Direct Tax landmark rulings

1. Delhi High Court · 28 Mar 2014
   Assessee is bound to furnish a return in response to a s. 148 notice. The reasons for reopening can be given only thereafter. A writ involving disputed factual issues cannot be entertained

   Adobe Systems Software Ireland Ltd vs. ADIT

   (2014) TaxCorp(LJ) 3290 (HC-DELHI)

2. ITAT Mumbai · 02 May 2014
   S. 32: Assessee (Bank) is entitled to depreciation on assets given on lease

   ICICI Bank Ltd vs. JCIT

   (2014) TaxCorp(LJ) 3289 (ITAT-MUMBAI)

3. ITAT Mumbai · 02 May 2014
   S. 32: Assessee (Bank) is entitled to depreciation on assets given on lease

   ICICI Bank Ltd vs. JCIT

   (2014) TaxCorp(LJ) 3288 (ITAT-MUMBAI)

4. ITAT Mumbai · 17 Apr 2014
   Vehicle hiring expenses to be segregate between car rental and payment towards other services and Maintenance contracts taxable u/s 194C

   Income-tax Officer (TDS) -1(3) VS Bharat Sanchar Nigam Ltd.

   (2014) TaxCorp(LJ) 3287 (ITAT-MUMBAI)

5. ITAT Mumbai · 08 May 2014
   Section 80A(5) is applicable only when the assessee fails to make a claim in his return of income for any deduction whereas in the instant case the assessee did make the claim though, because of a technical error, the claim was made under section 10B instead of 10A.

   ITO vs Accentia Technologies Ltd

   (2014) TaxCorp(LJ) 3286 (ITAT-MUMBAI)

6. ITAT Kolkata · 01 May 2014
   Living allowance under Section 10(14)(i) – Living allowance paid in addition to the regular salaries and benefits in India to the employees of Indian Company who are temporarily deployed in US will be exempt from tax.

   ITO vs Shri Supratim Bose

   (2014) TaxCorp(LJ) 3285 (ITAT-KOLKATA)

7. ITAT Amritsar · 21 Apr 2014
   Keyman Insurance disallowance – ULIP not Pure Life Insurance Policy

   F C Sondhi & Company India (P) Ltd. vs DCIT

   (2014) TaxCorp(LJ) 3284 (ITAT-AMRITSAR)

8. ITAT Bangalore · 30 Apr 2014
   Deduction u/s 35(2AB) vis-à-vis deduction u/s 10A/ 10B in interplay thereof.

   DCIT vs Biocon Limited

   (2014) TaxCorp(LJ) 3283 (ITAT-BANGALORE)

9. ITAT Ahmedabad · 07 May 2014
   Re-Export of imported goods is a permissible activity and profit therefrom is eligible for deduction under section 10AA

   Zaveri & Co. Pvt. Ltd vs CIT

   (2014) TaxCorp(LJ) 3282 (ITAT-AHMEDABAD)

10. ITAT Amritsar · 24 Feb 2014
    S. 194A(3), 40(a)(ia) - No distinction between member and nominal member as far as provisions of section 80P and 194A(3)(v) are concerned. The assessee was not required to deduct tax at source on interest payments to the nominal members.

    The Rurkee Co-operative Agri Multipurpose Society Ltd vs JCIT

    (2014) TaxCorp(LJ) 3281 (ITAT-AMRITSAR)

11. Allahabad High Court · 07 Apr 2014
    Penalty not applicable for concealment under normal provisions if book profits U/s. 115JB assessed

    Commissioner Of Income Tax, Meerut And Another Vs. M/S Jindal Polyester & Steel Ltd. Ghaziabad

    (2014) TaxCorp(LJ) 3280 (HC-ALLAHABAD)

12. Bombay High Court · 08 May 2014
    New Companies Rules not binding till Publication in official gazette – HC

    Scheme of amalgamation of Wadala Commodities Limited with Godrej Industries Limited

    (2014) TaxCorp(LJ) 3279 (HC-BOMBAY)

13. Calcutta High Court · 17 Feb 2014
    Penalty U/s. 271B by ITO exceeding Rs. 10,000 in absence of prior approval of Joint Commissioner not valid

    Sagar Dutta Vs. Commissioner of Income-tax, Kolkata & Anr.

    (2014) TaxCorp(LJ) 3278 (HC-CALCUTTA)

14. Delhi High Court · 05 May 2014
    Amendment made by Companies Act,2013 are under Consideration – MCA TO Delhi HC

    Mr. Harish Khurana Vs. MCA & Another

    (2014) TaxCorp(LJ) 3277 (HC-DELHI)

15. Supreme Court · 21 Apr 2014
    Revised SC guideline in Cheque Bounce Cases U/s. Section 138 (NI Act)

    Indian Bank Association and Others v. Union of India

    (2014) TaxCorp(LJ) 3276 (SC)

16. Bombay High Court · 15 May 2014
    S. 50B applies only to a “sale” for a “monetary consideration” and not to a case of “exchange” of the undertaking for shares under a s. 391/394 scheme of arrangement

    CIT vs. Bharat Bijlee Ltd

    (2014) TaxCorp(LJ) 3275 (HC-BOMBAY)

17. Supreme Court · 14 May 2014
    Important principles on distinction between “contract for sale of goods” and “works contract” explained

    Kone Elevator India Pvt. Ltd vs. State of T. N

    (2014) TaxCorp(LJ) 3274 (SC)

18. Supreme Court · 14 May 2014
    Despite pronouncement of verdict in open court & signing of draft judgement, Judge entitled to alter verdict until judgement is signed & sealed

    Kushalbhai Ratanbhai Rohit vs. State of Gujarat

    (2014) TaxCorp(LJ) 3273 (SC)

19. Allahabad High Court · 10 May 2014
    No s. 271(1)(c) penalty for concealment under normal provisions if s. 115JB book profits assessed

    CIT vs. Jindal Polyester & Steel Ltd

    (2014) TaxCorp(LJ) 3272 (HC-ALLAHABAD) · Section 271(1)(c)

20. ITAT Mumbai · 09 May 2014
    S. 32: Assessee (Bank) is entitled to depreciation on assets given on lease

    ICICI Bank Ltd vs. JCIT

    (2014) TaxCorp(LJ) 3271 (ITAT-MUMBAI) · Section. 32

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