SC: Lays down law on Sec. 44BB interplay with Sec 5,9; Upholds NR's mobilization fees taxability

SC dismisses assessee's appeal, upholds HC conclusion that mobilization fee payable to non-resident assessees for transportation of oil rigs is taxable u/s 44BB; Notes that Income-tax Act, 1961 follows territorial system

Oct 31,2017

SC: Allows Revenue’s appeal; CBDT instruction setting monetary appeal filing limit not retrospective

SC sets aside Karnataka HC ruling in Gemini Distilleries and allows Revenue’s appeal; HC had dismissed Revenue’s appeal relying on Karnataka HC ruling in Ranka & Ranka wherein it was held that

Oct 30,2017

SC: Mere outsourcing business to Indian subsidiary cannot create PE; MAP admission non-binding

SC dismisses Revenue's appeal, confirms Delhi HC ruling holding that 2 US-based entities viz. eFunds Corporation USA and eFunds IT Solutions Group Inc., USA (assessees) did not have a fixed

Oct 24,2017

SC: Approves Delhi HC verdict on deemed dividend; Confirms no taxability for loan recipient

SC confirms Delhi HC ruling in Ankitech Pvt. Ltd.; HC had approved Mumbai ITAT Special Bench ruling in Bhaumik Color P. Ltd.and had held that deemed dividend was not taxable in

Oct 16,2017

SC: Vegetables Products ratio inapplicable when provisions unambiguous; Upholds Revenue’s valuation approach

SC upholds Wealth Tax Officer’s (WTO’s) adoption of ‘land and building method’ of valuation by making reference to Departmental Valuer for determining fair market value u/s 7(1) of Cinema Building

Oct 14,2017

SC: Depreciation mandatory for Chapter VI-A deduction; ‘Mahendra Mills’ ratio not applicable

SC rules in favour of Revenue, affirms Bombay HC Full bench ruling in Plastiblends India Ltd. in entirety, holds that assessee should mandatorily consider depreciation deduction while computing incentive deduction u/s.

Oct 09,2017

SC: No 'transfer' u/s 2(47)(v) absent registration of JDA; Upholds capital gains tax deletion

SC confirms HC’s decision deleting capital gains addition in the hands of assessee-individuals (members of various co-operative societies) absent registration of Joint Development Agreement (JDA) between the co-operative societies and

Oct 05,2017

SC: Dismisses Revenue’s SLP; Trust eligible for registration u/s 12A/12AA despite no formal deed

SC dismisses Revenue’s SLP against Delhi HC order wherein HC had opined that “a formal deed of trust was not necessary for the grant of registration under Section 12A/12AA of

Sep 29,2017

SC: Upholds block assessment; Cites 2017 retro-amendment barring disclosure of 'reason to believe'

SC dismisses assessee’s (running a jewellery shop) appeal, confirms Delhi HC order upholding block assessment on assessee for the block period 1991 to 2000; SC notes that in May, 2000,

Sep 26,2017

SC: Enhanced compensation alongwith interest, taxable in the year of receipt; Follows Ghanshyam(HUF)

SC allows Revenue’s appeal and sets-aside Punjab & Haryana HC ruling; Rules that enhanced compensation alongwith interest thereon received by assessee-HUF pursuant to HC’s interim order in pending appeals relating

Sep 26,2017