All landmark rulings

21,722 rulings

Desk: Both Direct Tax GST

Direct Tax ·ITAT Hyderabad · 20 Oct 2014
Fraud in determination of LIBOR/ EURIBOR no reason to discard it as ALP
Vijay Electricals Limited vs. ACIT
(2014) TaxCorp(LJ) 4288 (ITAT-HYDERABAD)
Direct Tax ·ITAT Bangalore · 20 Oct 2014
Transfer Pricing: Turnover filter is an important criteria in choosing comparables
Trilogy E-Business Software India vs. DCIT
(2014) TaxCorp(LJ) 4287 (ITAT-BANGALORE)
Direct Tax ·ITAT Pune · 21 Oct 2014
Grant given to safeguard the interests of depositors, though used for meeting SLR requirements of RBI relatable to its banking activity, is still capital in nature
The Nanded District Central Co-op. Bank Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4286 (ITAT-PUNE)
Direct Tax ·ITAT Mumbai · 24 Oct 2014
S. 41(1): Unclaimed & unproven liabilities are deemed to have ceased and are assessable as income
ITO. Vs. Sajjankumar Didwani
(2014) TaxCorp(LJ) 4285 (ITAT-MUMBAI) · Section. 41(1)
Direct Tax ·ITAT Mumbai · 24 Oct 2014
No S. 14A/ Rule 8D Disallowance if accounts not examined. Consent fee paid to SEBI is not penalty for infraction of law
ITO. vs. Reliance Share and Stock Brokers (P) Ltd.
(2014) TaxCorp(LJ) 4284 (ITAT-MUMBAI) · Section. 14A
Direct Tax ·ITAT Kolkata · 28 Oct 2014
S. 50C: AO cannot straightaway adopt stamp duty value as consideration for capital gains but must offer assessee benefit of reference to DVO for valuation
ITO vs. Onkarmal Kajaria Family Trust
(2014) TaxCorp(LJ) 4283 (ITAT-KOLKATA) · Section. 50C
Direct Tax ·ITAT Cochin · 24 Oct 2014
Charter hire payment is not assessable as royalty, there is no obligation to deduct TDS and no disallowance u/s 40(a)(i) can be made
Mathewsons Exports & Imports vs. ACIT
(2014) TaxCorp(LJ) 4282 (ITAT-COCHIN) · Section. 40(a)(i)
Direct Tax ·ITAT Hyderabad · 24 Oct 2014
S. 2(1A): Gains from sale of agricultural land is exempt even though purchaser intends to use the land for commercial purposes
DCIT. vs. M. Kalyan Chakravarthy
(2014) TaxCorp(LJ) 4281 (ITAT-HYDERABAD) · Section. 2(1A)
Direct Tax ·ITAT Mumbai · 24 Oct 2014
Various arguments on the applicability of s. 14A & Rule 8D where the AO has not recorded satisfaction, where the shares are held in strategic/ subsidiary companies, held as stock-in-trade, where there are surplus funds and the quantum of disallowance under Explanation (f) to s. 115JA/ 115JB considered
HSBC Invest Direct (India) Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4280 (ITAT-MUMBAI) · Section. 14A, 115JA, 115JB
Direct Tax ·ITAT Hyderabad · 24 Oct 2014
Transfer pricing principles on right of TPO to collect info u/s 133(6), exclusion of high profit comparables, adjustment for limited risk environment, exclusion of reimbursement costs for computing operation margins explained
HSBC Electronic Data Processing India vs. ACIT
(2014) TaxCorp(LJ) 4279 (ITAT-HYDERABAD) · Section. 133(6)
Direct Tax ·ITAT Mumbai · 24 Oct 2014
Law on the tests to distinguish whether gains on sale of shares is short-term or business profits explained
Harsha L. Tahilramani vs. ACIT
(2014) TaxCorp(LJ) 4278 (ITAT-MUMBAI)
Direct Tax ·Bombay High Court · 28 Oct 2014
S. 2(24)(x) r.w.s 36(1)(va) & 43B: Even employees' contribution to PF etc is allowable if deposited before due date of filing ROI
CIT. vs. Ghatge Patil Transports Ltd.
(2014) TaxCorp(LJ) 4277 (HC-BOMBAY) · Section. 2(24)(x)
Direct Tax ·ITAT Bangalore · 28 Oct 2014
Second proviso to s. 40(a)(ia) inserted w.e.f. 1.4.2013 should be treated as retrospectively applicable from 1.4.2005 and no disallowance for want of TDS can be made if payee has paid tax thereon. Assessee must be given opportunity to file Form 26A
G. Shankar vs. ACIT
(2014) TaxCorp(LJ) 4276 (ITAT-BANGALORE) · Section. 40(a)(ia)
Direct Tax ·ITAT Bangalore · 29 Oct 2014
Foreign exchange fluctuation gain arising on realization of trade debtor’s, payment to creditors etc is operational income. Tests for distinguishing secondment contract with technical services agreement
Cisco Systems Services B.E vs. ADIT (IT)
(2014) TaxCorp(LJ) 4275 (ITAT-BANGALORE)
Direct Tax ·ITAT Delhi · 29 Oct 2014
“Umbrage” taken in Casio that BMW did not follow L. G. Electronics is based on “wrong head note”. L. G. does not deal with a case of distributor and so there is no conflict with the law laid down therein
BMW India Pvt. Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4274 (ITAT-DELHI)
Direct Tax ·ITAT Kolkata · 24 Oct 2014
Rule 8D(ii) & 8D(iii) do not apply to shares held as stock-in-trade. Loss arising out of derivatives from the income arising out of buying and selling of shares
DCIT. vs. Baljit Securities Private Limited
(2014) TaxCorp(LJ) 4273 (ITAT-KOLKATA)
Direct Tax ·ITAT Jaipur · 24 Oct 2014
Bogus purchases: Filing of confirmation of suppliers with PAN and TIN number are not sufficient to prove the purchases are genuine if they are not supported by other facts including delivery of goods & presence of suppliers
Anuj Kumar Varshney
(2014) TaxCorp(LJ) 4272 (ITAT-JAIPUR)
Direct Tax ·ITAT Hyderabad · 22 Oct 2014
In view of the finding of the service-tax authorities that services were rendered, argument that amount paid is a reimbursement of actual cost without profit element is not acceptable and it is chargeable as “fee for included services”
AMD Research & Development Center vs. DCIT
(2014) TaxCorp(LJ) 4271 (ITAT-HYDERABAD)
Direct Tax ·ITAT Mumbai · 16 Oct 2014
S. 271(1)(c): Wrong claim for depreciation by showing a finance or loan transaction as a lease transaction attracts penalty
Times Guaranty Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4270 (ITAT-MUMBAI) · Section. 271(1)(c)
Direct Tax ·ITAT Hyderabad · 14 Oct 2014
TPO cannot question commercial expediency of payment to AE. RBI approval to a transaction implies it is at arms' length price
DCIT. Vs. Owens Corning Industries (India) Pvt. Ltd.
(2014) TaxCorp(LJ) 4269 (ITAT-HYDERABAD)

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