SC: Upholds HC-order restricting Sec 11 exemption denial to the extent of Sec 13 violation

SC dismisses Revenue’s SLP challenging HC order in the case of Karnataka Industrial Area  Development Board (‘assessee’) for AY 2004-05; Karnataka HC had held that in case of violation u/s

Nov 17,2016

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