Direct Tax landmark rulings

1. ITAT Mumbai · 13 Apr 2016
   S. 43(5), Explanation to s. 73: Where the assessee is a dealer in shares, the entire business of share trading and derivatives should be treated as a composite business and aggregated before applying Explanation to s. 73

   J.G.A. Shah Brokers P. Ltd vs. DCIT

   (2016) TaxCorp(LJ) 10102 (ITAT-MUMBAI) · Sections 43(5), 73

2. Bombay High Court · 13 Apr 2016
   S. 45/ 48: Deferred consideration dependent on a contingency does not accrue unless the contingency has occurred and is not liable to capital gains tax in year of transfer

   CIT vs. Hemal Raju Shete

   (2016) TaxCorp(LJ) 10101 (HC-BOMBAY) · Sections 45, 48

3. ITAT Mumbai · 13 Apr 2016
   S. 50C does not apply to transfer of leasehold rights in land

   Farid Gulmohamed vs. ITO

   (2016) TaxCorp(LJ) 10100 (ITAT-MUMBAI) · Section 50C

4. Madras High Court · 13 Apr 2016
   HC - Cyprus notification upheld.

   T. Rajkumar vs. UOI

   (2016) TaxCorp(LJ) 10099 (HC-MADRAS)

5. Delhi High Court · 12 Apr 2016
   HC - CBDT order rejecting refund to deductor in respect of TDS on penal interest paid to non-resident quashed.

   CEAT LIMITED Vs. THE CENTRAL BOARD OF DIRECT TAXES & ORS.

   (2016) TaxCorp(LJ) 10098 (HC-DELHI)

6. Bombay High Court · 12 Apr 2016
   HC - Contributions received by assessee-association cannot be chargeable to tax merely because assessee invested surplus amount in mutual funds.

   CIT. vs. Air Cargo Agents Association of India

   (2016) TaxCorp(LJ) 10097 (HC-BOMBAY)

7. ITAT Mumbai · 12 Apr 2016
   ITAT - Payment received by a US based company from providing web hosting services to Indian entities not taxable as “Royalty”.

   Dy. Director of Income Tax (Int’l Taxation) Vs. Savvis Communication Corporation

   (2016) TaxCorp(LJ) 10096 (ITAT-MUMBAI)

8. Madras High Court · 12 Apr 2016
   HC - Cyprus notification u/s 94A upheld as also CBDT Press Release dated Nov 1 , 2013.

   T Rajkumar vs. CBDT

   (2016) TaxCorp(LJ) 10095 (HC-MADRAS) · 94A

9. ITAT Mumbai · 11 Apr 2016
   ITAT - Absent actual “rendition of service”, professional fees paid to common director disallowed u/s 37(1).

   Stock Traders Pvt. Ltd. vs. ACIT

   (2016) TaxCorp(LJ) 10094 (ITAT-MUMBAI)

10. ITAT Delhi · 10 Apr 2016
    S. 147: Reopening in the absence of fresh material and merely on change of opinion is nor permissible

    Vijay Power Generators Ltd vs. ACIT

    (2016) TaxCorp(LJ) 10093 (ITAT-DELHI) · Section 147

11. ITAT Delhi · 10 Apr 2016
    S. 145: Books of account cannot be rejected on an arbitrary basis

    Samwon Precision Mould Mfg. (India) P. Ltd. vs. ITO

    (2016) TaxCorp(LJ) 10092 (ITAT-DELHI) · Section 145

12. ITAT Mumbai · 10 Apr 2016
    S. 68: Share application money received from an associate concern cannot be assessed as cash credits if assessee has discharged its initial onus to prove the identity, creditworthiness and genuineness of the transaction

    DCIT vs. Overseas Infrastructures

    (2016) TaxCorp(LJ) 10091 (ITAT-MUMBAI) · Section 68

13. ITAT Mumbai · 10 Apr 2016
    S. 48: Interest on borrowed money utilized for acquiring shares can be capitalized as cost of acquisition

    DCIT vs. Fritz D. Silva

    (2016) TaxCorp(LJ) 10090 (ITAT-MUMBAI) · Section 48

14. Karnataka High Court · 10 Apr 2016
    S. 147: An assessment cannot be reopened for the purpose of making a fishing and roving enquiry

    C M Mahadeva vs. CIT

    (2016) TaxCorp(LJ) 10089 (HC-KARNATAKA) · Section 147

15. Madras High Court · 08 Apr 2016
    HC - No TDS u/s194I on one-time non-refundable upfront charges for acquiring leasehold rights in land for long duration.

    Foxconn India Developer (P) Ltd. vs. ITO

    (2016) TaxCorp(LJ) 10088 (HC-MADRAS) · Section. 194I

16. ITAT Mumbai · 08 Apr 2016
    ITAT - Interest paid by assessee foreign bank to its head office and foreign branches, not taxable as ‘interest income’.

    BNP Paribas SA vs. ADIT

    (2016) TaxCorp(LJ) 10087 (ITAT-MUMBAI)

17. ITAT Mumbai · 08 Apr 2016
    ITAT - Where technical services are not ‘made available’, payment not FTS under India-UK DTAA.

    Interroute Communications Limited vs. DDIT

    (2016) TaxCorp(LJ) 10086 (ITAT-MUMBAI)

18. ITAT Mumbai · 08 Apr 2016
    ITAT - Assessment on assessee u/s 163 in capacity of an agent valid even subsequent order against non-resident.

    DDIT. vs. Air India Limited- as an agent of Carbijet Inc.

    (2016) TaxCorp(LJ) 10085 (ITAT-MUMBAI)

19. Calcutta High Court · 07 Apr 2016
    HC - Application software is distinct from system software as it has to be constantly updated due to rapid advancements in technology and increasing complexity of the features. Deduction available.

    Indian Aluminium Company Ltd. vs. CIT

    (2016) TaxCorp(LJ) 10084 (HC-CALCUTTA)

20. Kerala High Court · 07 Apr 2016
    HC - Deduction u/s 80P available to assessee registered as primary agricultural credit society under Kerala Cooperative Society Act, 1969.

    Chirakkal service co-operative bank Ltd. vs. CIT

    (2016) TaxCorp(LJ) 10083 (HC-KERALA)

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