SC

SC: Dismisses Revenue SLP; "Bonafide" mistake due to law change can’t attract Sec. 271(1)(c) penalty 

SC dismisses Revenue’s SLP against Rajasthan HC decision; HC had deleted Sec. 271(1)(c) penalty holding that wrong claim of Sec. 80P deduction (due to change in law) could not be

Jul 14,2014

SC: Dismisses Revenue SLP; Loss on partly convertible debenture transfer ‘non- speculative', held HC 

SC dismisses Revenue SLP against Madras HC decision; HC had held loss on transfer of non-convertible portion of Partly Convertible debentures (PCDs) as non- speculative; Allotment of PCDs under 'khoka

Jul 09,2014

SC: Dismisses Revenue SLP; Sec 35 deduction allowed treating software development as 'scientific research' 

SC dismisses Revenue’s SLP against Karnataka HC decision; HC had treated expenditure incurred by assessee on further improvement & development of software as capital in nature; HC had held that

Jul 08,2014

SC: Dismisses Revenue's SLP; “Precaution” can't be equated to “concealment” u/s 271(1)(c), held HC

SC dismisses Revenue’s SLP against Madras HC decision; HC deleted concealment penalty on assessee who had claimed deduction for provision for liquidated damages under contract with Hyundai Motors due to

Jul 05,2014

SC: Allows Sec 54 relief under peculiar facts ; 'Agreement-to-sale' triggered "transfer" not sale-deed 

SC grants assessee Sec. 54 benefit though sale agreement of original asset 'executed' after more than one year prior to purchase of new asset; Holds that under ‘peculiar facts of

Jul 04,2014

SC: Dismisses Revenue SLP against 'Vector Shipping' ruling which approved 'Merilyn Shipping' ratio 

SC dismisses Revenue SLP against Allahabad HC ruling in Vector Shipping Services (P) Ltd; HC held disallowance u/s 40(a)(ia) for TDS default applicable only to expenses remaining payable at year end, not to

Jul 04,2014

SC: Dismisses assessee’s SLP; No expenditure for earning interest income, no deduction u/s 57(iii) 

SC dismisses assessee’s SLP against Punjab & Haryana HC decision; HC had disallowed assessee’s claim of expenditure allowability u/s 57(iii), against bank interest earned; Interest income accrues sui generis, no

Jun 04,2014

SC: Dismisses assessee’s SLP; HC rejected LTCG claim holding share sale as bogus 

SC dismisses assessee’s appeal against Gawhati HC judgment; Gawhati HC held that assessee’s claim of long term capital gains on share sale was bogus and merely a sort of modus

May 29,2014

SC: Dismisses assessee’s SLP; Sec 148 reassessment notice issued by non-jurisdictional AO valid 

SC dismisses assessee’s SLP against Punjab & Haryana HC ruling; HC had upheld reassessment in assessee’s case, though initiated by non-jurisdictional AO at Delhi, who issued Sec 148 reassessment notice;

May 23,2014

SC: Dismisses Revenue SLP; Clear ‘direction’ mandatory to initiate proceedings u/s 271(1)(c), held HC 

SC dismisses Revenue’s SLP against Karnataka HC judgement, but keeps question of law open; HC had deleted Sec 271(1)(c) concealment penalty, absent ‘direction’ to initiate penalty proceedings in assessment order;

May 21,2014

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