to be applied -Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1152 (2017) (03) HC Question for determination: In short, the question sought to be answered by the Hon’ble High Court was whether …
Private company director held liable for tax defaults by lifting corporate veil us 179 of Income-tax if in true sense company not acted as public limited company ABCAUS Case Law Citation: ABCAUS 1149 (2017) (02) HC The Grievance: The petitioner, had challenged the legality, validity and propriety of …
CMA-Writ against 3 years exemption withdrawal in cost accountancy exam dismissed. Amendment to ICMAI Regulation 41(2) not retrospective-High Court ABCAUS Case Law Citation: ABCAUS 1146 (2017) (02) HC Important Case Laws Cited/relied upon: All India Council for Technical Education vs. Surinder Kumar Dhawan & Ors. (2009) 11 SCC 726 …
Advance tax not payable-Income declared after financial year closure. ITAT deleted interest u/s 234B and 234C on income declared in survey ABCAUS Case Law Citation: ABCAUS 1145 (2017) (02) ITAT The Ground of Appeal: The only ground that survived for consideration was as under: That CIT(A) erred in …
