SC: Cash discount on bulk purchases not 'commission/ brokerage'; no TDS u/s 194H 

Cash discount given to licensed stamp vendors is not in the nature of commission / brokerage; Transaction found to be of bulk "purchase" of stamps; TDS u/s 194H not applicable 

Sep 11,2012

SC: Dismisses SLP against HC ruling quashing 'cryptic' Settlement Commission order

SC dismisses SLP against Delhi HC ruling in Godwin Steels; Delhi HC quashed Settlement Commission's order that ignored serious objections taken by CIT; HC concluded that Commission should act independently

Sep 08,2012

SC: Upholds denial of Sec 80-IA deduction absent separate accounts for manufacturing / trading

Assessee engaged in manufacturing of yarn and sale of raw material; Assessee did not maintain separate accounts for sale of raw material and income derived from manufacturing; Thus, not entitled

Sep 07,2012

SC: Dismisses Revenue's appeal, cites "vagueness" of assessment 

Revenue appeal dismissed and question of law left open; cites "vagueness" on account of various infirmities in assessment

Sep 03,2012

SC: Remits Sec 14A issue in RKBK to HC, says HC didn't interpret 14A 

SC remits issue of Sec 14A applicability back to Calcutta HC in the case of RKBK Fiscal Services; Despite absence of any Calcutta HC judgment on Sec 14A, HC merely

Aug 28,2012

SC: SC's Sandvik ruling on 'Equity' based interest incorrect, deserves reconsideration 

Interest was ordered in Sandvik Asia ruling out of 'equity'; Sec 214 of the Income Tax Act does not provide for payment of compensation by Revenue on refund order; Sandvik

Aug 28,2012

SC: Allows depreciation on goodwill, being an intangible asset 

Goodwill arising in amalgamation amounts to intangible asset and eligible for depreciation; Applying principle of ejusdem generis, Goodwill is in the nature of "any other business or commercial right of

Aug 26,2012

SC: AAR a "Tribunal" , bound by its earlier orders, High Courts to hear writs

AAR a " Tribunal" within the meaning of expression in Articles 136, 227 of Constitution; Binding nature of AAR decisions cannot affect jurisdiction of Supreme Court/High Courts   to hear

Jul 31,2012

SC: Dismisses Dept's SLP, Bill discounting charges not taxable as interest income 

Supreme Court dismisses IT Department's SLP against Delhi HC ruling in Cargil Global Trading Company; HC ruled that Bill discounting charges not taxable as ‘interest’; Discounting charges not in respect

May 30,2012

SC: SC to reconsider S A Builders ruling on deductibility of interest on money borrowed for investment in subsidiary

SC decision in S A Builder needs reconsideration; SC to hear Department’s SLP in Tulip Star hotels’ case on allowance u/s 36(1)(iii) for interest on money borrowed for investment in

May 08,2012