SC: Recognizes distinction between ‘loans’ & ‘deposits’; Quashes ‘debenture-interest’ taxability under Interest-tax Act

SC approves Gujarat HC ruling, holds that receipts on account of interest on debentures, upfront fees and interest on deposits given to other corporations by assessee-company,  not chargeable to tax under

Oct 04,2016

SC: Upholds Sec 54E exemption on "long-term" depreciable-asset sale; Approves Ace Builders ratio

SC upholds Bombay HC judgement, grants 54E benefit to assessee-company for AY 1989-90 in respect of capital gains arising on transfer of a loading platform (a depreciable asset) held for

Sep 29,2016

SC: Sets-aside HC; Employee bonus paid through trust deductible u/s 36(1)(ii), Sec. 40A(9) inapplicable

SC reverses Madras HC order, allows deduction u/s 36(1)(ii) to assessee-company for payment of bonus to employees through a Trust; During AYs 1999-2000 and 2001-02, owing to labour unrest, assessee

Sep 28,2016

SC: Dismisses Revenue’s SLP, ‘Initial AY’ u/s 80IA not business commencement year applying circular 1/2016

SC dismisses Revenue’s SLP against Madras HC ruling for  AY 2010-11, HC had held that  “initial assessment year” to claim deduction u/s 80IA would mean the first AY opted by

Sep 23,2016

SC: Reverses HC, Presumptive tax provision u/s 44AD inapplicable if gross-receipts exceed eligible limit

SC reverses HC order for AY 2009-10, holds special provisions u/s 44AD not applicable to assessee (engaged in civil contracts businesss) as the gross receipts exceed the eligible limit of

Sep 23,2016

SC: Share capital not business income, despite received towards allotment of flats/units

SC modifies Karnataka HC order on the issue of taxability of amount received by assessee-company (engaged in real estate business) on account of share capital from various share-holders, holds that

Sep 20,2016

SC: Allows Revenue's plea, HC to reexamine if SEZ’s trading activity constitutes ‘service’ u/s 10AA

SC sets-aside Andhra Pradesh HC judgement dismissing Revenue’s appeal; Observes that the question raised before HC was whether trading activity carried on by assessee’s SEZ unit amounts to 'service' eligible

Sep 15,2016

SC: Revenue withdraws appeal against Linde-Samsung consortium's AOP status citing CBDT's clarificatory circular

SC dismisses Revenue’s SLP against Delhi HC ruling in case of Linde AG; HC had held that consortium formed by Linde AG with Samsung (both non-residents), for undertaking a turnkey

Sep 15,2016

SC: Notes MAP resolution, dismisses infructuous Revenue SLP on UK firm taxability

SC dismisses Revenue’s SLP against Calcutta HC decision in case of P&O Nedlloyd granting India-UK DTAA benefits to assessee (a UK partnership firm); Observing that assessee has accepted the terms contained in MAP resolution

Sep 07,2016

SC: Confirms HC; Timelimit u/s 275(1)(c) applicable for penalty with respect to Sec. 269SS/T default

SC dismisses Revenue’s appeal against Rajasthan HC ruling in Hissaria Brothers deleting penalty u/s 271D/E for Sec 269SS/T default (accepting/repaying loan in cash); HC had held that penalty order was

Aug 30,2016