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IT Act 1961
Issuance of Share Capital Not Taxable: Delhi High Court cites Precedents
The Delhi High Court recently pronounced a decision[1] wherein it adhered to the ratio of Vodafone and Nestlecases that investment by a foreign company via shares in its Indian subsidiary company is not income of the latter and not… Read More »Issuance of Share Capital Not Taxable: Delhi High Court cites Precedents
Empty Liquor Bottles Are Not Scrap: Madras High Court
The Madras High Court in a recent decision[1] held that empty liquor bottles do not constitute scrap under Section 206C, IT Act, 1961. Accordingly, it held that the petitioner, M/s Tamil Nadu State Marketing Corporation Ltd… Read More »Empty Liquor Bottles Are Not Scrap: Madras High Court
Citing DIN in Communication is Necessary: ITAT, Chandigarh
Income Tax Appellate Tribunal, Chandigarh (ITAT) in its recent decision[1] followed the decisions pronounced by the Delhi High Court and the Bombay High Court which had held that quoting DIN in the body of communication issued by the Income Tax… Read More »Citing DIN in Communication is Necessary: ITAT, Chandigarh
CSR Expenses Can be Claimed under Section 80G: ITAT Mumbai
The ITAT Mumbai in a recent decision[1] clearly enunciated the tax treatment to CSR expenses under the IT Act, 1961. The ITAT held that while Explanation 2 to Section 37 disallows CSR expenses by way of… Read More »CSR Expenses Can be Claimed under Section 80G: ITAT Mumbai
Quoting DIN in Body of Communication is Mandatory: ITAT Chennai
The Income Tax Appellate Tribunal, Chennai (‘ITAT’) recently pronounced a decision[1] that strictly interpreted the CBDT’s Circular that all communication issued by the Income Tax Department relating to assessment, appeals, orders, statutory or otherwise issued on or after… Read More »Quoting DIN in Body of Communication is Mandatory: ITAT Chennai
‘Prima facie’ Section 69A of IT Act, 1961 Inapplicable to Non-Residents: Delhi HC
In a recent decision[1], the Delhi High Court heard an appeal from an order of the Income Tax Appellate Tribunal (‘Tribunal’) where the Tribunal had held that Section 69A, IT Act, 1961 was not applicable… Read More »‘Prima facie’ Section 69A of IT Act, 1961 Inapplicable to Non-Residents: Delhi HC
Delhi High Court Holds Explanations 6 and 7 Added to Section 9 in 2015 are Retrospective in Nature
In a recent decision[1], the Delhi High Court has held that the Explanations 6 and 7 added to Section 9, IT Act, 1961 via Finance Act, 2015 are retrospective in nature despite the amendment not… Read More »Delhi High Court Holds Explanations 6 and 7 Added to Section 9 in 2015 are Retrospective in Nature
Bombay High Court Upholds Amendment to Definition of Income under IT Act, 1961
In a significant decision[1], the Bombay High Court upheld the amendment made to definition of income in Income Tax Act, 1961 (IT Act, 1961) via which all forms of subsidy granted by the Central or… Read More »Bombay High Court Upholds Amendment to Definition of Income under IT Act, 1961