SC: Reverses HC; Mandates 'SSI eligibility condition’ compliance for entire tax-holiday period

SC reverses Karnataka HC ruling and rules in favour of Revenue, denies Sec. 80-IB benefit as assessee ceased to be a small scale industrial undertaking (‘SSI’) in relevant AY, being 9th year of

Dec 05,2017

SC: Uncertainty looms as Justice Kaul holds CBDT's appeal filing circular 'retrospective'

SC division bench of Justice Sanjay Kishan Kaul & Justice Rohinton Nariman departs from recent co-ordinate bench ruling in Gemini Distilleries,  dismisses Revenue's appeal to hold that CBDT Instruction 3/2011

Nov 27,2017

SC: Dismisses Revenue's appeal; Advance excise duty deposit in PLA deductible u/s. 43B

SC dismisses Revenue’s appeal and upholds Delhi & Calcutta HC rulings, rules that assessee is entitled to claim deduction u/s. 43B in respect of the excise duty paid in advance in the

Nov 24,2017

SC: Upholds HC order; Assessment on non-existent entity, void & not curable u/s 292B

SC dismisses Revenue’s appeal and upholds Delhi HC judgment in Spice Enfotainment Ltd.; HC had held that the assessment in the hands of non-existing amalgamating company is void; HC had ruled that assessment framed

Nov 09,2017

SC: Lays down law on Sec. 44BB interplay with Sec 5,9; Upholds NR's mobilization fees taxability

SC dismisses assessee's appeal, upholds HC conclusion that mobilization fee payable to non-resident assessees for transportation of oil rigs is taxable u/s 44BB; Notes that Income-tax Act, 1961 follows territorial system

Oct 31,2017

SC: Allows Revenue’s appeal; CBDT instruction setting monetary appeal filing limit not retrospective

SC sets aside Karnataka HC ruling in Gemini Distilleries and allows Revenue’s appeal; HC had dismissed Revenue’s appeal relying on Karnataka HC ruling in Ranka & Ranka wherein it was held that

Oct 30,2017

SC: Mere outsourcing business to Indian subsidiary cannot create PE; MAP admission non-binding

SC dismisses Revenue's appeal, confirms Delhi HC ruling holding that 2 US-based entities viz. eFunds Corporation USA and eFunds IT Solutions Group Inc., USA (assessees) did not have a fixed

Oct 24,2017

SC: Approves Delhi HC verdict on deemed dividend; Confirms no taxability for loan recipient

SC confirms Delhi HC ruling in Ankitech Pvt. Ltd.; HC had approved Mumbai ITAT Special Bench ruling in Bhaumik Color P. Ltd.and had held that deemed dividend was not taxable in

Oct 16,2017

SC: Vegetables Products ratio inapplicable when provisions unambiguous; Upholds Revenue’s valuation approach

SC upholds Wealth Tax Officer’s (WTO’s) adoption of ‘land and building method’ of valuation by making reference to Departmental Valuer for determining fair market value u/s 7(1) of Cinema Building

Oct 14,2017

SC: Depreciation mandatory for Chapter VI-A deduction; ‘Mahendra Mills’ ratio not applicable

SC rules in favour of Revenue, affirms Bombay HC Full bench ruling in Plastiblends India Ltd. in entirety, holds that assessee should mandatorily consider depreciation deduction while computing incentive deduction u/s.

Oct 09,2017