Direct Tax landmark rulings

1. ITAT Mumbai · 10 Apr 2016
   S. 48: Interest on borrowed money utilized for acquiring shares can be capitalized as cost of acquisition

   DCIT vs. Fritz D. Silva

   (2016) TaxCorp(LJ) 10090 (ITAT-MUMBAI) · Section 48

2. Karnataka High Court · 10 Apr 2016
   S. 147: An assessment cannot be reopened for the purpose of making a fishing and roving enquiry

   C M Mahadeva vs. CIT

   (2016) TaxCorp(LJ) 10089 (HC-KARNATAKA) · Section 147

3. Madras High Court · 08 Apr 2016
   HC - No TDS u/s194I on one-time non-refundable upfront charges for acquiring leasehold rights in land for long duration.

   Foxconn India Developer (P) Ltd. vs. ITO

   (2016) TaxCorp(LJ) 10088 (HC-MADRAS) · Section. 194I

4. ITAT Mumbai · 08 Apr 2016
   ITAT - Interest paid by assessee foreign bank to its head office and foreign branches, not taxable as ‘interest income’.

   BNP Paribas SA vs. ADIT

   (2016) TaxCorp(LJ) 10087 (ITAT-MUMBAI)

5. ITAT Mumbai · 08 Apr 2016
   ITAT - Where technical services are not ‘made available’, payment not FTS under India-UK DTAA.

   Interroute Communications Limited vs. DDIT

   (2016) TaxCorp(LJ) 10086 (ITAT-MUMBAI)

6. ITAT Mumbai · 08 Apr 2016
   ITAT - Assessment on assessee u/s 163 in capacity of an agent valid even subsequent order against non-resident.

   DDIT. vs. Air India Limited- as an agent of Carbijet Inc.

   (2016) TaxCorp(LJ) 10085 (ITAT-MUMBAI)

7. Calcutta High Court · 07 Apr 2016
   HC - Application software is distinct from system software as it has to be constantly updated due to rapid advancements in technology and increasing complexity of the features. Deduction available.

   Indian Aluminium Company Ltd. vs. CIT

   (2016) TaxCorp(LJ) 10084 (HC-CALCUTTA)

8. Kerala High Court · 07 Apr 2016
   HC - Deduction u/s 80P available to assessee registered as primary agricultural credit society under Kerala Cooperative Society Act, 1969.

   Chirakkal service co-operative bank Ltd. vs. CIT

   (2016) TaxCorp(LJ) 10083 (HC-KERALA)

9. Calcutta High Court · 07 Apr 2016
   HC - Payment of damages to lessor for encroachment of land under the lease agreement is allowable as revenue expenditure u/s 37(1).

   Mundial Export Import Finance (P) Ltd. vs. CIT

   (2016) TaxCorp(LJ) 10082 (HC-CALCUTTA) · Section. 37(1)

10. ITAT Jaipur · 07 Apr 2016
    ITAT - Since assessee has treated securities as investment and not as stock in trade in all the years, consistency' principle of CBDT Circular 6/2016 applicable. Revenue not permitted to take a contrary view.

    DCIT. Vs. Mahender Kumar Bader

    (2016) TaxCorp(LJ) 10081 (ITAT-JAIPUR)

11. ITAT Bangalore · 07 Apr 2016
    ITAT - Unabsorbed depreciation is not a loss but allowances under section 32. Sec 79 is inapplicable to set off and carry forward of unabsorbed depreciation.

    Swiss Re Healthcare Services P. Ltd. vs. PCIT

    (2016) TaxCorp(LJ) 10080 (ITAT-BANGALORE) · Section. 79

12. ITAT Mumbai · 05 Apr 2016
    Transfer Pricing - alleged excess investment in share capital of wholly owned subsidiary cannot be termed as loan and notional interest charged thereon

    Topsgrup Electronic Systems v ITO

    (2016) TaxCorp(LJ) 10079 (ITAT-MUMBAI)

13. ITAT Mumbai · 05 Apr 2016
    S. 271(1)(c): If show-cause notice does not delete inappropriate words whereby it was not clear as to whether the default is concealing particulars of income or for furnishing inaccurate particulars of income, the levy of penalty is inv

    Sanghavi Savla Commodity Brokers Pvt Ltd vs. ACIT

    (2016) TaxCorp(LJ) 10078 (ITAT-MUMBAI) · Section 271(1)(c)

14. Gauhati High Court · 06 Apr 2016
    HC - Quasi judicial power u/s 127(2) must be exercised in public interest by affording due opportunity to the affected party i.e. the assessee. Centralisation of cases without disclosing reasons not justified.

    Shri Mul Chand Malu vs. UOI

    (2016) TaxCorp(LJ) 10077 (HC-GAUHATI) · Section. 127

15. ITAT Visakhapatnam · 06 Apr 2016
    ITAT - Interest u/s 201(1A) for TDS default on pension payments made by assessee-university is payable only from the first day of the assessment year.

    ACIT. Vs. Andhra University

    (2016) TaxCorp(LJ) 10076 (ITAT-VISAKHAPATNAM)

16. ITAT Mumbai · 06 Apr 2016
    ITAT - Amount paid by assessee to a US company for rendering engineering services of review of designs and construction audit of cranes is neither FTS’) nor FIS either under the Act or India-US DTAA.

    Gujarat Pipavav Port Ltd. vs. ITO, (International Taxation)

    (2016) TaxCorp(LJ) 10075 (ITAT-MUMBAI)

17. Bombay High Court · 06 Apr 2016
    HC - Reappreciation and reappraisal of the same factual material by CIT u/s 263 is impermissible.

    CIT. vs. Reliance Communication Ltd.

    (2016) TaxCorp(LJ) 10074 (HC-BOMBAY)

18. ITAT Mumbai · 05 Apr 2016
    ITAT - Income (corporate guarantee fee) clearly arises in France because the guarantee has been given by a French company to a French Bank, in France.

    Capgemini S.A. vs ADIT

    (2016) TaxCorp(LJ) 10073 (ITAT-MUMBAI)

19. ITAT Mumbai · 05 Apr 2016
    ITAT - If the AO has not initiated penalty proceedings u/s 271(1)(c) in respect of a particular item of addition in the draft assessment order, he cannot do so in the final assessment order.

    DCIT. Vs. Symantic Software Solution Pvt. Ltd.

    (2016) TaxCorp(LJ) 10072 (ITAT-MUMBAI)

20. ITAT Bangalore · 04 Apr 2016
    ITAT - Total income computed in accordance with provisions of the Act, except provisions of Sec 36(1)(viia) and Chapter VIA alone to be considered for the purpose of calculating the amount of deductionu/s 36(1)(viia).

    Canara Bank vs. JCIT, ACIT

    (2016) TaxCorp(LJ) 10071 (ITAT-BANGALORE)

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