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Desk: Both Direct Tax GST

Direct Tax ·Supreme Court · 16 Apr 2014
Discretionary Trust or Specific Trusts - Merely because the Settlor and after his death, his son did not exercise their power to appoint the discretion exercisers, the character of the subject trusts does not get altered. The discretionary trust is equally applicable to the controversy under the Wealth Tax Act. The value of the assets cannot be assessed on the estate of the deceased Settlor.
COMMISSIONER OF WEALTH TAX vs ESTATE OF LATE HMM VIKRAMSINHJI OF GONDAL
(2014) TaxCorp(LJ) 3258 (SC)
Direct Tax ·Allahabad High Court · 01 May 2014
HC- Satisfaction note necessary for initiating 153C
Commissioner Of Income Tax (Central) vs Gopi Apartment
(2014) TaxCorp(LJ) 3257 (HC-ALLAHABAD) · 153C
Direct Tax ·Allahabad High Court · 02 May 2014
Prize won on unsold tickets amounts to income by way of winnings from lottery. The provision of Section 115BB of the Act is fully applicable.
J N Sharma vs Asstt. Commissioner Of Income Tax
(2014) TaxCorp(LJ) 3256 (HC-ALLAHABAD)
Direct Tax ·Bombay High Court · 07 May 2014
High Court imposes costs of Rs. 50,000 on AO for filing frivolous appeal & wasting public money & judicial time
CIT vs. Sairang Developers and Promoters Pvt. Ltd.
(2014) TaxCorp(LJ) 3255 (HC-BOMBAY)
Direct Tax ·Karnataka High Court · 10 Feb 2014
Violation under section 13(1)(d) does not attracts denial of exemption to trust
CIT Vs. Fr. Mullers Charitable Institutions
(2014) TaxCorp(LJ) 3254 (HC-KARNATAKA)
Direct Tax ·ITAT Bangalore · 13 Apr 2010
Indexed cost of acquisition of capital asset has to be computed with reference to the year in which the previous owner first held the asset.
Dawn Olivia Taylor vs The Income Tax Officer
(2014) TaxCorp(LJ) 3253 (ITAT-BANGALORE) · Income Tax Section 2(42A), 48, 49(1)
Direct Tax ·ITAT Agra · 29 Apr 2014
Technical infirmity, is of no practical significance if additions on merits cannot be sustained
A.C.I.T. vs. Dakshinanchal Vidyut Vitran Nigam Limited
(2014) TaxCorp(LJ) 3252 (ITAT-AGRA)
Direct Tax ·Allahabad High Court · 01 May 2014
Allhabad HC- Satisfaction note necessary for initiating 153C
Commissioner of Income Tax (Central) Vs. M/S Gopi Apartment
(2014) TaxCorp(LJ) 3251 (HC-ALLAHABAD)
Direct Tax ·ITAT Mumbai · 30 Apr 2014
Adjustment in book profit for depreciation not permissible in depreciation amount is certified by the auditor
Pune Heat Treat P. Ltd. Vs. ITO
(2014) TaxCorp(LJ) 3250 (ITAT-MUMBAI)
Direct Tax ·Karnataka High Court · 04 Apr 2014
S. 271(1)(c), 54F - It is true that the assessee had not deposited the long term capital gain in the capital gain account, and he had deposited the said amount in his savings account with Vijaya Bank. It is not in dispute that he paid Rs. 26,70,000/- to the owner of the new property from the said account. Hence we confirm the order, rejecting the exemption under Section 54F, however deleted penalty u/s 271(1)(c).
Sri Venkatesh Murthy vs ITO
(2014) TaxCorp(LJ) 3249 (HC-KARNATAKA) · 271(1)(c), 54F
Direct Tax ·Karnataka High Court · 22 Apr 2014
Partnership firm not genuine - Amount received on land of transfer, not by way of retirement as partners. HC upheld the order passed by ITAT.
SRI V S BALASUBRAMANYAM vs ITO
(2014) TaxCorp(LJ) 3248 (HC-KARNATAKA)
Direct Tax ·Karnataka High Court · 11 Apr 2014
S. 194C – Prior to Amendment in Finance (No.2) Act, 2009 w.e.f. 01.10.2009 – Prior to amendment placing of orders by the assessees, to the manufacturers/suppliers to supply SIM/scratch cards as per their requirements cannot be treated as contract for carrying out works within the meaning of sub-section(1) of Section 194C of the Act as it existed prior to its amendment.
CIT vs SPICE TELECOMMUNICATIONS PVT LTD
(2014) TaxCorp(LJ) 3247 (HC-KARNATAKA) · 194C
Direct Tax ·Bombay High Court · 16 Dec 2013
It was mandatory for the respondent to have deposit 75% of the provident fund dues before the appellate authority.
Assistant Provident Fund Commissioner vs Bharat Bharti Convent
(2014) TaxCorp(LJ) 3246 (HC-BOMBAY)
Direct Tax ·Supreme Court · 29 Apr 2014
Section 72A meant for Companies, No such provision which would permit the amalgamating co-operative society to carry forward and adjust such losses against the profits of the amalgamated co-operative society.
Rajasthan R S S & Ginning Mills FED. Ltd vs DCIT
(2014) TaxCorp(LJ) 3245 (SC)
Direct Tax ·Delhi High Court · 25 Apr 2014
Profit on share transactions through PMS a capital gains, not business income
RADIALS INTERNATIONAL vs ACIT
(2014) TaxCorp(LJ) 3244 (HC-DELHI)
Direct Tax ·Bombay High Court · 28 Apr 2014
S. 234E: High Court grants ad-interim stay against operation of notices levying fee for failure to file TDS statement.
Rashmikant Kundalia and another vs Union of India and others
(2014) TaxCorp(LJ) 3243 (HC-BOMBAY) · 234E
Direct Tax ·Gujarat High Court · 02 Apr 2014
Concept of “manufacture” explained. Non-claiming of s. 80IB deduction in return is no bar for claiming it before CIT(A)
COMMISSIONER OF INCOME TAX vs MITESH IMPEX
(2014) TaxCorp(LJ) 3242 (HC-GUJARAT)
Direct Tax ·Madras High Court · 10 Apr 2014
S. 147 – Revision of order - Any tax effect subject to revision cannot be based on subsequent order merged with prior order.
Commissioner of Income Tax vs Flothern Engingeers Pvt Limited
(2014) TaxCorp(LJ) 3241 (HC-MADRAS)
Direct Tax ·Madras High Court · 15 Apr 2014
DTA unit on conversion to 100% EOU unit eligible for exemption under Section 10B
Super Auto Forge Ltd vs Additional Commissioner of Income-Tax
(2014) TaxCorp(LJ) 3240 (HC-MADRAS)
Direct Tax ·Gujarat High Court · 16 Apr 2014
Scope of term 'Total Income' u/s 5 can't be used for determining additional tax for settlement applications. HC uphold the Settlement Commission order that the petitioner failed to pay additional tax and interest on the income disclosed in the application for settlement as required under section 245D(2A).
Unipon (India) Ltd vs Income Tax Settlement Commission
(2014) TaxCorp(LJ) 3239 (HC-GUJARAT)

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