SC: CBDT circular can't curtail CIT's 'quasi-judicial' authority to grant lesser deposit relief

SC clarifies that CBDT’s office memorandum (‘OM’) dated July 31, 2017 regarding stay of demand does not interfere with AO’s power to grant stay on deposit of a lesser amount,

Jul 25,2018

SC: Dismisses SLP against HC’s refusal to adjudicate Sec 80IA(5) applicability to loss set-off

SC dismisses Revenue’s appeal against Bombay HC judgment in case of Hercules Hoists Ltd.; HC had dismissed Revenue's appeal against ITAT order holding that losses of units eligible for Sec 80-IA

Jul 23,2018

SC: Dismisses SLP against HC order confirming Sec. 68 addition as investors' identity not established

SC dismisses assessee-company’s SLP against Allahabad HC judgement upholding addition u/s 68 with respect to share capital subscription as assessee failed to establish identity and genuineness of the investors; Noting

Jul 19,2018

SC: Dismisses Revenue’s SLP; No re-assessment merely based on ‘Sauda-Chitthi’ for land-sale

SC dismisses Revenue’s SLP on the ground of delay as well as on merits against Gujarat HC order quashing re-assessment in case of assessee-partner; HC had held that mere signing

Jul 13,2018

SC: NOIDA, a corporation established 'by' the Act; Upholds Sec. 194A TDS-exemption on bank interest

​SC delivers two separate judgments in respect of TDS applicability on payment of interest and lease rental to NOIDA (The New Okhla Industrial Development Authority​ constituted under UP Industrial Area Development

Jul 09,2018

SC: NOIDA, not ‘local authority’ despite specified as ‘industrial township’; Denies exemption u/s. 10(20)

  SC upholds Allahabad HC order and rules in favour of Revenue, holds that assessee [New Okhla Industrial Development Authority (‘NOIDA’), constituted under UP Industrial Area Development Act, 1976] not ‘local

Jul 02,2018

SC: Dismisses SLP; No penalty u/s 271C for TDS default on ‘debatable’ nature of payments

SC dismisses Revenue’s SLPs  for AYs 1994-95 to 2001-2002 against Delhi HC order in case of ITC Ltd. on the ground of delay of 190 days; HC had confirmed ITAT order on

Jun 01,2018

SC: Stays operation of HC judgment upholding deemed dividend taxability on advances

SC stays operation of Delhi HC judgment upholding deemed dividend taxability on advances received by assessee-company during AY 1995-96, issues notices for hearing of assessee's SLP; HC had held that advance

Jun 01,2018

SC: Allows Sec 80-IC tax holiday w.r.t. substantial expansion year; Ignores earlier deductions u/s 80-IA & 80-IB

SC reverses HC's conclusion, allows assessee's claim for area-specific deduction u/s 80-IC in respect of its industrial undertaking located at Himachal Pradesh, rejects Revenue's claim that tax-holiday eligibility period of

May 18,2018

SC: Dismisses assessee’s SLP ; FD-interest assessable as business income ineligible for Sec 80IC deduction

SC dismisses assessee’s SLP against Uttarakhand HC decison denying Sec.80-IC deduction on interest earned on fixed deposit with bank for AY 2009-10 as it is not 'dervied from' eligible business;

May 18,2018