Direct Tax landmark rulings

1. Gujarat High Court · 04 Jul 2014
   Tribunal cannot decide an appeal on merits when first appellate authority had dismissed the appeal for want of pre-deposit – Gujarat High Court

   Gadhvi And Co. Vs. State Of Gujarat

   (2014) TaxCorp(LJ) 3452 (HC-GUJARAT)

2. Gujarat High Court · 12 Mar 2014
   Whether preliminary objections raised against the reassessment and also in relation to the reasons recorded must be considered and all the objections raised by assessee has to be disposed of by speaking order

   TORRENT POWER SEC LTD. Vs. ASSTT COMMISSIONER OF INCOME TAX

   (2014) TaxCorp(LJ) 3451 (HC-GUJARAT) · Income Tax - Sections 142(1), 147, 148

3. Supreme Court · 07 Jul 2014
   Shariat courts have no legal sanction, fatwas not binding on anyone: SC

   VISHWA LOCHAN MADAN VERSUS UNION OF INDIA & ORS.

   (2014) TaxCorp(LJ) 3450 (SC)

4. Allahabad High Court · 06 Jul 2014
   S. 269SS/ 269T is not attracted to book entries not involving cash transactions

   CIT vs. Saurabh Enterprises

   (2014) TaxCorp(LJ) 3449 (HC-ALLAHABAD) · Section 269SS, 269T

5. Supreme Court · 06 Jul 2014
   S. 2(47)/ 54: If an agreement to sell is entered into within the prescribed period, there is a transfer of some rights in favour of the vendee. Fact that sale deed could not be executed within the time limit owing to supervening problem is not a bar for s. 54 exemption

   Sanjeev Lal vs. CIT

   (2014) TaxCorp(LJ) 3448 (SC) · Section 2(47), 54

6. ITAT Delhi · 06 Jul 2014
   Expl to s. 37: If the purpose of the expenditure is not an offense/ prohibited by law, fact that prior approval of the Govt. was not obtained cannot be the basis of disallowance

   Jai Surgicals Ltd vs. ACIT

   (2014) TaxCorp(LJ) 3447 (ITAT-DELHI) · Section 37

7. Supreme Court · 02 Jul 2014
   Disallowance u/s. 40(a)(ia) applies only to amounts ‘payable‘ as of 31st March – SC

   COMMISSIONER OF INCOME TAX VERSUS M/S VECTOR SHIPPING SERVICES(P) LTD.

   (2014) TaxCorp(LJ) 3446 (SC) · Section. 40(a)(ia)

8. ITAT Delhi · 04 Jul 2014
   Dept. goes Hitech- ITAT admits Linkedin Profile as additional Evidence

   GE Energy Parts Inc. Vs. Addl. Director of Income-tax

   (2014) TaxCorp(LJ) 3445 (ITAT-DELHI)

9. ITAT Mumbai · 02 Jul 2014
   Impose penalty for each offence independently for delay or default in making disclosures- SAT

   Splash Media & Infra Ltd. Versus Securities and Exchange Board of India

   (2014) TaxCorp(LJ) 3444 (ITAT-MUMBAI)

10. ITAT Kolkata · 03 Jul 2014
    S. 47(xiiib)/ 47A(4): Giving of interest-free loans to partners of the LLP does not contravene Proviso (c), though it contravenes Proviso (f), to s. 47(xiiib). Capital gains have to be computed on the book value of assets transferred & not on market value

    Aravali Polymers LLP vs. JCIT

    (2014) TaxCorp(LJ) 3443 (ITAT-KOLKATA) · Section 47(xiiib), 47A(4)

11. Delhi High Court · 03 Jul 2014
    Bar in S. 269SS/ 269T does not apply to loans/ advances accepted/ repaid via journal entries. Limitation period for s. 271D penalty is as per s. 275(1)(c) & not 275(1)(a)

    CIT vs. WorldWide Township Projects Ltd

    (2014) TaxCorp(LJ) 3442 (HC-DELHI) · Sections 269SS, 269T

12. Supreme Court · 01 Jul 2014
    Life term, jail terms for other offences can’t run together: SC

    Duryodhan Rout Vs. State Of Orissa

    (2014) TaxCorp(LJ) 3441 (SC)

13. Supreme Court · 30 Jun 2014
    Disciplinary proceedings can’t continue after retirement: SC

    Dev Prakash Tewari vs. U.P. Cooperative Institutional Service Board, Lucknow & Ors.

    (2014) TaxCorp(LJ) 3440 (SC)

14. Allahabad High Court · 15 Jan 2014
    Penalty u/s 271(1)(c) cannot be levied for mere surrender of outstanding balance of creditors in revised return

    CIT Vs. Mathura Commercial Co.

    (2014) TaxCorp(LJ) 3439 (HC-ALLAHABAD) · Section. 271(1)(c)

15. Calcutta High Court · 13 Mar 2014
    Sec. 50C AO must refer the valuation to DVO despite no request by assessee

    Sunil Kumar Agarwal vs. CIT

    (2014) TaxCorp(LJ) 3438 (HC-CALCUTTA) · Section. 50C

16. ITAT Indore · 13 Jun 2014
    Disallowance U/s. 40A(2)(b) on account of Interest @ 18% – Held not excessive

    M/s. Shivam Cotton Corporation Vs. Addl. CIT

    (2014) TaxCorp(LJ) 3437 (ITAT-INDORE) · Section. 40A(2)(b)

17. ITAT Mumbai · 27 Jun 2014
    Journal entries should enjoy equal immunity on par with account payee cheques or bank drafts for the provisions of section 269SS

    Lodha Builders Pvt Ltd vs. ACIT

    (2014) TaxCorp(LJ) 3436 (ITAT-MUMBAI)

18. ITAT Mumbai · 11 Apr 2014
    Share application money cannot be treated as loan for mere delay in allotment

    Parle Biscuits (P.) Ltd. Vs. DCIT

    (2014) TaxCorp(LJ) 3435 (ITAT-MUMBAI)

19. ITAT Chennai · 11 Feb 2014
    Section 80P(4) not applies to assessee which is not a co-operative bank

    ITO. Vs. Veerakeralam Primary Agricultural Co-operative Credit Society

    (2014) TaxCorp(LJ) 3434 (ITAT-CHENNAI) · Section 80P(4)

20. ITAT Mumbai · 27 Jun 2014
    S. 254(2): Pendency of an appeal filed in the High Court u/s 260A bars the hearing of a MA filed u/s 254(2) even if the appeal is not admitted

    RW Promotions Pvt. Ltd vs. ACIT

    (2014) TaxCorp(LJ) 3433 (ITAT-MUMBAI) · Section 254(2)

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