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

SC: Quashes case transfer u/s 127 absent explicit agreement between jurisdictional CITs

SC reverses Madras HC order upholding transfer of case made by CIT u/s 127 from ITO (Tamil Nadu) to ACIT (Kerala); HC had held that the only condition prescribed u/s 127

Oct 27,2016

SC: Rejects 'slump sale - no tax' argument; Upholds capital-gains on sale of partnership-firm

SC upholds Karnataka HC order, holds assessee-partner liable for capital gains tax with respect to consideration received on sale of partnership firm on a going concern basis during AY 1995-96;

Oct 20,2016

SC: Recognizes distinction between ‘loans’ & ‘deposits’; Quashes ‘debenture-interest’ taxability under Interest-tax Act

SC approves Gujarat HC ruling, holds that receipts on account of interest on debentures, upfront fees and interest on deposits given to other corporations by assessee-company,  not chargeable to tax under

Oct 04,2016

SC: Upholds Sec 54E exemption on "long-term" depreciable-asset sale; Approves Ace Builders ratio

SC upholds Bombay HC judgement, grants 54E benefit to assessee-company for AY 1989-90 in respect of capital gains arising on transfer of a loading platform (a depreciable asset) held for

Sep 29,2016

SC: Sets-aside HC; Employee bonus paid through trust deductible u/s 36(1)(ii), Sec. 40A(9) inapplicable

SC reverses Madras HC order, allows deduction u/s 36(1)(ii) to assessee-company for payment of bonus to employees through a Trust; During AYs 1999-2000 and 2001-02, owing to labour unrest, assessee

Sep 28,2016

SC: Dismisses Revenue’s SLP, ‘Initial AY’ u/s 80IA not business commencement year applying circular 1/2016

SC dismisses Revenue’s SLP against Madras HC ruling for  AY 2010-11, HC had held that  “initial assessment year” to claim deduction u/s 80IA would mean the first AY opted by

Sep 23,2016

SC: Reverses HC, Presumptive tax provision u/s 44AD inapplicable if gross-receipts exceed eligible limit

SC reverses HC order for AY 2009-10, holds special provisions u/s 44AD not applicable to assessee (engaged in civil contracts businesss) as the gross receipts exceed the eligible limit of

Sep 23,2016