SC: Distinguishes Chennai Properties; Sub-letting not principal business activity to constitute 'business income'

SC upholds Bombay HC ruling and dismisses taxpayer’s appeal, rental income arising to assessee-firm from sub-licensing of shopping centre, taxable as ‘house property’ income and not business income for AY

May 15,2017

SC: 15 Key Takeaways from SC ruling in Godrej Boyce on Sec. 14A disallowance

SC rules against the taxpayer, holds that Sec.14A disallowance is applicable to dividend income on which tax is payable u/s. 115-O; Rejects assessee’s stand that in view of inter-linkage between

May 08,2017

SC: SC upholds Sec. 40(a)(ia) disallowance on amounts ‘paid’, reverses HC's Vector Shipping ratio

SC upholds Himachal Pradesh HC ruling, confirms disallowance u/s. Sec. 40(a)(ia) for freight amounts ‘paid’  to truck-owners during AY 2006-07 without deduction of tax at source u/s 194C; Rejects assessee’s plea that since

May 04,2017

SC: Upholds Sec. 143(1)(a) adjustment disallowing preliminary expenses; Issue decided by jurisdictional HC non-debatable

SC reverses Gujarat HC judgment ruling in favour of Revenue for AY 1994-95, approves AO’s 'prima facile adjustment' u/s 143(1)(a) with respect to share issue expenses disallowance; During relevant AY, assessee-company claimed

May 02,2017

SC: 20 key takeaways from 100+ pager SC ruling in Formula One

SC upholds Delhi HC's finding that Formula One World Championship Ltd. (‘FOWC’, assessee) has a fixed place PE in India by virtue of the international circuit (i.e. place were the

Apr 26,2017

SC: Sale on 'going concern' basis is 'slump-sale', not depreciable asset sale u/s 50(2)

SC dismisses Revenue’s appeal for AY 1991-92, upholds Gujarat HC judgement granting assessee’s claim of deduction under the then existing Sec. 48(2) which was allowable only from long term capital gains;

Apr 19,2017

SC: Rejects taxpayer's double-benefit claim; Amalgamating company's liability waiver taxable u/s 41(1)

SC upholds Karnataka HC judgment in Revenue's favour, holds that waiver of liability due by amalgamating company after amalgamation is taxable in the hands of the amalgamated company u/s 41(1);

Apr 17,2017

SC: Dismisses CBDT's SLP; HC allowed Sec. 10(15) benefit on lease-rentals from Jet Airways

SC dismisses Revenue’s SLP against Delhi HC judgment, HC had allowed assessee’s (a US company) writ and directed CBDT  to  grant approval u/s 10(15A)  with respect to lease rentals received

Apr 17,2017

SC: Invalid search warrant u/s 132 doesn’t invalidate block assessment u/s. 158BD on ‘other person’

SC dismisses assessee’s SLP against Gujarat HC judgement upholding validity of block assessment proceedings u/s. 158BD; SC notes that search warrant u/s. 132 was issued on a dead person and

Mar 30,2017

SC: Share premium not part of ''capital employed'' for computing Sec. 35D deduction

SC confirms Delhi HC decision for AY 1996-97, "premium" collected  by  assessee on  its  subscribed share capital doesn’t constitute “capital employed in the business of  the  Company"  for computing deduction

Mar 29,2017