Direct tax Weekly Digest

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)

Weekly Digest #28 16 Jul to 22 Jul 2016 5 Rulings

Income tax Appellate Tribunal ITAT:Interest subsidy received by PwC, a capital receipt; Ponni Sugars (SC) relied on

Jul 22, 2016

In Favour of : Assessee
Citation Number : TS-394-ITAT-2016(Kol)

Income tax Appellate Tribunal ITAT:Holds assessee's unsigned return as invalid making Sec 263 revision proceedings -void ab initio

Jul 22, 2016

In Favour of : Assessee
Citation Number : TS-396-ITAT-2016(Kol)

Income tax Appellate Tribunal ITAT:Payment for availing infrastructure facilities not works contract; TDS u/s 194C inapplicable

Jul 22, 2016

In Favour of : Assessee
Citation Number : TS-397-ITAT-2016(Kol)

High Court HC:Upholds ITAT's power to grant stay beyond 365-days; Follows Coordinate Bench rulings

Jul 22, 2016

In Favour of : Assessee
Citation Number : TS-398-HC-2016(BOM)

High Court HC:Chastises Revenue counsels laying down suggestions for appropriate representation

Jul 22, 2016

In Favour of : Assessee
Citation Number : TS-399-HC-2016

Weekly Digest #27 09 Jul to 15 Jul 2016 4 Rulings

High Court HC:Takes possession date and not agreement date for determining land's effective” holding period

Jul 13, 2016

In Favour of : Revenue
Citation Number : TS-379-HC-2016(BOM)

Income tax Appellate Tribunal ITAT:Cites Revenue's role as watch-dog & not scare-crow; Deletes automatic penalty-levy u/s271(1)(c)

Jul 15, 2016

In Favour of : Assessee
Citation Number : TS-382-ITAT-2016(Mum)

Income tax Appellate Tribunal ITAT:Rendering services within India not equivalent to export; Denies deduction u/s 10AA

Jul 15, 2016

In Favour of : Revenue
Citation Number : TS-383-ITAT-2016(CHNY)

Supreme Court SC:SC admits Revenue's SLP on taxability of lease-line charges reimbursement

Jul 15, 2016

In Favour of : Revenue
Citation Number : TS-384-SC-2016

Weekly Digest #26 02 Jul to 08 Jul 2016 6 Rulings

Supreme Court SC: Refund of excise-duty for setting up industrial undertaking not taxable as revenue receipt

Jul 08, 2016

In Favour of : Assessee
Citation Number : TS-367-SC-2016

Supreme Court SC: Refund of excise-duty for setting up industrial undertaking not taxable as revenue receipt

Jul 08, 2016

In Favour of : Assessee
Citation Number : TS-367-SC-2016

Income tax Appellate Tribunal ITAT:Allows mark to market loss on open derivative contracts

Jul 08, 2016

In Favour of : Assessee
Citation Number : TS-370-ITAT-2016(Mum)

Income tax Appellate Tribunal ITAT:Receiving communication on latest fashion trends not FTS; Deletes 40(a)(ia) disallowance

Jul 08, 2016

In Favour of : Assessee
Citation Number : TS-372-ITAT-2016(CHNY)

Income tax Appellate Tribunal ITAT:Rent receipt attributable to” Khadi Mandal's business; Grants exemption u/s 10(23B)

Jul 08, 2016

In Favour of : Assessee
Citation Number : TS-371-ITAT-2016(ASR)

Income tax Appellate Tribunal ITAT:Grants Sec.11 exemption on auditorium income applied for furtherance of assessee's objects

Jul 08, 2016

In Favour of : Assessee
Citation Number : TS-368-ITAT-2016(CHNY)

Weekly Digest #25 25 Jun to 01 Jul 2016 4 Rulings

High Court HC:Transfer-fees from outgoing member not taxable for co-operative housing society applying 'mutuality'

Jun 28, 2016

In Favour of : Assessee
Citation Number : TS-346-HC-2016(BOM)

Income tax Appellate Tribunal ITAT:Repairs & maintenance of building revenue in nature absent creation of extra capacity

Jul 01, 2016

In Favour of : Assessee
Citation Number : TS-353-ITAT-2016(DEL)

Income tax Appellate Tribunal ITAT:Renovation expenses on rented premises incurred by assessee-tenant allowable u/s 30

Jul 01, 2016

In Favour of : Assessee
Citation Number : TS-354-ITAT-2016(DEL)

Income tax Appellate Tribunal ITAT:Swapping charges on transfer of loan deductible u/s 36(1)(iii)

Jul 01, 2016

In Favour of : Assessee
Citation Number : TS-355-ITAT-2016(DEL)

Weekly Digest #24 18 Jun to 24 Jun 2016 3 Rulings

Income tax Appellate Tribunal ITAT:Loss-making units not relevant for computing Sec. 80IB deduction; Follows Delhi HC ruling

Jun 24, 2016

In Favour of : Assessee
Citation Number : TS-341-ITAT-2016(Mum)

High Court HC:Denies Sec. 80P deduction to labour cooperative society outsourcing labour work

Jun 24, 2016

In Favour of : Revenue
Citation Number : TS-342-HC-2016(P & H)

Income tax Appellate Tribunal ITAT:Amounts deposited in golaks” in Gurudwara doesn't amount to anonymous donations but charity

Jun 24, 2016

In Favour of : Assessee
Citation Number : TS-343-ITAT-2016(ASR)

Weekly Digest #23 11 Jun to 17 Jun 2016 3 Rulings

Income tax Appellate Tribunal ITAT:Penalty on undisclosed income pursuant to search leviable u/s 271AAA; Sec.271(1)(c) inapplicable

Jun 17, 2016

In Favour of : Assessee
Citation Number : TS-330-ITAT-2016(DEL)

Income tax Appellate Tribunal ITAT:Sec. 13 to be examined while granting exemption and not registration u/s12A

Jun 17, 2016

In Favour of : Assessee
Citation Number : TS-331-ITAT-2016(CHANDI)

Income tax Appellate Tribunal ITAT:Sec. 206AA can't override beneficial DTAA rates; Follows Pune ITAT ruling in Serum-Institute

Jun 17, 2016

In Favour of : Assessee
Citation Number : TS-332-ITAT-2016(CHNY)

Weekly Digest #22 04 Jun to 10 Jun 2016 4 Rulings

Income tax Appellate Tribunal ITAT:Upholds disallowance of expatriate cost charged by HO, commercial expediency not established

Jun 10, 2016

In Favour of : Both, Partially
Citation Number : TS-319-ITAT-2016(Bang)

High Court HC:Reverses ITAT, denies deduction for one-time settlement payment made to bank

Jun 10, 2016

In Favour of : Assessee
Citation Number : TS-320-HC-2016(CAL)

Income tax Appellate Tribunal ITAT:Confirms concealment penalty levy for not disclosing capital-gains, applies Mak Data (SC)

Jun 10, 2016

In Favour of : Revenue
Citation Number : TS-321-ITAT-2016(HYD)

High Court HC:Upholds rejection of revision-petition u/s 264 absent sufficient explanation for delay of 9 years

Jun 10, 2016

In Favour of : Revenue
Citation Number : TS-322-HC-2016(DEL)

Weekly Digest #21 28 May to 03 Jun 2016 3 Rulings

Income tax Appellate Tribunal ITAT:Disallows excess depreciation to the extent liability on capital asset waived subsequently

Jun 02, 2016

In Favour of : Revenue
Citation Number : TS-298-ITAT-2016(DEL)

Supreme Court SC:Admits assessee's appeal against HC-order declining intervention by way of writ against reassessment

Jun 02, 2016

In Favour of : Assessee
Citation Number : TS-300-SC-2016

Income tax Appellate Tribunal ITAT:Incentives passed on to sister concern not unreasonable”; Deletes disallowance u/s 40A(2)

Jun 03, 2016

In Favour of : Assessee
Citation Number : TS-303-ITAT-2016(Mum)

Weekly Digest #20 21 May to 27 May 2016 3 Rulings

Supreme Court SC:Permits IT-Department to take steps for recovery as assessee no more 'sick'

May 27, 2016

In Favour of : Revenue
Citation Number : TS-288-SC-2016

High Court HC:Grants 60 depreciation on LAN/WAN equipments being computers' essential part

May 23, 2016

In Favour of : Assessee
Citation Number : TS-280-HC-2016(DEL)

High Court HC:Interest u/s234A not leviable on SA tax paid before due-date of furnishing tax-return

May 27, 2016

In Favour of : Assessee
Citation Number : TS-289-HC-2016(KAR)

Weekly Digest #19 14 May to 20 May 2016 4 Rulings

Supreme Court SC:Assessee entitled to interest on refund utilised by the Revenue

May 19, 2016

In Favour of : Assessee
Citation Number : TS-277-SC-2016

High Court HC:Cost-Accountants competent to audit cooperative society's accounts; Assessee entitled to interest on refund, utilised by the Revenue u/s 244(1A)

May 19, 2016

In Favour of : Revenue
Citation Number : TS-276-HC-2016(KAR)

Income tax Appellate Tribunal ITAT:Administrative” CBDT instruction to not preclude DCIT with territorial-jurisdiction from assessing taxpayer

May 19, 2016

In Favour of : Revenue
Citation Number : TS-273-ITAT-2016(Bang)

High Court HC:Modifies earlier order in Hyosung case on AAR application maintainability

May 19, 2016

In Favour of : Assessee
Citation Number : TS-274-HC-2016(DEL)

Weekly Digest #18 07 May to 13 May 2016 3 Rulings

Income tax Appellate Tribunal ITAT:Relinquishment of rights in land not land or building; Sec. 50C inapplicable

May 13, 2016

In Favour of : Assessee
Citation Number : TS-258-ITAT-2016(Ahd)

Income tax Appellate Tribunal ITAT:Investment in stocks germane to business-transactions; Allows partners' remuneration from Sec.69 income

May 13, 2016

In Favour of : Assessee
Citation Number : TS-259-ITAT-2016(CHNY)

Income tax Appellate Tribunal ITAT:Directs strict observance of ITAT's direction; Fresh-claim in second round of appellate-proceedings impermissible

May 13, 2016

In Favour of : Assessee
Citation Number : TS-260-ITAT-2016(Mum)