SC

SC: Refund of excise-duty for setting up industrial undertaking not taxable as revenue receipt

SC dismisses Revenue’s appeal challenging Jammu & Kashmir HC judgement, subsidy by way of refund of excise duty and interest for setting up new industrial undertaking not taxable been a capital

Jul 08,2016

SC: Affirms HC ruling; Tonnage-tax scheme available to ‘Slot charters’ without 'valid certificates'

Supreme Court holds that "preferential tax regime" under Tonnage Tax Scheme is available to shipping company earning income from slot charters; 3 judges-bench of the Supreme Court approves Kerala HC ruling granting major

Jul 05,2016

SC: Admits assessee’s appeal against HC-order declining intervention by way of writ against reassessment

SC admits assessee’s appeal against Delhi HC order declining intervention by way of a writ to quash notices u/s 148; HC had held that "the discretion can be exercised in favour

Jun 02,2016

SC: Dismisses Revenue’s SLP against Sec. 271E penalty deletion, leaves limitation question open

SC dismisses Revenue’s SLP against Delhi HC judgment leaving the question of law on limitation open, HC had upheld ITAT’s order deleting penalty levied u/s 271E (for violating provisions of Sec.

May 30,2016

SC: Permits IT-Department to take steps for recovery as assessee no more ‘sick’

SC sets aside HC order, permits IT Department to take steps for recovery of tax dues from assessee; Assessee was declared sick under The Sick Industrial Companies Act, 1985 (‘SICA’)

May 27,2016

SC: Assessee entitled to interest on refund utilised by the Revenue

SC dismisses Revenue’s appeal, holds that assessee was entitled to interest u/s 244(1A) (which provides for interest on refund due)on amount retained by the Revenue; Notes that assessee was eligible for refund for

May 20,2016

SC: Reverses HC ruling ; Assessment pendency before IAC excluded from limitation period

SC reverses Gujarat HC order and rules in favour of Revenue, upholds assessment order for AY 1981-82 despite passed beyond limitation period of two years prescribed u/s 153; Observes that

May 18,2016

SC: Dismisses SLP; Erroneous legal opinion defence unavailable for baseless claim, upholds penalty-levy

SC dismisses assessee’s SLP against Delhi HC judgement; HC had confirmed AO's action of levying Sec 271(1)(c) penalty on assessee for wrongly claiming loss on sale of fixed-asset as ‘business

May 13,2016

SC: Recognises 'Deewar' between re-assessment & revision; Sec. 263 order not contingent on show-cause issuance

SC allows Revenue’s appeal  in Amitabh Bachchan case and reverses Bombay HC order for AY 2001-02 restoring revisional order passed by the CIT u/s 263, CIT had set aside assessment order on the ground that

May 11,2016

SC: Quashes reassessment, rent taxable when right to receive vests, retrospective enhancement irrelevant

SC allows assessee’s SLP, quashes reassessment proceedings initiated u/s 147/148 for AY 1989-90 to tax enhanced rental income from premises let to the Government; Rent was enhanced vide letter issued

May 10,2016

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