SC: Rescues 'marginal taxpayers', holds amendment relaxing Sec. 40 (a) (ia) disallowance rigours as retrospective

SC upholds HC rulings giving retrospective effect to Finance Act, 2010 amendment that relaxed the rigours of Sec. 40(a)(ia), providing that all TDS made during the previous year can be

May 02,2018

SC: Reverses HC, permits block assessment aided by 'simultaneous' survey on connected person

SC allows Revenue's appeal, holds that material found in the course of simultaneous survey in the premises of builder with whom assessee had transaction, can be used in assessee's block

May 02,2018

SC: Upholds Delhi-HC ruling; ICDs qualify as 'Inland Port", eligible for Sec 80IA deduction

SC upholds Delhi HC decision, rules that Inland Container Depots (ICDs) [though not regarded as 'ports' applying maritime connotation], are held as 'inland ports' for the purposes of claiming tax

May 02,2018

SC: Capital asset loan waiver neither perquisite u/s 28(iv) nor cessation of trading liability

SC rules in favour of assessee, holds that waiver of loan for acquiring capital asset cannot be taxed as income u/s 28(iv) or Sec 41(1); Notes that assessee had acquired

May 02,2018

SC: 'Export turnover' exclusions u/s. 10A deductible from 'total turnover’; Can’t import Sec. 80HHC definition

SC dismisses Revenue's appeals in a batch of over 100 cases against various High Court decisions including in HCL Technologies, Gem Plus Jewellery India Limited and Tata Elxsi Ltd, holds

May 02,2018

SC: Makes larger bench reference on supporting manufacturers’ Sec. 80HHC entitlement on export incentives

SC refers matter to larger bench on Sec. 80HHC deduction entitlement to supporting manufacturer who receives export incentives in the form of duty draw back (DDB), Duty Entitlement Pass Book

Apr 30,2018

SC: Dismisses assessee's SLP; 'Change of opinion' concept inapplicable when return accepted u/s 143(1)

SC dismisses assessee’s SLP against Ahmedabad HC order reversing ITAT ruling and holding the notice for reopening of assessment u/s 147 for AY 2009-10 as valid; Perusing SC ruling in

Apr 27,2018

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