All landmark rulings

1. Direct Tax ·P&H High Court · 02 Jan 2017
   HC - The omission of Section 10(20A) did not affect the rights of the parties claiming the benefit of Sections 2(15), 11, 12, 12A and 12AA.

   M/s Improvement Trust, Moga, The Tribune Trust Versus Commissioner of Income Tax, Chandigarh and another, The Commissioner of Income Tax (Exemption), Chandigarh

   (2017) TaxCorp(LJ) 11773 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=68097&Category=Judgment&CategoryType=Zip

2. Direct Tax ·ITAT Mumbai · 30 Dec 2016
   ITAT - Derivative-future segment loss set-off to be allowed against delivery-based cash segment to share dealer.

   J. M. Financial Services Ltd. vs. JCIT

   (2016) TaxCorp(LJ) 11772 (ITAT-MUMBAI)

3. Direct Tax ·Delhi High Court · 30 Dec 2016
   HC - The question of applying statutorily prescribed method u/s 14A(2) for computing the disallowance arises only and only if AO expresses an opinion along with objective material rejecting assessee’s methodology.

   PCIT. Vs. U.K Paints (India) Pvt. Ltd.

   (2016) TaxCorp(LJ) 11771 (HC-DELHI) · Section. 14A

4. Direct Tax ·Supreme Court · 30 Dec 2016
   SC - SP Dismissed - HC had held that Sec. 263 can be invoked in case of “no enquiry” and not in case of inadequate inquiry

   CIT. Vs. Nirav Modi

   (2016) TaxCorp(LJ) 11770 (SC) · Section. 263

5. Direct Tax ·ITAT Delhi · 30 Dec 2016
   ITAT - Assessee was prevented by sufficient cause from producing the evidences in support of its claim due to his wife’s illness. CIT(A) order rejecting assessee’s additional evidence set aside.

   Padam Lal Dua vs. ITO

   (2016) TaxCorp(LJ) 11769 (ITAT-DELHI)

6. Direct Tax ·ITAT Mumbai · 31 Dec 2016
   ITAT - When same credit period beyond 365 days was offered to AE and non-AE, no addition u/s 92C.

   Shrenuj Gems & Jewellery Ltd. v. Income-tax Officer, 8(3)(1), Mumbai

   (2016) TaxCorp(LJ) 11768 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10980&Category=INTLDecisions&CategoryType=Zip

7. Direct Tax ·ITAT Mumbai · 31 Dec 2016
   ITAT - Since issue relating to invoking of section 40(a)(ia) was not before the AO at all, therefore it was imperative for the CIT(A) to have issued an appropriate notice to the assessee as per section 251(2).

   Mobile 2 Win India Private Limited Versus The Dy. Commissioner of Income Tax, 5 (2), Mumbai

   (2016) TaxCorp(LJ) 11767 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53783&Category=ITAT&CategoryType=Zip

8. Direct Tax ·ITAT Mumbai · 31 Dec 2016
   ITAT - Since the assessee has not earned any dividend income and the investments were made only as a strategic investment in wholly owned subsidiary companies no disallowance under section 14A is attracted.

   M/s. Dish TV India Ltd. Versus Asst. Commissioner of Income Tax, Circle-6 (1), [Present charge Asst. Com. Of Income Tax, Circle 16 (1) ]

   (2016) TaxCorp(LJ) 11766 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53784&Category=ITAT&CategoryType=Zip

9. Direct Tax ·ITAT Mumbai · 31 Dec 2016
   ITAT - Exemption u/s 10B has to be allowed from the total income before set off of brought forward losses and depreciation.

   Asstt. Commissioner of Income Tax – Circle 1, Kalyan Versus M/s ASB International Pvt. Ltd.

   (2016) TaxCorp(LJ) 11765 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53790&Category=ITAT&CategoryType=Zip

10. Direct Tax ·Delhi High Court · 31 Dec 2016
    HC - When the DRP itself stated that since Indian banks were charging 250 basis points above LIBOR on similar loans, there was no good reason for holding that the loan advanced to a subsidiary at 247 basis points above the LIBOR rate to be not at arm’s length.

    Pr. Commissioner Of Income Tax – 9 Versus M/s. UFO Moviez Inida Ltd.

    (2016) TaxCorp(LJ) 11764 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68087&Category=Judgment&CategoryType=Zip

11. Direct Tax ·Gujarat High Court · 31 Dec 2016
    HC - The security deposit recovered from the members by a club at the time of their enrollment is refundable and same is required to be treated as a deposit and a capital receipt.

    Principal Commissioner of Income Tax Versus Gulmohar Green Golf And Country Club Ltd.

    (2016) TaxCorp(LJ) 11763 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=67982&Category=Judgment&CategoryType=Zip

12. Direct Tax ·P&H High Court · 30 Dec 2016
    HC - No exemption u/s 10(23C)(iv) to assessee-trust engaged in printing and publishing of newspaper.

    The Tribune Trust Vs. Commissioner of Income Tax, Chandigarh and another

    (2016) TaxCorp(LJ) 11762 (HC-P&H)

13. Direct Tax ·ITAT Delhi · 30 Dec 2016
    ITAT - Setting off the brought forward unabsorbed depreciation against the Income from House Property allowed u/s 32(2) for that assessment year.

    M/s SAI ASTHA EXPORTS PVT. LTD. Versus ITO, Ward 3 (3), NEW DELHI

    (2016) TaxCorp(LJ) 11761 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=52374&Category=ITAT&CategoryType=Zip

14. Direct Tax ·ITAT Mumbai · 30 Dec 2016
    ITAT - No TDS u/s 195 as payment made to HRD does not constitutes “fees for technical services” under India-Belgium DTAA.

    ACIT-16 (3), Mumbai Versus M/s. D.A. Jhaveri

    (2016) TaxCorp(LJ) 11760 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53680&Category=ITAT&CategoryType=Zip

15. Direct Tax ·ITAT Kolkata · 30 Dec 2016
    ITAT - No Addition u/s 28(iv) for huge increase in the capital on account of revaluation of the jewellery as this is merely a book entry passed by the assessee.

    I.T.O., Ward-46 (1) Kolkata Versus Shri Anupam Nandi

    (2016) TaxCorp(LJ) 11759 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53748&Category=ITAT&CategoryType=Zip

16. Direct Tax ·ITAT Ahmedabad · 30 Dec 2016
    ITAT - Reduction in share capital and buy back are essentially the same and neither result in a benefit of enduring nature, hence are revenue expenses.

    Vibgyor Scientific Research Pvt. Ltd. Versus The DCIT (OSD), Circle-8, Ahmedabad

    (2016) TaxCorp(LJ) 11758 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53750&Category=ITAT&CategoryType=Zip

17. Direct Tax ·Allahabad High Court · 30 Dec 2016
    HC - Section 43B is with a non-obstante clause and therefore over ride even if, anything otherwise is contained in Section 36 or any provision of Act 1961.

    Sagun Foundry Private Limited Versus Commissioner of Income Tax, Kanpur

    (2016) TaxCorp(LJ) 11757 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=68056&Category=Judgment&CategoryType=Zip

18. Direct Tax ·Calcutta High Court · 30 Dec 2016
    HC - Since the assessment year 1999-2000 and 2000-2001 became final prior to 30th September, 2004, i.e. the introduction of the amended Section 142A, AO could not have reopened the issue in February, 2005 by then applying the amendment under Section 142A retrospectively.

    Smt. Jharna Dey Versus Income Tax Officer, Ward-I, Bankura & Others

    (2016) TaxCorp(LJ) 11756 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=68059&Category=Judgment&CategoryType=Zip

19. Direct Tax ·ITAT Mumbai · 29 Dec 2016
    ITAT - Sec 14A is applicable in respect of strategic investment made by assessee (a cooperative bank) in its subsidiary company.

    DCIT. Vs. The Saraswat Co-operative Bank Limited

    (2016) TaxCorp(LJ) 11755 (ITAT-MUMBAI) · Section. 14A

20. Direct Tax ·Delhi High Court · 28 Dec 2016
    HC - ITAT had adopted a mechanical approach in following Galileo International Inc’s case on 15% profit attribution.

    Pr. CIT. Vs. Travelport L. P. USA

    (2016) TaxCorp(LJ) 11754 (HC-DELHI)

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