SC: Criminal court's findings based on evidence can be relied upon in income-tax proceedings

SC dismisses Revenue's appeal for AY 1991-92 to 1993-94, upholds assessee's (an individual) claim that he acted merely as broker of Indian Bank for transactions in securities and not as an independent dealer

Apr 26,2018

SC: Dismisses SLP against HC-order holding FBT-exemption for superannuation allowance contribution, retrospective

SC dismisses Revenue's SLP against Rajasthan HC decision upholding retrospective application of amendment made to Sec 115WC(1)(b) exempting employer's contribution to Superannuation Fund upto Rs 1 lakhs per employee from Fringe Benefits Tax (FBT); Noting

Apr 26,2018

SC: Upholds ICAI Guidance based lease rental bifurcation; Allows lease equalization charge deduction

SC upholds Delhi HC order for AY 1999-2000, allows deduction to assessee-company (‘lessor’) on account of lease equalization charges debited to P&L account based on ICAI Guidance Note; Rejects Revenue’s stand that the deduction

Apr 26,2018

SC: Receipt on SARs redemption not perquisite pre-2000; Clause (iiia) to Sec 17(2) prospective

SC dismisses Revenue's appeal, holds that amount received by assessee (Chairman and Managing Director of Procter and Gamble India) towards redemption of Stock Appreciation Rights (SARs) is to be treated

Apr 25,2018

SC: No double taxation of Sikkim lottery-income pre-1990 absent specific enabling provision

SC holds that assessee’s (an individual, resident in India) lottery income from Sikkim cannot be taxed under Income-tax Act, 1961 for AY 1986-87 as the same was already taxed under

Apr 25,2018

SC: Denies Sec 80-O deduction citing assessee's failure to prove 'technical' nature of services

SC upholds HC-order disallowing Sec 80-O deduction claimed by assessee [for rendering specialized industrial and commercial knowledge relating to the Indian automobile industry to Sumitomo Corporation, Japan] for AY 1997-98

Apr 25,2018

SC: Quashes reassessment proceedings as notice u/s 143 assessment addressed similar issue on Sec 10A

SC upholds HC’s quashing of reassessment proceedings, holds that initiation of such proceedings merely on account of AO's view that Sec 10A deduction was allowed in excess was based on

Apr 25,2018

SC: 'Incidental' FD interest on share application proceeds, non-taxable ; Deductible against IPO expenses

SC holds that interest income earned on share application money kept in fixed deposits as per the statutory requirements, is not taxable as Income from Other Sources; Upholds HC decision

Apr 25,2018

SC: Dismisses Skylight Hospitality's SLP; Re-assessment notice on dissolved company, an error curable u/s. 292B

SC dismisses SLP filed by Sky Light Hospitality LLP (converted into LLP from Pvt. Ltd. Co. and where Mr. Robert Vadra is one of the LLP partners) challenging Delhi HC

Apr 10,2018

SC: Upholds HC; Prasar Bharati’s commission payments to advertising agencies, attract TDS u/s. 194H

SC upholds HC order, commission payment by Prasar Bharati Doordarshan Kendra to various accredited advertising Agencies  during AYs 2002-03 and 2003-04 attract TDS u/s. 194H, upholds TDS default proceedings u/s.

Apr 04,2018