SC

SC: Dismisses SLP; Sec 271D penalty levy upheld for accepting cash-loan from director

SC dismisses assessee’s SLP against Rajasthan HC judgement upholding levy of penalty u/s 271D for Sec 269SS violation; During AYs 1992-93 and 1993-94, assessee (engaged in cement manufacturing) had accepted

Jan 12,2017

SC: Upholds deemed dividend addition on HUF despite shares issued in Karta's name

SC upholds deemed dividend addition u/s 2(22)(e) on assessee-HUF for AY 2006-07 with respect to loan/advances received from one concern (in which it beneficially held more than 10% share-capital); Rejects

Jan 05,2017

SC: Dismisses Revenue's SLP; Invoking revision-proceedings u/s 263 barred in case of "inadequate inquiry"

SC dismisses Revenue’s SLP challenging Bombay HC order quashing CIT’s order u/s 263 (revision proceedings) for AYs 2007-08 and 2008-09; CIT (A) had set aside assessment orders due to lack

Dec 30,2016

SC: Dismisses Revenue’s SLP against HC allowing AAR-application disreagrding 'standard' Sec 143(2) notice

SC dismisses Revenue’s SLP against Delhi HC judgment in the case of Hyosung Corporation & Anr. ( a Korean Company) for AY 2010-11; Delhi HC had allowed assessee’s writ against AAR

Dec 20,2016

SC: Dismisses taxpayer’s challenge to IDS-2 scheme, refrains from encroaching into policy domain

SC dismisses taxpayer’s writ challenging the Pradhan Mantri Garib Kalyan Yojna, 2016 (‘the scheme’) ; Petitioner had argued that the Union of India could have come with a better scheme

Dec 19,2016

SC: Dismisses taxpayer’s challenge to IDS-2 scheme, refrains from encroaching into policy domain

SC dismisses taxpayer’s writ challenging the Pradhan Mantri Garib Kalyan Yojna, 2016 (‘the scheme’) ; Petitioner had argued that the Union of India could have come with a better scheme

Dec 19,2016

SC: No Sec 234B/C interest on employee for employer's TDS default on non-compete fees

SC sets-aside Madras HC directions to the extent of levying interest u/s 234B/C on assessee-director for non-payment of tax on non-compete fees which was  assessed as ‘salary income’ for AY

Dec 19,2016

SC: Lays down law on loss set-off for Sec 10A/10B units in Yokogawa case

SC rules upon issue of set-off of losses of Sec. 10A/10B units, non- eligible units while computing benefit allowable u/s 10A/10B in Yokogawa India and other cases; Holds that Sec.

Dec 16,2016

SC: Cites Calcutta Discounts ratio to allow writ against re-assessment notice; Chhhabildas inapplicable

SC sets-aside HC judgements in a batch of over 40 cases including Jeans Knit P. Ltd., Kalanithi Maran; SC notes that HC had dismissed taxpayers’ writ petitions against notice issued u/s

Dec 16,2016

SC: Dismisses Revenue’s SLP challenging grant of Sec.80IB housing deduction on 'part project'

SC dismisses Revenue’s SLP against Delhi HC judgement in the case of Omaxe Buidhome Pvt. Ltd. for AYs 2007-08 to 2009-10; HC had granted Sec. 80IB(10) deduction to assessee-builder/developer in

Dec 16,2016

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