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

SC: Dismisses taxpayer's SLP; Surrender of 'Floor Area Ratio' liable to capital gains

SC dismisses assessee’s SLP against Karnataka HC judgement; HC had held that surrender of Floor Area Ratio (‘FAR’) relating to land in favour of developer for construction of flats amounts

Apr 19,2016

SC: Reverses HC; Allows Sec 80HHC deduction to exporter on incentive-payments from export-houses

SC sets-aside Madras HC order, allows Sec 80HHC deduction on services charges / incentive payments received by assessee (marine products exporter) from export houses for AY 1994-95; Assessee had received 3.5% of FOB

Mar 31,2016

SC: Reverses HC-ruling on stock-exchange fees; 'Specialized, exclusive' attributes distinguish service from facility

Supreme Court lays down law 'technical services' definition u/s 9(1)(vii), distinguishes 'service' from a 'facility'; Reversing Bombay HC ruling, SC holds that transaction charges paid by stock exchange members to BSE do

Mar 30,2016

SC: Dismisses Shibu Soren’s SLP, HC had struck down ITAT order quashing block assessment

SC dismisses Shibu Soren’s (‘assessee’) SLP against Delhi HC ruling; HC had struck down Tribunal order wherein it was held that no addition could be made in the block assessment proceedings in

Mar 18,2016

SC: SC modifies HC order with respect to de-novo adjudication on Sec 54F exemption claim

SC modifies Kerala HC order with respect to assessee’s capital gains exemption claim u/s 54F; HC had ruled that for claiming Sec 54F exemption, the date relevant for investment in residential

Mar 14,2016

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