Direct tax Weekly Digest

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)

Weekly Digest #36 17 Sep to 23 Sep 2016 6 Rulings

High Court HC:Dismisses Revenue appeal in JC Bamford's case for 660 days delay in re-filing appeal

Sep 19, 2016

In Favour of : Assessee
Citation Number : TS-508-HC-2016(DEL)

High Court HC:Sec 54F benefit restricted for non-deposit of amount in capital-gains account scheme

Sep 19, 2016

In Favour of : Revenue
Citation Number : TS-509-HC-2016(BOM)

High Court HC:Upholds change in stock-valuation method from lowest price to weighted average

Sep 22, 2016

In Favour of : Assessee
Citation Number : TS-518-HC-2016(BOM)

High Court HC:Accepts assessee's bonafide-belief plea on taxability of corporate-service income; Deletes 271(1)(c) penalty

Sep 23, 2016

In Favour of : Assessee
Citation Number : TS-519-HC-2016(BOM)

Supreme Court SC:Reverses HC, Presumptive tax provision u/s 44AD inapplicable if gross-receipts exceed eligible limit

Sep 23, 2016

In Favour of : Assessee
Citation Number : TS-520-SC-2016

Supreme Court SC:Dismisses Revenue's SLP, 'Initial AY' u/s 80IA not business commencement year applying circular 1/2016

Sep 23, 2016

In Favour of : Assessee
Citation Number : TS-521-SC-2016

Weekly Digest #35 10 Sep to 16 Sep 2016 3 Rulings

Income tax Appellate Tribunal ITAT:Use of moulds in assessee's factory irrelevant, grants depreciation at 30

Sep 12, 2016

In Favour of : Both, Partially
Citation Number : TS-494-ITAT-2016(DEL)

High Court HC:Upholds reassessment u/s 147 not undertaken at audit party's behest

Sep 16, 2016

In Favour of : Revenue
Citation Number : TS-504-HC-2016(GUJ)

Income tax Appellate Tribunal ITAT:Payment of bareboat hire charges not taxable; Allows relief under India-France MFN clause

Sep 16, 2016

In Favour of : Assessee
Citation Number : TS-505-ITAT-2016(CHNY)

Weekly Digest #34 03 Sep to 09 Sep 2016 3 Rulings

High Court HC:Includes debenture raised by assessee-company to capital for computing surtax

Sep 09, 2016

In Favour of : Revenue
Citation Number : TS-488-HC-2016(BOM)

High Court HC:Rejects Revenue's no new-unit plea, grants Sec.80IB deduction

Sep 08, 2016

In Favour of : Assessee
Citation Number : TS-484-HC-2016(P & H)

Income tax Appellate Tribunal ITAT:Share-warrants not extinguished on non-exercise of option, resultant loss not allowable

Aug 31, 2016

In Favour of : Revenue
Citation Number : TS-472-ITAT-2016(Mum)

Weekly Digest #33 27 Aug to 02 Sep 2016 3 Rulings

Income tax Appellate Tribunal ITAT:Service tax reduced from royalty income not taxable as assessee's income

Sep 01, 2016

In Favour of : Both, Partially
Citation Number : TS-475-ITAT-2016(Mum)

Income tax Appellate Tribunal ITAT:Recoupment of expenditure in foreign currency constitutes reimbursement

Sep 02, 2016

In Favour of : Both, Partially
Citation Number : TS-476-ITAT-2016(Bang)

High Court HC:Income from rubber plantation situated in Malaysia not taxable in India

Sep 02, 2016

In Favour of : Assessee
Citation Number : TS-478-HC-2016(MAD)

Weekly Digest #32 13 Aug to 26 Aug 2016 5 Rulings

Income tax Appellate Tribunal ITAT:Allows sec-11 exemption to Apeejay Education society, as all exemption conditions fulfilled

Aug 25, 2016

In Favour of : Assessee
Citation Number : TS-458-ITAT-2016(ASR)

Income tax Appellate Tribunal ITAT:Fixed remuneration to consultant-doctors constitutes salary, TDS u/s 194J inapplicable

Aug 26, 2016

In Favour of : Revenue
Citation Number : TS-460-ITAT-2016(Bang)

High Court HC:Dismisses writ challenging reassessment, directs following procedure mandated by SC in GKN Driveshafts case

Aug 26, 2016

In Favour of : Revenue
Citation Number : TS-461-HC-2016(MAD)

Income tax Appellate Tribunal ITAT:NR payment towards project-specific drawings/designs not FTS absent transfer of technology

Aug 26, 2016

In Favour of : Assessee
Citation Number : TS-462-ITAT-2016(PUN)

High Court HC:No 'aerial' agricultural land distance computation absent public-access to municipality, grants exemption

Aug 26, 2016

In Favour of : Assessee
Citation Number : TS-464-HC-2016(MAD)

Weekly Digest #31 06 Aug to 12 Aug 2016 4 Rulings

Income tax Appellate Tribunal ITAT:No Sec 40A(3) disallowance for direct cash deposit in suppliers bank a/c

Aug 12, 2016

In Favour of : Assessee
Citation Number : TS-441-ITAT-2016(Kol)

High Court HC:Reverses ITAT order; Allows setoff of loss carried forward from old business

Aug 12, 2016

In Favour of : Assessee
Citation Number : TS-442-HC-2016(GUJ)

High Court HC:NPA interest not taxable on accrual basis; Revenue to follow RBI's income-recognition norms

Aug 12, 2016

In Favour of : Assessee
Citation Number : TS-443-HC-2016(GUJ)

Income tax Appellate Tribunal ITAT:Co-owner not liable to be taxed on STCG absent investment in property

Aug 12, 2016

In Favour of : Assessee
Citation Number : TS-444-ITAT-2016(Mum)

Weekly Digest #30 30 Jul to 05 Aug 2016 4 Rulings

Income tax Appellate Tribunal ITAT:Disbursal of prize monies on lottery tickets not commission; Quashes revision order u/s263

Aug 05, 2016

In Favour of : Assessee
Citation Number : TS-423-ITAT-2016(Kol)

Supreme Court SC:Dismisses Shibu Soren's review-petition against SLP dismissal, HC had quashed ITAT-order quashing block-assessment

Aug 05, 2016

In Favour of : Revenue
Citation Number : TS-424-SC-2016

High Court HC:Quashes reassessment on treatment of income earned from licencing premises

Aug 05, 2016

In Favour of : Assessee
Citation Number : TS-426-HC-2016(DEL)

Income tax Appellate Tribunal ITAT:Deletes Sec. 14A disallowance on shipping-company subject to tonnage tax scheme

Aug 05, 2016

In Favour of : Assessee
Citation Number : TS-427-ITAT-2016(Mum)

Weekly Digest #29 23 Jul to 29 Jul 2016 6 Rulings

High Court HC: Disallows structural renovation expenditure incurred by tenant for enduring benefit

Jul 28, 2016

In Favour of : Assessee
Citation Number : TS-407-HC-2016(BOM)

Income tax Appellate Tribunal ITAT:Quashes reassessment; Rejects Revenue's attempt of resorting to Explanation 1 to Sec. 147

Jul 29, 2016

In Favour of : Assessee
Citation Number : TS-408-ITAT-2016(Kol)

Income tax Appellate Tribunal ITAT:Interest payment in relation to strategic investments in group-companies allowable u/s 36(1)(iii)

Jul 29, 2016

In Favour of : Assessee
Citation Number : TS-409-ITAT-2016(Mum)

Income tax Appellate Tribunal ITAT:Upholds Sec 263 order in case of an iron-ore trader for under-invoicing

Jul 29, 2016

In Favour of : Revenue
Citation Number : TS-411-ITAT-2016(PAN)

High Court HC:Profit on sale of land by educational trust eligible for Sec. 11 exemption

Jul 29, 2016

In Favour of : Assessee
Citation Number : TS-412-HC-2016(MAD)

Income tax Appellate Tribunal ITAT:Annuls assessment order absent issuance of mandatory notice u/s 143(2)

Jul 29, 2016

In Favour of : Assessee
Citation Number : TS-413-ITAT-2016(PAN)