recent judgments in direct tax laws - ca v. k. subramani

RECENT JUDGMENTS IN DIRECT TAX LAWS

CA.V.K.SUBRAMANI.

Recent judgments

Revised return in response to notice U/s.148 and concealment penalty.

Recent Judgments

CIT v. Pushpendra Surana (2013) 96 DTR (Raj) 231

Recent judgmentsRecent judgments

Depreciation on non-compete feeDepreciation on non-compete fee

Recent JudgmentsRecent Judgments

Pentasoft Technologies Ltd v. Dy. CIT Pentasoft Technologies Ltd v. Dy. CIT (2013) 96 DTR (Mad) 233(2013) 96 DTR (Mad) 233

Techno Shares & Stocks Ltd v. CIT Techno Shares & Stocks Ltd v. CIT (2010) 327 ITR 323 (SC)(2010) 327 ITR 323 (SC)

Recent judgments

Fishing enquiry by AO U/s.133(6)

Recent Judgments

Kathiroor Service Co-operative Bank Ltd v. CIT (2013) 95 DTR (SC) 129

Recent judgmentsRecent judgments

Additional depreciation Additional depreciation claim in subsequent year in claim in subsequent year in respect of assets acquired respect of assets acquired in second-half of earlier in second-half of earlier financial year. financial year.

Recent JudgmentsRecent Judgments

Brakes India Ltd v. Dy. CIT Brakes India Ltd v. Dy. CIT (2013) 96 DTR (Chennai-(2013) 96 DTR (Chennai-

Trib) 281Trib) 281

Recent judgmentsRecent judgments

Reference to DVO U/s.142A Reference to DVO U/s.142A and issues in valuation.and issues in valuation.

Recent JudgmentsRecent Judgments

Nirpal Singh v. CIT Nirpal Singh v. CIT (2013) 96 DTR (P&H) 385(2013) 96 DTR (P&H) 385

Recent judgmentsRecent judgments

•Due date for remitting Due date for remitting employees contribution employees contribution to PF / ESI vis a vis to PF / ESI vis a vis section 43Bsection 43B

Recent JudgmentsRecent Judgments• CIT v. Gujarat State Road Transport CIT v. Gujarat State Road Transport

Corpn.Corpn. (2014) 41 taxmann.com 100 (Guj).(2014) 41 taxmann.com 100 (Guj).

CIT v. Alom Extrusions Ltd CIT v. Alom Extrusions Ltd (2009) 319 ITR 306 (SC)(2009) 319 ITR 306 (SC)

Recent Judgments

Interest on interest due on housing loan – deductibility

Recent Judgments

Master Naman Kumar v. CIT (2014) 41 taxmann.com 10 (P&H)

Recent Judgments

Excess amount received by retiring partner and its taxability.

Recent Judgments

CIT v. Riyaz A.Sheikh (ITA No.1969 of 2011 dated 26.02.2013)

CIT v. Dynamic Enterprises (2013) 95 DTR (Kar) (FB) 97

Prashant S.Joshi v. ITO (2010) 324 ITR 154 (Bom)

Recent Judgments

Advance money invested in Sec.54EC bonds.

Construction began before transfer of capital asset.

Recent Judgments

Subhash Vinayak Supnekar v. Asst. CIT (2013) 95 DTR (Pune)(Trib) 5

CIT v. Bharti Mishra (2014) 41 taxmann.com 50 (Delhi)

Recent JudgmentsRecent Judgments

Forfeiture of advance Forfeiture of advance money more than the money more than the amount specified in the amount specified in the agreement, whether agreement, whether revenue receipt.revenue receipt.

Recent JudgmentsRecent JudgmentsCIT v. Wintac Ltd CIT v. Wintac Ltd (2013) 95 DTR (Kar) 289(2013) 95 DTR (Kar) 289

CIT v. Best & Co (P) LtdCIT v. Best & Co (P) Ltd (1966) 60 ITR 11 (SC)(1966) 60 ITR 11 (SC)

Recent Judgments

Bad debt write off “for the previous year” or “in the previous year”?

Recent Judgments

CIT v. U.P.Rajkiya Nirman Nigam Ltd (2013) 95 DTR (All) 152

Recent Judgments

Lump sum alimony whether in lieu of income or capital receipt

Recent Judgments

Asstt. CIT v. Meenakshi Khanna (2013) 96 DTR (Del) (Trib) 220

Princess Maheswari Devi of Pratapgarh v. CIT (1984) 147 ITR 258 (Bom)

Recent JudgmentsRecent Judgments

Winning in kind and TDS compliance Winning in kind and TDS compliance

Spare parts accompanying plant, Spare parts accompanying plant, eligibility for depreciation eligibility for depreciation

Recent JudgmentsRecent Judgments

CIT v. Hindustan Lever Ltd CIT v. Hindustan Lever Ltd (2013) 95 DTR (Kar) 399 (2013) 95 DTR (Kar) 399

CIT v. U.P.Rajya Vidyut Utpadan Nigam LtdCIT v. U.P.Rajya Vidyut Utpadan Nigam Ltd (2013) 95 DTR (All) 60(2013) 95 DTR (All) 60

Recent JudgmentsRecent Judgments• When gross receipt exceeds Rs.100 lakhs

whether income could be estimated at 8%.

• Difference in stock value between books of account vis a vis statement given to bank.

• Deposit in bank account with no explanation of source. Is peak credit theory applicable?

Recent JudgmentsRecent Judgments

• K.Kannan v. Asstt.CIT (2013) 39 taxmann.com 10 (Mad)

• CIT v. Riddhi Steel & Tubes (P) Ltd (2013) 40 taxmann.com 177 (Guj)

• K.V.Mathew v. ITO (2013) 96 DTR (Ker) 278