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

SC: Upholds Sec.234A/B/C interest deletion, given Revenue’s failure to adjust seized cash against tax-liability

SC dismisses Revenue’s SLP appeal against Allahabad HC  order; HC had deleted interest levied u/s 234A/B/C for AY 2010-11, as Revenue had failed to adjust seized cash (available before return filing due-date, in

May 05,2016

SC: 'Special-audits' intergral to assessment, excludes stay period for block-assessment limitation

SC dismisses assessee's appeal with cost, confirms HC order excluding period for which interim stay against special audit direction u/s 142(2A) was in operation for counting period of limitation for

Apr 28,2016

SC: Hotel tips not salary absent reference to employment contract, TDS inapplicable

SC reverses Delhi HC order, holds that TDS u/s 192 on salaries is not applicable on payment of tips by assessee hotel to its staff/waiters; Observes that tips are voluntary

Apr 26,2016

SC: "Prosperous” Visvesvaraya University denied Sec. 10(23C) exemption; Rejects characterization of fees as Govt grant

SC upholds HC order, denies exemption u/s 10(23C)(iiiab) to Visvesvaraya Technological University (‘VTU’ ) on the ground that it doesn’t satisfy the condition of being an institution ‘wholly or substantially financed

Apr 23,2016

SC: SC dismisses Revenue’s SLP; Wheeling charges neither rent nor service

SC dismisses Revenue’s appeal against Bombay HC order holding that payment for transmission/ wheeling charges neither qualify as rent (u/s 194I) nor as FTS (u/s 194J) and thus no TDS

Apr 22,2016

SC: Dismisses Revenue’s SLP; No Sec 194J TDS on wheeling charges for electricity transmission

SC dismisses Revenue’s SLP against Delhi HC order holding that payment towards “wheeling charges” was not taxable as FTS u/s 194J; HC had accepted assessee’s plea that payment was towards

Apr 19,2016