All landmark rulings

1. Direct Tax ·ITAT Ahmedabad · 13 Apr 2016
   ITAT - Revenue couldn’t unearth any evidence/tangible material against the assessee, either during the course of assessment/ appellate proceedings to show that assessee made any unexplained/undisclosed payment.

   Mahendrabhai B. Shrivastav vs. ITO

   (2016) TaxCorp(LJ) 10106 (ITAT-AHMEDABAD)

2. Direct Tax ·ITAT Mumbai · 13 Apr 2016
   S. 2(22)(d): Redemption of preference shares does not constitute "deemed dividend"

   Uday K. Pradhan vs. ITO

   (2016) TaxCorp(LJ) 10105 (ITAT-MUMBAI) · Section 2(22)(d)

3. Direct Tax ·ITAT Pune · 13 Apr 2016
   S. 14A/ Rule 8D: No disallowance can be made on shares held as stock-in-trade

   Paresh Pritamlal Mehta vs. ITO

   (2016) TaxCorp(LJ) 10104 (ITAT-PUNE) · Section 14A

4. Direct Tax ·ITAT Mumbai · 13 Apr 2016
   S. 263: As issue of whether TDS should bee u/s 194C or 194H is subject to two views, revision is not possible

   Neo Sports Broadcast Pvt Ltd vs. CIT

   (2016) TaxCorp(LJ) 10103 (ITAT-MUMBAI) · Sections 194C, 194H, 263

5. Direct Tax ·ITAT Mumbai · 13 Apr 2016
   S. 43(5), Explanation to s. 73: Where the assessee is a dealer in shares, the entire business of share trading and derivatives should be treated as a composite business and aggregated before applying Explanation to s. 73

   J.G.A. Shah Brokers P. Ltd vs. DCIT

   (2016) TaxCorp(LJ) 10102 (ITAT-MUMBAI) · Sections 43(5), 73

6. Direct Tax ·Bombay High Court · 13 Apr 2016
   S. 45/ 48: Deferred consideration dependent on a contingency does not accrue unless the contingency has occurred and is not liable to capital gains tax in year of transfer

   CIT vs. Hemal Raju Shete

   (2016) TaxCorp(LJ) 10101 (HC-BOMBAY) · Sections 45, 48

7. Direct Tax ·ITAT Mumbai · 13 Apr 2016
   S. 50C does not apply to transfer of leasehold rights in land

   Farid Gulmohamed vs. ITO

   (2016) TaxCorp(LJ) 10100 (ITAT-MUMBAI) · Section 50C

8. Direct Tax ·Madras High Court · 13 Apr 2016
   HC - Cyprus notification upheld.

   T. Rajkumar vs. UOI

   (2016) TaxCorp(LJ) 10099 (HC-MADRAS)

9. Direct Tax ·Delhi High Court · 12 Apr 2016
   HC - CBDT order rejecting refund to deductor in respect of TDS on penal interest paid to non-resident quashed.

   CEAT LIMITED Vs. THE CENTRAL BOARD OF DIRECT TAXES & ORS.

   (2016) TaxCorp(LJ) 10098 (HC-DELHI)

10. Direct Tax ·Bombay High Court · 12 Apr 2016
    HC - Contributions received by assessee-association cannot be chargeable to tax merely because assessee invested surplus amount in mutual funds.

    CIT. vs. Air Cargo Agents Association of India

    (2016) TaxCorp(LJ) 10097 (HC-BOMBAY)

11. Direct Tax ·ITAT Mumbai · 12 Apr 2016
    ITAT - Payment received by a US based company from providing web hosting services to Indian entities not taxable as “Royalty”.

    Dy. Director of Income Tax (Int’l Taxation) Vs. Savvis Communication Corporation

    (2016) TaxCorp(LJ) 10096 (ITAT-MUMBAI)

12. Direct Tax ·Madras High Court · 12 Apr 2016
    HC - Cyprus notification u/s 94A upheld as also CBDT Press Release dated Nov 1 , 2013.

    T Rajkumar vs. CBDT

    (2016) TaxCorp(LJ) 10095 (HC-MADRAS) · 94A

13. Direct Tax ·ITAT Mumbai · 11 Apr 2016
    ITAT - Absent actual “rendition of service”, professional fees paid to common director disallowed u/s 37(1).

    Stock Traders Pvt. Ltd. vs. ACIT

    (2016) TaxCorp(LJ) 10094 (ITAT-MUMBAI)

14. Direct Tax ·ITAT Delhi · 10 Apr 2016
    S. 147: Reopening in the absence of fresh material and merely on change of opinion is nor permissible

    Vijay Power Generators Ltd vs. ACIT

    (2016) TaxCorp(LJ) 10093 (ITAT-DELHI) · Section 147

15. Direct Tax ·ITAT Delhi · 10 Apr 2016
    S. 145: Books of account cannot be rejected on an arbitrary basis

    Samwon Precision Mould Mfg. (India) P. Ltd. vs. ITO

    (2016) TaxCorp(LJ) 10092 (ITAT-DELHI) · Section 145

16. Direct Tax ·ITAT Mumbai · 10 Apr 2016
    S. 68: Share application money received from an associate concern cannot be assessed as cash credits if assessee has discharged its initial onus to prove the identity, creditworthiness and genuineness of the transaction

    DCIT vs. Overseas Infrastructures

    (2016) TaxCorp(LJ) 10091 (ITAT-MUMBAI) · Section 68

17. Direct Tax ·ITAT Mumbai · 10 Apr 2016
    S. 48: Interest on borrowed money utilized for acquiring shares can be capitalized as cost of acquisition

    DCIT vs. Fritz D. Silva

    (2016) TaxCorp(LJ) 10090 (ITAT-MUMBAI) · Section 48

18. Direct Tax ·Karnataka High Court · 10 Apr 2016
    S. 147: An assessment cannot be reopened for the purpose of making a fishing and roving enquiry

    C M Mahadeva vs. CIT

    (2016) TaxCorp(LJ) 10089 (HC-KARNATAKA) · Section 147

19. Direct Tax ·Madras High Court · 08 Apr 2016
    HC - No TDS u/s194I on one-time non-refundable upfront charges for acquiring leasehold rights in land for long duration.

    Foxconn India Developer (P) Ltd. vs. ITO

    (2016) TaxCorp(LJ) 10088 (HC-MADRAS) · Section. 194I

20. Direct Tax ·ITAT Mumbai · 08 Apr 2016
    ITAT - Interest paid by assessee foreign bank to its head office and foreign branches, not taxable as ‘interest income’.

    BNP Paribas SA vs. ADIT

    (2016) TaxCorp(LJ) 10087 (ITAT-MUMBAI)

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