Direct tax Weekly Digest

Weekly Digest #9 25 Mar to 07 Apr 2017 4 Rulings

Income tax Appellate Tribunal ITAT:Income from operating ships in international traffic not taxable, applies POEM guidelines

Apr 07, 2017

In Favour of : Assessee
Citation Number : TS-135-ITAT-2017(Rjt)

High Court HC: Exorbitant 'legal fees' no ground to deny Sec. 37 deduction claim

Apr 07, 2017

In Favour of : Assessee
Citation Number : TS-137-HC-2017(MAD)

Income tax Appellate Tribunal ITAT:Grants charity exemption to Sec. 25 company engaged in cyber security services

Apr 07, 2017

In Favour of : Assessee
Citation Number : TS-138-ITAT-2017(DEL)

High Court HC:Allows balance additional depreciation in succeeding year; Finance Act, 2015 amendment, retrospective

Apr 07, 2017

In Favour of : Assessee
Citation Number : TS-136-HC-2017(MAD)

Weekly Digest #8 18 Mar to 24 Mar 2017 3 Rulings

Income tax Appellate Tribunal ITAT:No Sec 194C TDS on Sugar manufacturing company's payment to contractors on farmers' behalf

Mar 24, 2017

In Favour of : Assessee
Citation Number : TS-114-ITAT-2017(VIZ)

Income tax Appellate Tribunal ITAT:NBFC's statutory fund transfer, not diversion of income, denies deduction

Mar 24, 2017

In Favour of : Revenue
Citation Number : TS-115-ITAT-2017(CHNY)

Income tax Appellate Tribunal ITAT:Gains on mortgaged-property sale, though received by Bank, not income-diversion for taxpayer

Mar 24, 2017

In Favour of : Revenue
Citation Number : TS-116-ITAT-2017(CHNY)

Weekly Digest #7 04 Mar to 17 Mar 2017 5 Rulings

Supreme Court SC: Declines to interfere in exercise of jurisdiction u/s 263 absent leakage of revenue

Mar 10, 2017

In Favour of : Assessee
Citation Number : TS-90-SC-2017

Income tax Appellate Tribunal ITAT:Deletes Sec 14A disallowance on Morgan Stanley, absent exempt income earning

Mar 15, 2017

In Favour of : Assessee
Citation Number : TS-98-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT: Co-operative society not 'person' u/s 2(31) pre-2002 amendment; rejects assessment as AOP

Mar 17, 2017

In Favour of : Assessee
Citation Number : TS-103-ITAT-2017(DEL)

High Court HC:Non-filing return by NR despite accrued bank-interest, not valid reopening reason

Mar 10, 2017

In Favour of : Assessee
Citation Number : TS-91-HC-2017(BOM)

High Court HC:Director's statement during search, sufficient satisfaction for company's assessment u/s 153C

Mar 17, 2017

In Favour of : Both, Partially
Citation Number : TS-105-HC-2017(DEL)

Weekly Digest #6 18 Feb to 03 Mar 2017 3 Rulings

High Court HC:Upholds capital gains exclusion from book profit calculation u/s 115JB, grants Sec 54EC benefit

Mar 03, 2017

In Favour of : Assessee
Citation Number : TS-708-HC-2016(MAD)

Income tax Appellate Tribunal ITAT:Software payments to NR, not royalty under India-Singapore DTAA

Mar 03, 2017

In Favour of : Assessee
Citation Number : TS-81-ITAT-2017(Kol)

High Court HC: Dismisses writ; Empowers ITAT to call for records / file in connection with transfer-order u/s 127

Mar 03, 2017

In Favour of : Both, Partially
Citation Number : TS-82-HC-2017(DEL)

Weekly Digest #5 11 Feb to 17 Feb 2017 3 Rulings

High Court HC:Assessee's ground for non-payment of advance-tax non-existent, confirms interest levied u/s 215

Feb 17, 2017

In Favour of : Revenue
Citation Number : TS-60-HC-2017(BOM)

High Court HC:Deletes Sec. 40(a)(ia) disallowance on interest paid to foreign supplier towards machinery imported

Feb 17, 2017

In Favour of : Assessee
Citation Number : TS-62-HC-2017(DEL)

High Court HC:Upholds ITAT; Investment trust not assessable as AOP; Sec 164(1) inapplicable

Feb 17, 2017

In Favour of : Assessee
Citation Number : TS-63-HC-2017(KAR)

Weekly Digest #4 04 Feb to 10 Feb 2017 3 Rulings

Income tax Appellate Tribunal ITAT:FTS, not taxable sans specific FTS article under India-Thai DTAA; Rejects residuary-clause applicability under Article 22

Feb 06, 2017

In Favour of : Assessee
Citation Number : TS-37-ITAT-2017(CHNY)

Income tax Appellate Tribunal ITAT:Allows interest deduction u/s 24(b) on vacant property subject to offering 'notional' rental-income

Feb 10, 2017

In Favour of : Revenue
Citation Number : TS-47-ITAT-2017(Mum)

Income tax Appellate Tribunal ITAT: NR's project office in India, not installation PE absent contract execution through PO

Feb 10, 2017

In Favour of : Assessee
Citation Number : TS-48-ITAT-2017(Kol)

Weekly Digest #3 15 Jan to 20 Jan 2017 4 Rulings

High Court HC: Upholds deletion of unexplained income u/s 68 absent intensive investigation by AO

Jan 18, 2017

In Favour of : Assessee
Citation Number : TS-18-HC-2017(DEL)

High Court HC:Sets-aside ITAT order dismissing rectification application in breach of Tribunal-Rules

Jan 19, 2017

In Favour of : Assessee
Citation Number : TS-19-HC-2017(BOM)

Income tax Appellate Tribunal ITAT:NR-payments for IPS not taxable as stay in India less than 183 days

Jan 20, 2017

In Favour of : Assessee
Citation Number : TS-23-ITAT-2017(Mum)

High Court HC:Power to grant/refuse 'compounding application', discretionary; CBDT's 'eligibility criteria', a mere guidance

Jan 20, 2017

In Favour of : Assessee
Citation Number : TS-25-HC-2017(DEL)

Weekly Digest #2 07 Jan to 14 Jan 2017 3 Rulings

High Court HC:Allows investment allowance u/s32A on machinery leased despite no actual-use” by assessee

Jan 13, 2017

In Favour of : Assessee
Citation Number : TS-11-HC-2017(BOM)

Income tax Appellate Tribunal ITAT:Confirms Sec. 14A disallowance for assessee-dealer in shares, Rejects no expense plea

Jan 13, 2017

In Favour of : Revenue
Citation Number : TS-702-ITAT-2016(CHNY)

Supreme Court SC:Dismisses assessee's SLP challenging share-application money probe u/s 263

Jan 14, 2017

In Favour of : Assessee
Citation Number : TS-13-SC-2017

Weekly Digest #1 31 Dec to 06 Jan 2017 3 Rulings

High Court HC:Upholds Sec 271(1)(c) penalty deletion for wrong loss set-off claim based on CA opinion

Jan 06, 2017

In Favour of : Assessee
Citation Number : TS-699-HC-2016(P & H)

Income tax Appellate Tribunal ITAT:Common utility terminal payments by airlines, a payment for 'facility', not FTS

Jan 06, 2017

In Favour of : Assessee
Citation Number : TS-697-ITAT-2016(Mum)

Income tax Appellate Tribunal ITAT:Quashes CIT's Sec 263 order directing brought forward loss set-off against Sec 10A profits

Jan 06, 2017

In Favour of : Assessee
Citation Number : TS-698-ITAT-2016(Mum)

Weekly Digest #47 24 Dec to 30 Dec 2016 3 Rulings

Income tax Appellate Tribunal ITAT:Sets-aside CIT(A) order rejecting assessee's additional evidence, battling with wife's illness

Dec 30, 2016

In Favour of : Assessee
Citation Number : TS-685-ITAT-2016(DEL)

Supreme Court SC: Dismisses Revenue's SLP; Invoking revision-proceedings u/s 263 barred in case of 'inadequate inquiry'

Dec 30, 2016

In Favour of : Assessee
Citation Number : TS-686-SC-2016

High Court HC:Deletes Sec. 14A disallowance sans examination of assessee's claim

Dec 30, 2016

In Favour of : Assessee
Citation Number : TS-687-HC-2016(DEL)

Weekly Digest #46 17 Dec to 23 Dec 2016 4 Rulings

Income tax Appellate Tribunal ITAT:Deletes 40(a)(ia) disallowance on payment of finance charges; Follows coordinate bench ruling

Dec 21, 2016

In Favour of : Assessee
Citation Number : TS-670-ITAT-2016(HYD)

Income tax Appellate Tribunal ITAT:Revenue earned by Dutch-entity on licensed product's sale for software use not royalty

Dec 22, 2016

In Favour of : Assessee
Citation Number : TS-673-ITAT-2016(Mum)

High Court HC:Rejects ITAT's literal interpretation to section 153C 2015-amendment; Upholds block assessment

Dec 23, 2016

In Favour of : Revenue
Citation Number : TS-675-HC-2016(DEL)

Income tax Appellate Tribunal ITAT:Loss on sale of securities to 'third party' held as business loss

Dec 23, 2016

In Favour of : Assessee
Citation Number : TS-677-ITAT-2016(Mum)

Weekly Digest #45 10 Dec to 16 Dec 2016 3 Rulings

High Court HC:Revenue debarred from re-looking assessee's set-off claim by invoking Sec. 147

Dec 16, 2016

In Favour of : Assessee
Citation Number : TS-656-HC-2016(DEL)

Supreme Court SC:Dismisses Revenue's SLP challenging grant of Sec.80IB housing deduction on 'part project'

Dec 16, 2016

In Favour of : Assessee
Citation Number : TS-659-SC-2016

Income tax Appellate Tribunal ITAT: Upholds Sec.40A(3) disallowance; Exception under Rule 6DD for payment to agent inapplicable

Dec 16, 2016

In Favour of : Assessee
Citation Number : TS-660-ITAT-2016(DEL)

Weekly Digest #44 03 Dec to 09 Dec 2016 1 Ruling

High Court HC:Quashes reassessment hit by limitation; Sec. 153 applicable absent finding/direction in ITAT's order

Dec 09, 2016

In Favour of : Assessee
Citation Number : TS-647-HC-2016(BOM)

Weekly Digest #43 26 Nov to 02 Dec 2016 1 Ruling

Supreme Court SC:Dismisses Revenue's SLP against Uttarakhand HC's ONGC ruling

Dec 02, 2016

In Favour of : Assessee
Citation Number : TS-640-SC-2016

Weekly Digest #42 19 Nov to 25 Nov 2016 4 Rulings

High Court HC:Upholds transfer u/s 127 for coordinated post search investigation

Nov 25, 2016

In Favour of : Assessee
Citation Number : TS-628-HC-2016(DEL)

High Court HC:Tribunal duty-bound to consider assessee's alternative plea raised during hearing

Nov 25, 2016

In Favour of : Assessee
Citation Number : TS-629-HC-2016(BOM)

High Court HC:Lack of precise” reasons in notice issued u/s 127 doesn't constitute fatal infirmity

Nov 25, 2016

In Favour of : Assessee
Citation Number : TS-630-HC-2016(DEL)

Income tax Appellate Tribunal ITAT:Meagre credit-balance doesn't amount to loans & advances for attracting Sec. 2(22)(e)

Nov 25, 2016

In Favour of : Assessee
Citation Number : TS-631-ITAT-2016(DEL)

Weekly Digest #41 12 Nov to 18 Nov 2016 1 Ruling

High Court HC:Lack of detailed reasoning in transfer order doesn't ensue grave-prejudice” to assessee

Nov 18, 2016

In Favour of : Revenue
Citation Number : TS-610-HC-2016(DEL)

Weekly Digest #40 04 Nov to 11 Nov 2016 2 Rulings

Income tax Appellate Tribunal ITAT:Forex gain on ECB restatement a capital receipt; Relies on Woodward Governor (SC)

Nov 07, 2016

In Favour of : Assessee
Citation Number : TS-590-ITAT-2016(Bang)

High Court HC:Revenue's threat to initiate penalty/prosecution proceedings on return-filing failure unjustified

Nov 11, 2016

In Favour of : Assessee
Citation Number : TS-595-HC-2016(MAD)

Weekly Digest #39 23 Oct to 03 Nov 2016 2 Rulings

Income tax Appellate Tribunal ITAT:Call option fees for securing investor's risk allowable as business expenditure

Nov 03, 2016

In Favour of : Assessee
Citation Number : TS-584-ITAT-2016(DEL)

High Court HC:Quashes reassessment proceedings sans allusion of tangible material

Nov 03, 2016

In Favour of : Assessee
Citation Number : TS-585-HC-2016(DEL)

Weekly Digest #38 01 Oct to 22 Oct 2016 1 Ruling

Income tax Appellate Tribunal ITAT:Excludes growth fund not yielding exempt income from Sec. 14A disallowance

Oct 22, 2016

In Favour of : Both, Partially
Citation Number : TS-566-ITAT-2016(Mum)

Weekly Digest #37 24 Sep to 30 Sep 2016 4 Rulings

Income tax Appellate Tribunal ITAT:Income from operation of shopping mall assessable as business income

Sep 30, 2016

In Favour of : Assessee
Citation Number : TS-535-ITAT-2016(Mum)

Income tax Appellate Tribunal ITAT: Grants stay extension to ICICI Securities for outstanding demand of 4.31 crores

Sep 30, 2016

In Favour of : Assessee
Citation Number : TS-536-ITAT-2016(Mum)

Income tax Appellate Tribunal ITAT:Allows MTM losses; Follows SC ruling in Woodward Governor over subsequent CBDT Instruction

Sep 30, 2016

In Favour of : Assessee
Citation Number : TS-537-ITAT-2016(Mum)

Income tax Appellate Tribunal ITAT:Prior-period expense for recasting accounts pursuant to amalgamation allowable

Sep 30, 2016

In Favour of : Both, Partially
Citation Number : TS-538-ITAT-2016(Mum)