SC: Interest u/s 132B on seized cash available for pre-assessment period 

Assessee entitled to interest on refund of seized cash on pre-assessment period u/s 132B (4)(b); Rejects Revenue’s submission that refund of excess amount was governed by Sec. 240 of the

Dec 05,2013

SC: Information enquiry u/s 133(6) valid even if no proceedings pending 

Notice u/s 133(6) making general enquiry, issued with prior approval of Commissioner, valid even if no proceedings pending against assessee; Insertion of word ‘enquiry’ before the word ‘proceeding’ in Sec.

Nov 13,2013

SC: Confirms penalty; Holds “voluntary disclosure”, “amicable settlement” as irrelevant plea 

Concealment penalty initiation by Revenue upheld, though income disclosure voluntary; Statute does not recognize defences like ‘avoiding litigation’ and ‘buying peace of mind’ under Explanation 1 to Sec 271(1)(c); AO

Oct 31,2013

SC: Dismisses review petition, Rejects 'retraction' of voluntarily surrendered income 

SC dismisses review petition in Bhagirath Aggarwal case; Review petition filed against SC order dismissing SLP by assessee against Delhi HC ruling; Delhi HC upheld ITAT ruling against assessee, wherein

Oct 30,2013

SC: Dismisses Himatsingka appeal on unabsorbed depreciation set-off against other income u/s 10B 

SC dismisses Himatsingka Seide Ltd's appeal against adverse Karnataka HC ruling; SC observes the appeal to be devoid of any merit; Karnataka HC had denied adjustment of un-absorbed depreciation of

Oct 11,2013

SC: No income tax on "hypothetical" income, frowns on Revenue "flip-flop" 

Advance license benefit and DEPB benefits taxable in the year in which these are actually utilized by assessee, not in the year of receipts; Income accrues in the year of imports

Oct 09,2013

SC: Upholds Delta ratio; Sec 234D retrospectivity issue doesn't arise due to Parliament's clarification 

SC dismisses Revenue's SLP against Bombay HC ruling in Reliance Energy Ltd on Sec 234D refund; Sec 234D provides payment of interest on excess refund by assessee; Rejects Revenue's argument

Oct 03,2013

SC: Only interest under statute can be claimed by assessees; Sandvik misquoted, misinterpreted

Only interest under statute can be claimed by assessees; Sandvik misquoted, misinterpreted

Oct 01,2013

SC: Affirms HC ruling quashing re-assessment as relevant disclosures made in e-return 

SC dismisses Revenue's Special Leave Petition (SLP) against Bombay HC’s decision quashing re-assessment of assessee, a Singapore based company engaged in investment activities; HC rejected Revenue's stand that ‘sketchy details’

Sep 27,2013

SC: Confirms HC order; Re-plantation expense for rubber trees not deductible 

SC dismisses assessee’s appeal against Kerala HC ruling on deductibility of rubber re-plantation expenditure; HC held that such expenditure is capital in nature & not deductible under Rule 7A(2); Rule

Sep 12,2013