All landmark rulings

1. Direct Tax ·ITAT Kolkata · 16 Oct 2014
   Rule 37BA (credit for TDS) inserted w.e.f. 01.04.2009 to mitigate hardship to taxpayers has to be treated as being retrospective in nature

   Parmanand Tiwari vs. ITO

   (2014) TaxCorp(LJ) 4268 (ITAT-KOLKATA)

2. Direct Tax ·Bombay High Court · 14 Oct 2014
   Advertisement expenditure incurred by agent to popularize the business of the channel run by the foreign principal is allowable as there is a direct business between the expenditure and the assessee's business as agent. The fact that the foreign principals also benefited does not entail right to deny deduction under section 37(1)

   CIT. vs. N.G.C. Network (India) P. Ltd.

   (2014) TaxCorp(LJ) 4267 (HC-BOMBAY) · Section 37(1)

3. Direct Tax ·ITAT Delhi · 06 Oct 2014
   No disallowance u/s 14A & Rule 8D can be made towards exempt income earned on strategic investments

   Interglobe Enterprises Ltd. vs. DCIT

   (2014) TaxCorp(LJ) 4266 (ITAT-DELHI) · Section. 14A

4. Direct Tax ·ITAT Bangalore · 18 Oct 2014
   Entire law on taxation of private specific/ discretionary trusts under revocable & irrevocable transfers and AOPs explained

   DCIT vs. India Advantage Fund-VII

   (2014) TaxCorp(LJ) 4265 (ITAT-BANGALORE)

5. Direct Tax ·ITAT Delhi · 15 Oct 2014
   Expenditure by way of royalty for use of technology cannot be disallowed on the ground of being capital in nature or for non-business purpose

   Groz Engineering Tools Pvt. Ltd. vs. DCIT

   (2014) TaxCorp(LJ) 4264 (ITAT-DELHI)

6. Direct Tax ·ITAT Cochin · 15 Oct 2014
   S. 14A: In applying Rule 8D(2)(ii) interest expenses directly attributable to tax exempt income as also directly attributable to taxable income, are required to be excluded from computation of common interest expenses to be allocated.

   Geojit Investment Services Ltd vs. ACIT

   (2014) TaxCorp(LJ) 4263 (ITAT-COCHIN) · Section. 14A

7. Direct Tax ·ITAT Delhi · 18 Oct 2014
   Adjustment for capacity underutilization has to be in the results of the comparables and not the tested party. A 100% captive unit has to show that underutilization was for reasons beyond its control

   DCIT vs. EDAG Engineers & Design India Pvt Ltd.

   (2014) TaxCorp(LJ) 4262 (ITAT-DELHI)

8. Direct Tax ·ITAT Delhi · 18 Oct 2014
   In computing operating profits, expenditure of other years has to be excluded. Forex gains and losses have to be treated at par

   ITO vs. EDAG Engineers & Design India Pvt Ltd.

   (2014) TaxCorp(LJ) 4261 (ITAT-DELHI)

9. Direct Tax ·ITAT Delhi · 18 Oct 2014
   CUP cannot be applied on hypothetical or imaginary value but a real value on which similar transactions have taken place is required. TPO has no jurisdiction to question commercial expediency of transaction

   AWB India Pvt. Ltd. vs. DCIT

   (2014) TaxCorp(LJ) 4260 (ITAT-DELHI)

10. Direct Tax ·ITAT Mumbai · 20 Oct 2014
    S. 43(5)(a): Loss on foreign currency forward contracts by a manufacturer/ exporter is a “speculation loss” and not a “hedging loss”

    Araska Diamond Pvt. Ltd vs. ACIT

    (2014) TaxCorp(LJ) 4259 (ITAT-MUMBAI) · Section. 43(5)(a)

11. Direct Tax ·ITAT Bangalore · 17 Oct 2014
    S. 14A & Rule 8D disallowance cannot be made if there is no exempt income. Cheminvest Ltd. vs. ITO 121 ITD 318 (Ahd) (SB) is not good law.

    Alliance Infrastructure Projects Pvt. Ltd vs. DCIT (ITAT Bangalore)

    (2014) TaxCorp(LJ) 4258 (ITAT-BANGALORE) · Section. 14A

12. Direct Tax ·ITAT Indore · 13 Oct 2014
    No Penalty on claim of Provision for Doubtful Debts

    DCIT. v. NEPA Limited

    (2014) TaxCorp(LJ) 4257 (ITAT-INDORE)

13. Direct Tax ·ITAT Delhi · 28 Mar 2014
    A mere diference is perception of CIT & AO cannot make the order erroneous & prejudicial to the interest or revenue

    Smt. N.K. Vinayak vs Commissioner of Income Tax

    (2014) TaxCorp(LJ) 4256 (ITAT-DELHI)

14. Direct Tax ·ITAT Bangalore · 10 Oct 2014
    No disallowance for non-payment of TDS can be made if payee has paid tax thereon

    Shri G.Shankar Vs. Asst. Commissioner of Income-tax

    (2014) TaxCorp(LJ) 4255 (ITAT-BANGALORE)

15. Direct Tax ·Delhi High Court · 17 Oct 2014
    S. 148 Reopening based on re-appreciation of same material on record not valid

    Global Signal Cables (India) Pvt. Ltd. Vs. DCIT

    (2014) TaxCorp(LJ) 4254 (HC-DELHI) · Section. 148

16. Direct Tax ·ITAT Delhi · 10 Oct 2014
    Loss from a Business Activity cannot be disallowed for mere non mention of that Activity in Form 3CD

    ACIT. Vs. Sh. Amarjeet Singh Sethi

    (2014) TaxCorp(LJ) 4253 (ITAT-DELHI)

17. Direct Tax ·ITAT Mumbai · 10 Oct 2014
    Sec. 194A TDS not deductible on Hundi discount as it is not interest

    DCIT. Vs. Shri Harnamsingh Kulbirsingh Maker

    (2014) TaxCorp(LJ) 4252 (ITAT-MUMBAI) · Section. 194A

18. Direct Tax ·Delhi High Court · 25 Sep 2014
    In case of disclosure of material facts of during original assessment proceeding, AO cannot issue re-assessment notice u/s 148 of the Act to find nature of same

    Oracle India Pvt. Ltd. Vs. DCIT.

    (2014) TaxCorp(LJ) 4251 (HC-DELHI) · Section. 25.09.2014

19. Direct Tax ·Delhi High Court · 12 Sep 2014
    S. 80IC Assembling of Tools & Machinery for final product is equal to manufacturing process

    CIT. Vs. M/s. Faith Biotech Pvt. Ltd.

    (2014) TaxCorp(LJ) 4250 (HC-DELHI) · Section. 80IC

20. Direct Tax ·ITAT Lucknow · 25 Aug 2014
    Penalty u/s 271(1)(c) should not be levied on the amount which was voluntarily surrendered by the assessee during survey

    ITO. Vs. M/s Indian & Overseas Trading Co.

    (2014) TaxCorp(LJ) 4249 (ITAT-LUCKNOW) · Section. 271(1)(c)

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