SC: Re-assessment initiation based on PE allegation not sustainable once arm's-length threshold met

SC allows Honda Motor's (a Japanese company) appeal and sets aside Allahabad HC ruling, quashes issuance of re-assessment notice;  HC had dismissed assessee's writ and had upheld re-assessment based on material

Mar 20,2018

SC: Upholds Sec. 14A disallowance on strategic investments; Dominant purpose test irrelevant

SC upholds Delhi HC ruling in Maxopp Investments Ltd., holds that interest paid on borrowings used for acquiring strategic investments is subject to Sec 14A disallowance even if earning dividend

Mar 16,2018

SC: Explains State's powers regarding amendments undoing court judgments; Quashes retrospective application

SC rules on the State's powers to amend law so as to undo the Court's judgment in context of Karnataka Money Lenders Act ('ML Act') and Karnataka Pawn Brokers Act

Mar 16,2018

SC: Co-op Society exempt on transfer-fee received from transferee; Explains mutuality principle

SC rules against the Revenue in a batch of over 50 appeals, holds that receipts by premises cooperative societies (assessees) from its members, on account of non-occupancy charges, transfer charges, common

Mar 14,2018

SC: Lifts corporate veil of Multinational Accounting Firms, raps ICAI for inaction

SC, in a detailed 75 pages judgment, lifts corporate veil of Multinational Accounting Firms (MAFs), holds that MAFs violate CA Act, orders further investigation by Enforcement Directorate & examination by

Feb 23,2018

SC: Reverses HC's quashing of Sec. 143(2) notice served beyond 12 months, considering peculiar circumstances

SC reverses HC order quashing notice issued u/s 143(2) which was served on assessee after 12 months from the end of the month in which return was filed; Assessee filed

Feb 23,2018

SC: CIT disentitled from cancelling Sec.12A charity registration pre 2004 amendment

SC reverses Madhya Pradesh HC ruling in case of State Government Undertaking (established for development of industrial growth centres/areas), holds in favour of the assessee that prior to 2004 amendment,

Feb 16,2018

SC: No requirement of approaching Committee on Disputes in case of Govt. undertakings

SC sets aside Delhi HC judgement dismissing Revenue's appeal in case of Doordarshan Commercial Services (a Govt. broadcasting company), dispenses with the requirement of approaching Committee on Disputes (COD) before filing

Feb 14,2018

SC: Advises unconditional apology but declines relief in contempt proceedings initiation against taxpayer /TRO

SC refuses to interfere with Bombay HC order directing initiation of civil and criminal contempt proceedings against the President of Sinhgad Technical Education Society (assessee) as also against the Tax Recovery

Feb 13,2018

SC: Dismisses Revenue's SLP against Delhi HC allowing credit of advance - tax paid under IDS -2016

SC dismisses Revenue's SLP against Delhi HC allowing credit of advance tax paid and TDS against the tax payable under the Income Declaration Scheme, 2016 ('IDS') ; HC had observed

Feb 09,2018