SC: No Sec 234B/C interest on employee for employer's TDS default on non-compete fees

SC sets-aside Madras HC directions to the extent of levying interest u/s 234B/C on assessee-director for non-payment of tax on non-compete fees which was  assessed as ‘salary income’ for AY

Dec 19,2016

SC: Lays down law on loss set-off for Sec 10A/10B units in Yokogawa case

SC rules upon issue of set-off of losses of Sec. 10A/10B units, non- eligible units while computing benefit allowable u/s 10A/10B in Yokogawa India and other cases; Holds that Sec.

Dec 16,2016

SC: Cites Calcutta Discounts ratio to allow writ against re-assessment notice; Chhhabildas inapplicable

SC sets-aside HC judgements in a batch of over 40 cases including Jeans Knit P. Ltd., Kalanithi Maran; SC notes that HC had dismissed taxpayers’ writ petitions against notice issued u/s

Dec 16,2016

SC: Dismisses Revenue’s SLP challenging grant of Sec.80IB housing deduction on 'part project'

SC dismisses Revenue’s SLP against Delhi HC judgement in the case of Omaxe Buidhome Pvt. Ltd. for AYs 2007-08 to 2009-10; HC had granted Sec. 80IB(10) deduction to assessee-builder/developer in

Dec 16,2016

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