SC

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

SC: Assessee-lessee not entitled to depreciation u/s 32 absent execution of title transfer deed

SC dismisses assessee’s (lessee) appeal, holds that assessee -Company wasn’t entitled to depreciation on hospital building u/s 32 absent ownership for AY 1992-93; Pursuant to an agreement between the assessee

Mar 28,2017

SC: Dismisses SLP; Sec. 80IB deduction allowable despite non-filing of audit report with return

SC dismisses Revenue’s SLP against Allahabad HC ruling allowing Sec 80-IB benefit on additional income declared in return filed u/s 153A pursuant to search despite assessee's failure to file audit

Mar 15,2017

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