All landmark rulings

1. Direct Tax ·Allahabad High Court · 08 May 2014
   HC deletes addition on creditors as three ingredients of cash credit been established

   Commissioner Of Income Tax Vs. Shri Kulbir Singh

   (2014) TaxCorp(LJ) 3298 (HC-ALLAHABAD)

2. Direct Tax ·ITAT Hyderabad · 18 Oct 2013
   Residential unit of 8ft x 8 ft dimensions cannot be treated as Building – Section 54

   Shri R.Satish Kumar Reddy Vs. ACIT

   (2014) TaxCorp(LJ) 3297 (ITAT-HYDERABAD)

3. Direct Tax ·Bombay High Court · 01 Apr 2014
   Hon`ble High court set aside Tribunal view that the assessee being a notified person under the Special Court (Trial of Offences relating to Transaction in Securities) Act,1992 is not liable to pay interest under Section 234A, 234B and 234C of the Income Tax Act,1961.

   CIT vs Cascade Holdings Pvt.Ltd

   (2014) TaxCorp(LJ) 3296 (HC-BOMBAY) · 234A, 234B, 234C

4. Direct Tax ·Supreme Court · 06 May 2014
   Judgement pronounced and dictated in open court, However Judge entitled to recalled or reviewed verdict until judgement is signed & sealed - SC Larger Bench

   Kushalbhai Ratanbhai Rohit vs. State of Gujarat

   (2014) TaxCorp(LJ) 3295 (SC)

5. Direct Tax ·ITAT Delhi · 18 Feb 2014
   AO does not have jurisdiction to go beyond the net profit shown in the Profit & Loss Account except to the extent provided in the Explanation to section 115JB of the Act and since the disallowance under the provisions of s. 14A of the Act is not covered by clauses mentioned in s. 115JB, no addition is warranted while computing book profits u/s 115JB of the Act.

   Quippo Telecom Infrastructure Ltd. Vs. ACIT

   (2014) TaxCorp(LJ) 3294 (ITAT-DELHI)

6. Direct Tax ·Gujarat High Court · 24 Feb 2014
   Carry forward of unabsorbed depreciation concerning A.Y. 2001-02 and assessment years prior thereto can be set off in subsequent years without any set time limit.

   CIT vs. Gujarat Themis Biosyn Ltd

   (2014) TaxCorp(LJ) 3293 (HC-GUJARAT)

7. Direct Tax ·Gujarat High Court · 09 Apr 2014
   Carry forward of unabsorbed depreciation concerning AY 1997-98 and 1998-99 can be set off in subsequent years without any set time limit.

   Ausom Enterprises Ltd vs DCIT

   (2014) TaxCorp(LJ) 3292 (HC-GUJARAT)

8. Direct Tax ·ITAT Mumbai · 05 May 2014
   Amount disallowed u/s 14A cannot be considered while computing the book profit u/s 115JB of the Act.

   Reliance Industrial Infrastructure Ltd vs Addl. CIT

   (2014) TaxCorp(LJ) 3291 (ITAT-MUMBAI)

9. Direct Tax ·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)

10. Direct Tax ·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)

11. Direct Tax ·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)

12. Direct Tax ·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)

13. Direct Tax ·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)

14. Direct Tax ·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)

15. Direct Tax ·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)

16. Direct Tax ·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)

17. Direct Tax ·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)

18. Direct Tax ·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)

19. Direct Tax ·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)

20. Direct Tax ·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)

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