SC: Allows Sec 80IB/IC deduction on subsidies applying ‘direct-nexus’ test; Distinguishes Pandian, Liberty rulings

SC rules in favour of taxpayer, upholds Gauhati, Delhi and Calcutta HC orders and rules that various subsidies (transport, power, interest and insurance) received qualify for incentive deduction u/s 80IB

Mar 14,2016

SC: Excludes 'scrap-sale' from ‘total-turnover’ while computing Sec 80HHC deduction; Follows Punjab Stainless (SC)

SC allows assessee’s appeal, relies on co-ordinate bench ruling in Punjab Stainless Steel Industries and holds that proceeds generated from scrap sales should not be included in ‘total turnover’ for

Mar 04,2016

SC: Reverses HC, relies on HEH Nizam ruling; Re-assessment invalid absent original assessment

SC reverses HC order, quashes re-assessment under the erstwhile Interest Tax Act, 1974 absent assessment order passed during original proceedings; During relevant AY 1997-98, no assessment order was passed by

Mar 03,2016

SC: Clarifies Allahabad-HC ruling; Deemed registration u/s 12AA effective after 6 months period

SC clarifies Allahabad HC order, states that deemed date of registration to assessee-society would be after expiry of 6 months period stipulated u/s 12AA as timeline for disposing application for

Feb 23,2016

SC: Cites Vodafone ratio/'public interest' doctrine, discards mining-lease transfer; Pierces corporate veil

SC reverses HC order, disregards transfer of shareholding by petitioner company (formed by conversion of a partnership firm holding leasehold mining rights) to third company for consideration, orders lifting of

Feb 11,2016

SC: Dismisses SLP; Consultancy services 'consumed' in India, Sinagpore co. payments taxable FTS

SC dismisses assessee’s (an Indian company) SLP against Calcutta HC judgment, HC had held that  payment of consultancy fees to Singaporean company for forex derivative transaction services was taxable as

Feb 03,2016

SC: SC directs HC to admit Revenue’s appeal as appeal on identical issue admitted earlier

SC directs Karnataka HC to admit Revenue’s appeal for AY 2007-08;  Notes that  ITAT had passed a common order for AYs 2007-08 and 2008-09, also observes that HC had admitted

Jan 29,2016

SC: Reverses HC order, mere loss return cannot absolve penalty u/s 271(1)(c)

SC sets aside Ahmedabad HC order, confirms levy of penalty u/s 271(1)(c) although assessee-company reflected loss in the return of income; On observing that assessee had returned loss and that

Jan 25,2016

SC: Upholds HC order, no penalty u/s 271C absent “contumacious” conduct on assessee’s part

SC dismisses Revenue's appeal, upholds deletion of penalty levied u/s 271C for failure to deduct TDS;   Noting that assessee already paid tax and interest u/s 201(1)/(1A), ITAT had deleted penalty relying on Delhi HC

Jan 25,2016

SC: Reinforces HC’s leeway to re-appraise existing facts not considered by Tribunal

SC upholds HC order & dismisses assessee's appeal, denies Sec 35(2A) deduction to assessee for donation made to scientific research institution and upholds Sec 40A(2) disallowance for related party payments

Jan 20,2016