SC: Denies Sec. 80P deduction to co-operative society providing credit facilities beyond members

SC dismisses assessee's (a co-operative society carrying out business of banking) appeal with cost, denies Sec. 80P deduction for AY 2009-10; First, observes that assessee would not come within the mischief of Sec.

Aug 10,2017

SC: Bottling of LPG amounts to 'production', eligible for benefit u/s 80HH, 80I & 80IA

SC  dismisses Revenue’s appeal, holds that assessees engaged in the business of bottling liquefied petroleum gas (LPG) into cylinders are ‘industrial undertaking’ and thus, entitled to benefit u/s 80HH, 80I

Aug 03,2017

SC: HC larger bench to decide on Sec. 244A interest entitlement on self-assessment tax refund

SC sets-aside Delhi HC judgement,  remands matter back to HC for  fresh decision by larger bench on the issue of grant of Sec. 244A interest on self-assessment tax  refund;  SC

Jul 28,2017

SC: Dismisses Revenue SLP against HC order quashing reassessment on General Insurance Corp.

SC dismisses Revenue’s SLP against Bombay HC judgement in case of General Insurance Corporation of India (‘assessee’) for AY 2000-01; HC had quashed re-assessment for assessing income not referred to

Jul 21,2017

SC: Dismisses Revenue’s SLP against HC order allowing privilege fee deduction

SC dismisses Revenue’s SLP against Rajasthan HC judgment in case of Rajasthan State Beverages Corpn. Ltd. for AY 2009-10; HC had relied on its co-ordinate bench ruling in assessee‘s own

Jul 07,2017

SC: Dissects JV agreement, upholds technical fees for plant set-up as capital expenditure

SC dismisses assessee’s [Honda Siel Cars India Ltd., formed as a Joint Venture (‘JV’) Company between HMCL, Japan and SEIL Ltd. (an Indian Company)] appeal challenging Allahabad HC order, payment

Jun 10,2017

SC: Sec. 139AA survives constitutionality test, but retrospective operation impermissible; Non-Aadhaar holders get interim relief

Black money menace & corruption weighs heavily on Apex Court's mind as a division bench upholds constitutional validity of Sec. 139AA of Income tax Act, that mandates compulsory quoting of

Jun 09,2017

SC: Distinguishes Chennai Properties; Sub-letting not principal business activity to constitute 'business income'

SC upholds Bombay HC ruling and dismisses taxpayer’s appeal, rental income arising to assessee-firm from sub-licensing of shopping centre, taxable as ‘house property’ income and not business income for AY

May 15,2017

SC: 15 Key Takeaways from SC ruling in Godrej Boyce on Sec. 14A disallowance

SC rules against the taxpayer, holds that Sec.14A disallowance is applicable to dividend income on which tax is payable u/s. 115-O; Rejects assessee’s stand that in view of inter-linkage between

May 08,2017

SC: SC upholds Sec. 40(a)(ia) disallowance on amounts ‘paid’, reverses HC's Vector Shipping ratio

SC upholds Himachal Pradesh HC ruling, confirms disallowance u/s. Sec. 40(a)(ia) for freight amounts ‘paid’  to truck-owners during AY 2006-07 without deduction of tax at source u/s 194C; Rejects assessee’s plea that since

May 04,2017