Direct Tax landmark rulings

1. ITAT Mumbai · 13 Feb 2016
   S. 2(22)(d)/ 46A: A buyback of shares u/s 77A of the Companies Act is not a reduction of capital u/s 100 - 104 of that Act. A buyback cannot be regarded as a "colourable transaction" and cannot be assessed as "deemed dividend" u/s 2(22)(d). The capital gains on buy-back are exempt under the India-Mauritius DTAA

   Goldman Sachs (India) Securities Pvt. Ltd vs. ITO

   (2016) TaxCorp(LJ) 9894 (ITAT-MUMBAI) · Sections 2(22)(d), 46A, 77A

2. P&H High Court · 16 Feb 2016
   HC - Whether agreement between assessee and the doctors was a 'contract for service' or a 'contract of service' explained.

   Suresh Kumar Hooda v. Commissioner of Income-tax, Rohtak

   (2016) TaxCorp(LJ) 9893 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=62647&Category=Judgment&CategoryType=Zip

3. Allahabad High Court · 16 Feb 2016
   HC - Time taken by Commissioner to pass order u/s 142(2A) would stand excluded while computing period of limitation.to complete assessment.

   U.P. State Handloom Corporation Ltd. v. Commissioner of Income-tax

   (2016) TaxCorp(LJ) 9889 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=62284&Category=Judgment&CategoryType=Zip

4. ITAT Mumbai · 16 Feb 2016
   ITAT - Commissioner (Appeals) has no powers to decide TP issue without taking into account effect of provisions contained in Chapter X of Act.

   Strides Arcolab Ltd. v. Assistant Commissioner of Income tax, Mumbai

   (2016) TaxCorp(LJ) 9888 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=44833&Category=ITAT&CategoryType=Zip

5. Delhi High Court · 16 Feb 2016
   HC - Where assessee had disclosed all material facts relating to dividend income at time of making assessment, no reassessment can be made for disallowance under sec. 14A.

   Sun Pharmaceutical Industries Ltd. v. Deputy Commissioner of Income-tax

   (2016) TaxCorp(LJ) 9887 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=62684&Category=Judgment&CategoryType=Zip

6. ITAT Chennai · 31 Jul 2015
   Revised return with same info is furnishing of inaccurate particulars

   DCIT. vs. M/s. Rattha Citadines

   (2016) TaxCorp(LJ) 9886 (ITAT-CHENNAI)

7. ITAT Bangalore · 27 Nov 2015
   Securities premium is not accumulated profits u/s 2(22)(e): ITAT

   M/s Jeans Knit Pvt. Ltd. vs. ACIT

   (2016) TaxCorp(LJ) 9885 (ITAT-BANGALORE) · Section. 2(22)(e)

8. ITAT Pune · 28 Oct 2015
   S. 263 Valid if AO fails to enquire business exigency of donations

   Shri M.D. Wadhokar vs. CIT

   (2016) TaxCorp(LJ) 9884 (ITAT-PUNE) · Section. 263

9. ITAT Pune · 28 Oct 2015
   S. 80IB(10) Mere Common Commercial & Residential Layout?

   M/s. D.S. Kulkarni Developers Ltd. vs. ACIT

   (2016) TaxCorp(LJ) 9883 (ITAT-PUNE) · Section. 80IB(10)

10. Supreme Court · 16 Oct 2015
    Daughter have equal rights in Parents property prospectively: SC

    Prakash & Ors vs. Phulavati & Ors

    (2016) TaxCorp(LJ) 9882 (SC)

11. ITAT Pune · 21 Dec 2015
    Invocation of Section 263 on mere DCIT Suggestion invalid

    Span Overseas Ltd. vs. CIT

    (2016) TaxCorp(LJ) 9881 (ITAT-PUNE) · Section 263

12. ITAT Amritsar · 05 Feb 2016
    Auditors’ Qualifications: Whether a death Knell for assessee?

    M/s J&K Diary Producers, Processors and Marketing Co-operative Union Ltd. Vs. ITO

    (2016) TaxCorp(LJ) 9880 (ITAT-AMRITSAR)

13. ITAT Mumbai · 15 Feb 2016
    ITAT - No TDS u/s 195 on remittance by assessee to its holding company in Mauritius under share buy-back scheme as the same not taxable in India.

    Goldman Sachs (India) Securities Pvt. Ltd. Vs. Income tax Officer-(Intl. Taxation) TDS-3

    (2016) TaxCorp(LJ) 9879 (ITAT-MUMBAI)

14. Gujarat High Court · 15 Feb 2016
    HC - Initiation of reassessment proceedings under directive of audit party was not sustainable where AO did not record independent reasons.

    Adani Developers (P.) Ltd. v. Income-tax Officer, Ward 1(1)

    (2016) TaxCorp(LJ) 9878 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=62606&Category=Judgment&CategoryType=Zip

15. ITAT Delhi · 14 Aug 2015
    Sec 68: No addition where parties have sufficient bank balance while giving loans

    ITO. vs. Rekha Bansal

    (2016) TaxCorp(LJ) 9869 (ITAT-DELHI) · Section. 68

16. ITAT Lucknow · 30 Oct 2015
    Interest subsidy for repayment of loan acquired for acquisition of capital assets, is capital receipts

    DCIT. vs. M/s J.K. Cement Ltd.

    (2016) TaxCorp(LJ) 9868 (ITAT-LUCKNOW)

17. ITAT Mumbai · 26 Nov 2015
    Treatment of subsidy granted to set up a wind project

    UniDeritend Limited vs. ACIT

    (2016) TaxCorp(LJ) 9867 (ITAT-MUMBAI) · Section. 50

18. ITAT Delhi · 05 Feb 2016
    Subsidy to set up a new unit or to expand an existing unit is capital receipts, purpose test will prevail

    M/s. Shivalik Prints Limited vs. ACIT

    (2016) TaxCorp(LJ) 9866 (ITAT-DELHI)

19. ITAT Lucknow · 14 Aug 2015
    Sec 10A – Deduction allowed to new unit being independent unit, physical demarcation with old unit not relevant

    DCIT. vs. M/s E-Soft Technologies Ltd.

    (2016) TaxCorp(LJ) 9865 (ITAT-LUCKNOW) · Section. 10A

20. ITAT Mumbai · 27 Nov 2015
    Amount not assessable as Assessee’s income where direct payment made to parties for surrender of tenancy rights

    ITO. vs. Smt. Elsa Silva

    (2016) TaxCorp(LJ) 9864 (ITAT-MUMBAI)

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