recent judgments in direct tax laws - ca v. k. subramani
TRANSCRIPT
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
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Depreciation on non-compete feeDepreciation on non-compete fee
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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)
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Kathiroor Service Co-operative Bank Ltd v. CIT (2013) 95 DTR (SC) 129
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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.
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Brakes India Ltd v. Dy. CIT Brakes India Ltd v. Dy. CIT (2013) 96 DTR (Chennai-(2013) 96 DTR (Chennai-
Trib) 281Trib) 281
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Reference to DVO U/s.142A Reference to DVO U/s.142A and issues in valuation.and issues in valuation.
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Nirpal Singh v. CIT Nirpal Singh v. CIT (2013) 96 DTR (P&H) 385(2013) 96 DTR (P&H) 385
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•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)
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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)
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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
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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