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

SC: Upholds HC-order, denies depreciation claim on ‘sham’- sale and lease back transaction

SC upholds HC order, rejects assessee’s depreciation claim on machinery purchased from Andhra Pradesh State Electricity Board (APSEB) and then leased back to APSEB; HC had noted findings by lower authorities

Jan 14,2016

SC: Upholds wealth-tax on 'urban land'; Exclusion u/s 2(ea) inapplicable to building under construction 

SC rules in favour of Revenue, upholds wealth tax levy on “urban land”, denies exemption benefit under Explanation 1(b)(ii) to Sec 2(ea) of the Wealth Tax Act (which excludes ‘land

Jan 08,2016

SC: Dismisses taxpayer's SLP against HC-ruling holding property leasing as house property income

SC dismisses assessee’s SLP against Madras HC judgement, HC had held that rental income derived from leasing of commercial property was taxable as 'income from house property'; Revenue had assessed

Dec 29,2015

SC: Penalty proceedings based on set-aside assessment order unsustainable, deletes penalty levied u/s271E 

SC upholds HC order, when original assessment order itself was set aside satisfaction recorded therein for the purpose of initiating penalty proceeding u/s 271E would also not survive; Section 269SS/T

Dec 25,2015

SC: Upholds HC order, interest on share application not taxable in pre-allotment period

SC upholds HC order, interest earned on share-application money by assessee-company taxable only post allotment of shares (in AY 1993-94) and not on receipt of application money (in AY 1992-93);

Dec 15,2015