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

SC: Dismisses SLP; TDS-default proceedings on Tata-Teleservices for pre April’07 period unsustainable

SC dismisses Revenue’s SLP against Delhi HC judgment allowing Tata Teleservices’s writ; HC had quashed Sec 201(1)/(1A) proceeding relating to periods prior to April 2007 in respect of TDS default

Apr 03,2018

SC: Dismisses Revenue’s SLP; Television news software export eligible for Sec. 80HHE benefit

SC dismisses Revenue’s SLP against Delhi HC judgement allowing Sec. 80HHE deduction to New Delhi Television Ltd. ('NDTV', assessee) for AY 1999-00; HC had observed that television news software exported

Apr 02,2018

SC: Dismisses SLP; AO cannot ‘re-assess’ claim pending before appellate forum

SC dismisses Revenue’s SLP against Gujarat HC quashing re-assessment for AY 2010-2011 on assessee- partnership firm on the ground that the reason stated for re-opening was subject matter of appeal

Mar 29,2018

SC: Dismisses Revenue’s SLP; Allows Sec. 244A interest on TDS refund to deductee

SC dismisses CBDT’s SLP against Meghalaya HC ruling allowing Sec. 244A interest on TDS refund  to assessee-deductee (a co-operative bank) for AYs 2000-01 to 2003-04; With respect to TDS on

Mar 21,2018

SC: Re-assessment initiation based on PE allegation not sustainable once arm's-length threshold met

SC allows Honda Motor’s (a Japanese company) appeal and sets aside Allahabad HC ruling, quashes issuance of re-assessment notice;  HC had dismissed assessee’s writ and had upheld re-assessment based on material

Mar 20,2018

SC: Upholds Sec. 14A disallowance on strategic investments; Dominant purpose test irrelevant

SC upholds Delhi HC ruling in Maxopp Investments Ltd., holds that interest paid on borrowings used for acquiring strategic investments is subject to Sec 14A disallowance even if earning dividend

Mar 16,2018

SC: Explains State's powers regarding amendments undoing court judgments; Quashes retrospective application

SC rules on the State's powers to amend law so as to undo the Court's judgment in context of Karnataka Money Lenders Act ('ML Act') and Karnataka Pawn Brokers Act

Mar 16,2018