SC

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

SC: ‘ Consumer’s benefit reserve account’ not being part of real income deductible from total income

' Consumer's benefit reserve account' not being part of real income deductible from total income

Mar 30,2012

SC: BSE membership card can be considered as intangible asset for the purpose of depreciation u/s 32(1)(ii) 

BSE membership card can be considered as intangible asset for the purpose of depreciation u/s 32(1)(ii) 

Feb 20,2012

SC: SC reverses Kerala HC Full Bench decision; Allows Sec 36(1)(vii) deduction to banks

Proviso to Sec 36(1)(vii) does not restrict deduction for bad debts to banks in respect of urban advances; Proviso applicable only to bad debts in respect of which provision claimed

Feb 18,2012

SC: Netting of expenditure from rent, brokerage, etc. allowable under Explanation (baa) to Sec 80HHC

Under Explanation (baa) to Sec 80HHC, reduction for interest / brokerage / commission / rent etc. to be made with respect to 'net' amounts and not the 'gross' receipts; Constitution

Feb 10,2012

SC: SC reverses Bombay HC ruling in Kalpataru on DEPB issue

DEPB sale proceeds to be split into ‘face value’ and ‘profits’; ‘Face value’ of DEPB represents cash incentive u/s 28(iiib), while ‘surplus over the face value taxable u/s 28(iiid); Reduction towards

Feb 08,2012

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