SC

SC: Reverses HC; Subvention for subsidiary’s losses from holding company , a non-taxable capital receipt

SC reverses Karnataka HC ruling, holds subvention receipts by Siemens from its German parent for recoupment of losses, a non-taxable capital receipt for AYs 1999-00 to 2001-02; HC had held

Dec 10,2016

SC: Overrules HC; Rent from former Ruler's residential palace eligible for Sec 10(19A) exemption

SC reverses Rajasthan HC ruling, grants exemption u/s  10(19A) to assessee-individual (erstwhile Ruler of the princely State of Kota, which is now part of Rajasthan) on rental income derived from letting

Dec 06,2016

SC: Dismisses Revenue’s SLP against Uttarakhand HC's ONGC ruling

SC dismisses Revenue’s SLP against Uttarakhand HC order in the case of ONGC;  HC had dismissed Revenue's appeal on Dry Docking expenditure, which was held as revenue in nature by ITAT; SC

Dec 02,2016

SC: Comparable sales cannot be shunted for arriving at acquisition cost u/s 55(2)

SC reverses Uttaranchal HC order for AY 1989-90, upholds ITAT’s basis of arriving at cost of acquisition u/s 55(2) for computing capital gains accruing from land acquisition compensation and sale

Dec 02,2016

SC: Upholds CIT(A)’s jurisdiction u/s 246A to examine search operation’s validity

SC upholds Bombay HC judgement in Revenue's favour,  holds that CIT(A) is empowered  to examine the validity of search operations carried out u/s 132; HC had dismissed assessee’s writ challenging

Nov 24,2016

SC: Dismisses Revenue SLP, quashes revision proceedings taxing Rcom’s FCCB receipts of Rs. 6,500 cr

SC dismisses Revenue’s SLP against Bombay HC judgement in case of Reliance Communication Ltd. for AY 2007-08; HC had upheld ITAT order quashing revision proceedings u/s 263 in relation to taxing

Nov 24,2016

SC: Upholds HC-order restricting Sec 11 exemption denial to the extent of Sec 13 violation

SC dismisses Revenue’s SLP challenging HC order in the case of Karnataka Industrial Area  Development Board (‘assessee’) for AY 2004-05; Karnataka HC had held that in case of violation u/s

Nov 17,2016

SC: Dismisses review petition; Share capital received towards flat allotment, not business income

SC dismisses review petition filed by assessee-company G S Homes (engaged in real estate business) against judgment dated August 9, 2016; SC in original order had modified Karnataka HC decision on the issue

Nov 14,2016

SC: Upholds income addition for 'name-lending' loan-creditors; Reverses HC order

SC sets-aside Karnataka HC division bench order, upholds additions relating to trade creditors in case of assessee (engaged in coffee plantation); During assessment/investigation, it was observed that crop loans were

Nov 11,2016

SC: Dismisses Revenue's SLP on Sec 80IA deduction availability without setting-off earlier-years’ depreciation/losses

SC dismisses Revenue’s SLP against Madras HC ruling; HC had allowed assessee’s Sec. 80IA deduction claim on current year’s profits for AY 2005-06 without setting off notionally carried forward unabsorbed

Nov 08,2016

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