SC: BSE membership card can be considered as intangible asset for the purpose of depreciation u/s 32(1)(ii) 

BSE membership card can be considered as intangible asset for the purpose of depreciation u/s 32(1)(ii) 

Feb 20,2012

SC: SC reverses Kerala HC Full Bench decision; Allows Sec 36(1)(vii) deduction to banks

Proviso to Sec 36(1)(vii) does not restrict deduction for bad debts to banks in respect of urban advances; Proviso applicable only to bad debts in respect of which provision claimed

Feb 18,2012

SC: Netting of expenditure from rent, brokerage, etc. allowable under Explanation (baa) to Sec 80HHC

Under Explanation (baa) to Sec 80HHC, reduction for interest / brokerage / commission / rent etc. to be made with respect to 'net' amounts and not the ‘gross’ receipts; Constitution

Feb 10,2012

SC: SC reverses Bombay HC ruling in Kalpataru on DEPB issue

DEPB sale proceeds to be split into ‘face value’ and ‘profits’; ‘Face value’ of DEPB represents cash incentive u/s 28(iiib), while ‘surplus over the face value taxable u/s 28(iiid); Reduction towards

Feb 08,2012

SC: Key Excerpts of SC ruling in $ 2bn Vodafone Tax Case

SC holds IT Dept has no jurisdiction to tax deal

Jan 20,2012

SC: For MAT computation, deduction u/s 80HHE to be based on book profit, not 'tax profits'

While computing MAT profit, reduction for ‘benefit u/s 80HHE’ to be computed based on ‘book profit’ and not ‘income-tax profit’ under normal provisions:SC 

Nov 04,2011

SC: No absolute ' Secrecy ' under DTAA

No absolute bar of ' Secrecy' under Article 26 of India-Germany DTAA; Vienna Convention relevant in treaty interpretation under Indian context: SC

Jul 05,2011

SC: Non-Compete fees received pre 2002 not chargeable to tax

Non-Compete fees received prior to FY 2002- 03 a capital receipt, not chargeable to tax: SC

Mar 16,2011

SC: SC - Parliament can legislate laws that have extra-territorial application subject to conditions

The Supreme Court held that "Parliament may exercise its legislative powers with respect to extra-territorial aspects or causes only when such extra-territorial aspects or causes have, or are expected to

Mar 02,2011

SC: Interest payable on non payment of advance tax under MAT

Interest under Sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under MAT provisions

Jan 14,2011