Direct Tax landmark rulings

1. ITAT Pune · 03 Jul 2015
   ITAT - Compounding fees for violating construction norms levied by municipal authorities is not allowable in view of explanation to Sec 37(1).

   Modi Builders vs. JCIT

   (2015) TaxCorp(LJ) 7066 (ITAT-PUNE) · Section, 37(1)

2. ITAT Mumbai · 17 Jun 2015
   ITAT - Interest free loan given by the assessee society to another society with identical object cannot be treated as “investment” or “deposit” in which event there is no violation of section 13(1)(d) row’s. 11(5).

   St Joseph’s Technical school Vs. Asst. DIT(E)

   (2015) TaxCorp(LJ) 7065 (ITAT-MUMBAI) · Section. 11

3. ITAT Delhi · 20 Jun 2015
   ITAT - Initiation of penalty u/s 272A(2)(k) for not filing of e-TDS return starts from the date of issuance of notice by competent authority

   Modipon Ltd. vs. Addl. CIT (TDS)

   (2015) TaxCorp(LJ) 7064 (ITAT-DELHI) · Section 272A(2)(k)

4. ITAT Mumbai · 10 Jun 2015
   ITAT - Disallowance cannot be made by AO under Section 14A read with Rule 8D(2)(iii) without recording any satisfaction to the effect that the disallowance u/s 14A as computed by assessee was incorrect.

   Stock Holding Corporation of India Ltd.

   (2015) TaxCorp(LJ) 7063 (ITAT-MUMBAI) · Section 14A

5. Delhi High Court · 11 Feb 2015
   HC - A company ceases to exist after amalgamation. Thus, assessment upon a dissolved company is impermissible as there is no provision in Income Tax Act to make an assessment thereupon. Also cannot be cured by provision of section 292B.

   CIT. Vs. Micron Steel Pvt. Ltd., M/s Steels Pvt. Ltd.

   (2015) TaxCorp(LJ) 7062 (HC-DELHI) · Section 292B

6. ITAT Lucknow · 16 Jun 2015
   ITAT - Applicability of Disallowance U/s 14A r/w Rule 8D - Since claim is made that interest expenditure is incurred for taxable business, but no evidence is brought on record to establish this contention and in the absence of evidence, it cannot be accepted.

   M/s U. P. Power Corporation Ltd. vs. DCIT

   (2015) TaxCorp(LJ) 7061 (ITAT-LUCKNOW) · Section. 14A

7. ITAT Delhi · 16 Jun 2015
   ITAT - The estimate of the AO in assessing the income for the year under consideration was without any basis particularly when he himself assessed the income of the assessee at nil for the preceding assessment years.

   DCIT, New Delhi vs. Style Syntex Pvt. Ltd.

   (2015) TaxCorp(LJ) 7060 (ITAT-DELHI)

8. ITAT Panaji · 12 Jun 2015
   ITAT - Sale proceeds of flags on Women’s Day have been utilized for specific purpose of maintenance of school building and other infrastructure, thereby fulfilling the requirement of sec. 11(1 )(d) and are capital receipts.

   Kittur Rani Channamma vs. ACIT

   (2015) TaxCorp(LJ) 7059 (ITAT-PANAJI)

9. ITAT Delhi · 12 Jun 2015
   ITAT - Suo motu disallowance made by the assessee, is in excess to the disallowance with the working under 14A r.w. rule 8D, therefore disallowance U/s. 14A cannot be made.

   Teletec Finsec India P. Ltd. vs. ITO

   (2015) TaxCorp(LJ) 7058 (ITAT-DELHI) · Section. 14A

10. ITAT Hyderabad · 12 Jun 2015
    ITAT - For determining point of deducting TDS, date of credit in books is relevant date.

    Spectrum Power Generation Ltd. vs. ACIT (TDS)

    (2015) TaxCorp(LJ) 7057 (ITAT-HYDERABAD)

11. ITAT Delhi · 15 Jun 2015
    ITAT - CIT (A) has not given sufficient opportunity to the assessee and proceeded exparte qua assessee, which is contrary to the principles of natural justice.

    Etisha Finance Investment P. Ltd. vs. ACIT

    (2015) TaxCorp(LJ) 7056 (ITAT-DELHI)

12. ITAT Delhi · 15 Jun 2015
    Appeal filed ignoring monetary limits prescribed U/s. 268A could not be entertained

    Income Tax Officer vs. M/s Delcia Food (India) Private Ltd.

    (2015) TaxCorp(LJ) 7055 (ITAT-DELHI) · Section. 268A

13. ITAT Hyderabad · 12 Jun 2015
    Section 68- Trade credits cannot be taxed as unexplained cash credit

    Bhagyanagar Oil Industries vs. ITO

    (2015) TaxCorp(LJ) 7054 (ITAT-HYDERABAD) · Section 68

14. Delhi High Court · 10 Feb 2015
    Gift cannot be said ingenuine if identity and relationship with donor established

    CIT. vs. Ranesh Suri

    (2015) TaxCorp(LJ) 7053 (HC-DELHI)

15. Delhi High Court · 08 Jan 2015
    Delay in issuing notice u/s 158BD by 10 months cannot be considered contemporaneous

    CIT. vs. Bharat Bhushan Jain

    (2015) TaxCorp(LJ) 7052 (HC-DELHI) · Section. 158BD

16. Delhi High Court · 07 Jan 2015
    Valid “Satisfaction Note” as required u/s 158BD requires proper recording of evidences for being satisfied

    CIT. vs. Manoj Bansal, Radhey Sham Bansal, Suresh Kumar Gupta

    (2015) TaxCorp(LJ) 7051 (HC-DELHI) · Section. 158BD

17. Karnataka High Court · 02 Jul 2015
    HC - TRO’s order declaring transfer of properties by way of mortgage in favour of a State financial corporation by the borrower, as void u/s 281 is not correct.

    CIT. vs. Karnataka State Industrial Investment Development Corporation Ltd.

    (2015) TaxCorp(LJ) 7043 (HC-KARNATAKA) · Section. 281

18. Supreme Court · 02 Jul 2015
    SC - ONGC's payments for supervisory services taxable u/s 44BB, not u/s 44D.

    Oil & Natural Gas Corporation Limited vs. CIT

    (2015) TaxCorp(LJ) 7042 (SC) · Sections. 44BB, 44D

19. ITAT Kolkata · 30 Jun 2015
    Section 271AA – Levy of Penalty on part disclosed income

    SPS Steel & Power Limited vs. ACIT

    (2015) TaxCorp(LJ) 7041 (ITAT-KOLKATA) · Section 271AA

20. Delhi High Court · 09 Feb 2015
    HC - Undisclosed income cannot be taxed in the hands of assessee does not belong to block period.

    CIT. Vs. Vivek Aggarwal

    (2015) TaxCorp(LJ) 7040 (HC-DELHI)

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