All landmark rulings

1. Direct Tax ·Karnataka High Court · 18 Jun 2016
   HC - Assessee entitled to sxemption u/s 54F even where builder has not handed over the possession within the time limit prescribed under section 54F.

   Principle Commissioner of Income Tax & Assistant Commissioner of Income Tax, Circle 15 (1) , Versus Sri. C. Gopalaswamy

   (2016) TaxCorp(LJ) 10400 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=65422&Category=Judgment&CategoryType=Zip

2. Direct Tax ·ITAT Chennai · 17 Jun 2016
   ITAT - Sec. 206AA providing higher 20% TDS rate absent PAN does not override Sec. 90(2).

   DCIT. vs. Pricol Ltd.

   (2016) TaxCorp(LJ) 10395 (ITAT-CHENNAI) · Section. 206AA

3. Direct Tax ·ITAT Mumbai · 16 Jun 2016
   S. 68: Long-term capital gains arising from transfer of penny stocks cannot be treated as bogus merely because SEBI has initiating an inquiry with regard to the Company & the broker if the shares are purchased from the exchange, payment is by cheque and delivery of shares is taken & given

   ITO vs. Indravadan Jain (HUF)

   (2016) TaxCorp(LJ) 10391 (ITAT-MUMBAI) · Section 68

4. Direct Tax ·ITAT Agra · 14 Jun 2016
   ITAT - Appeal filed by deductee against Sec 195(2) order not maintainable.

   DCIT. vs. Abu Dhabi Ship Building PJSC

   (2016) TaxCorp(LJ) 10355 (ITAT-AGRA) · Sections. 195(2), 246A, 248

5. Direct Tax ·ITAT Agra · 14 Jun 2016
   ITAT - Business losses can be set off against income u/s 68.

   Satish Kumar Goyal vs. JCIT

   (2016) TaxCorp(LJ) 10354 (ITAT-AGRA) · Section. 68, 115BBE

6. Direct Tax ·P&H High Court · 18 Mar 2016
   HC – A CA giving 'accommodation entries' is guilty of misconduct and name removed for life from ICAI

   ICAI vs. Vivek Kapoor & Ors.

   (2016) TaxCorp(LJ) 10353 (HC-P&H) · Sec 21(6) of the ICAI Act

7. Direct Tax ·Kerala High Court · 14 Jun 2016
   HC - Upon failure of assessee to establish “reasonable cause” for TDS-failure u/s 194A on interest paid to its sister concerns, levy of penalty u/s 271C justified.

   CIT. vs. Muthoot Bankers

   (2016) TaxCorp(LJ) 10339 (HC-KERALA) · Section. 271C

8. Direct Tax ·Bombay High Court · 13 Jun 2016
   S. 10(38)/ 69: Fact that a small amount invested in "penny" stocks gave rise to huge capital gains in a short period does not mean that the transaction is "bogus" if the documentation and evidences cannot be faulted

   CIT vs. Mukesh Ratilal Marolia

   (2016) TaxCorp(LJ) 10338 (HC-BOMBAY) · Sections 10(38), 69

9. Direct Tax ·ITAT Delhi · 13 Jun 2016
   S. 147/ 148: The AO is duty bound to provide to the assessee the reasons recorded for reopening the assessment within a reasonable time. Failure to do so renders the reassessment order unsustainable in law

   Inderjeet Singh Sachdeva vs. DCIT

   (2016) TaxCorp(LJ) 10337 (ITAT-DELHI) · Sections 147, 148

10. Direct Tax ·ITAT Mumbai · 13 Jun 2016
    S. 10(38)/ 68: Long-term capital gains on sale of "penny" stocks cannot be treated as bogus & unexplained cash credit if the documentation is in order & there is no allegation of manipulation by SEBI or the BSE. Denial of right of cross-examination is a fatal flaw which renders the assessment order a nullity

    Farrah Marker vs. ITO

    (2016) TaxCorp(LJ) 10336 (ITAT-MUMBAI) · Sections 10(38), 68

11. Direct Tax ·ITAT Hyderabad · 10 Jun 2016
    ITAT - Since assessee failed to return capital gains tax and explanation appeared to be only ‘after-thought’, concealment penalty justified.

    Shri Sripad Deshpande Vs. Income Tax Officer

    (2016) TaxCorp(LJ) 10334 (ITAT-HYDERABAD)

12. Direct Tax ·ITAT Jaipur · 10 Jun 2016
    ITAT - The firm is succeeded by the company, therefore, the cost of acquisition of the company would be as that of acquisition of the firm. The valuation of land and assets of firm though valued by the valuer will not change or alter the cost of acquisition of the firm despite valuation of assets of the firm and would remain the same, and therefore the cost of acquisition of the company would be cost of acquisition of the firm.

    M/s. Utsav Cold Storage Pvt. Ltd. Versus The Income Tax Officer

    (2016) TaxCorp(LJ) 10325 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=49523&Category=ITAT&CategoryType=Zip

13. Direct Tax ·ITAT Delhi · 10 Jun 2016
    ITAT - Receipts on account of supply of software were integrally connected to the supply of hardware and, therefore, AO was not right in taxing such receipts as royalty.

    ZTE Corporation Versus Addl. Director of Income-tax And Vice-Versa

    (2016) TaxCorp(LJ) 10324 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=49365&Category=ITAT&CategoryType=Zip

14. Direct Tax ·ITAT Delhi · 10 Jun 2016
    ITAT - No addition on account of variation in the value of closing stock between the value declared in the accounts and the value declared to the Bank where assessee demonstrated with evidence that the closing stock declared in the books of account is correct.

    Ratan Singh Ror Prop. Ved Poultry Feed Versus ITO, Ward, Karnal

    (2016) TaxCorp(LJ) 10323 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=49528&Category=ITAT&CategoryType=Zip

15. Direct Tax ·ITAT Pune · 10 Jun 2016
    ITAT - Where the amount of sub-contract payments made by the assessee though without tax deduction at source, has been included by the recipient in his return of income and the said recipient had paid taxes on the income relatable to such receipts, then there is no merit in holding the assessee to be in default for not deducting tax at source.

    Mr. Sushil Govindrao Uttarwar Versus The Asst. Commissioner of Income Tax

    (2016) TaxCorp(LJ) 10322 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=49529&Category=ITAT&CategoryType=Zip

16. Direct Tax ·ITAT Pune · 10 Jun 2016
    ITAT - Sec. 40(a)(ia) not attracted where there is short deduction of tax.

    M/s Satyam Petrochemicals Versus The Dy. Commissioner of Income Tax

    (2016) TaxCorp(LJ) 10321 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=49530&Category=ITAT&CategoryType=Zip

17. Direct Tax ·Gujarat High Court · 10 Jun 2016
    HC - Limitation for initiating proceedings under section 201(1) would be governed by section 201(3)(i) of the Act as it stood at the relevant time.

    Maharashtra Border Check Post Network Ltd Versus Deputy Commissioner Of Income-Tax

    (2016) TaxCorp(LJ) 10320 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65393&Category=Judgment&CategoryType=Zip

18. Direct Tax ·ITAT Ahmedabad · 09 Jun 2016
    ITAT - Debit balance in profit and loss account can't be taken at nil under Explanation 1 (iii) to Sec. 115JB. Unabsorbed depreciation reduction allowed.

    Surat Textile Mills Ltd. Vs. DCIT

    (2016) TaxCorp(LJ) 10319 (ITAT-AHMEDABAD) · Section. 115JB

19. Direct Tax ·ITAT Mumbai · 09 Jun 2016
    ITAT - Bogus purchases - Without conducting any enquiry, the Assessing Officer solely relying upon the investigation made by the Sales Tax Department cannot make the addition, that too, on the basis of untested material.

    Adamji & Company Versus Income Tax Officer Ward–20 (1) (1), Mumbai

    (2016) TaxCorp(LJ) 10318 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=49499&Category=ITAT&CategoryType=Zip

20. Direct Tax ·ITAT Bangalore · 09 Jun 2016
    ITAT - Amount received by the assessee from the discretionary trust can't be taxed u/s.56(2)(vi).

    Mrs. Sharon Nayak Versus Deputy Commissioner of Income-tax

    (2016) TaxCorp(LJ) 10317 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=49502&Category=ITAT&CategoryType=Zip

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