SC: Dismisses Revenue’s SLP against HC order allowing privilege fee deduction

SC dismisses Revenue’s SLP against Rajasthan HC judgment in case of Rajasthan State Beverages Corpn. Ltd. for AY 2009-10; HC had relied on its co-ordinate bench ruling in assessee‘s own

Jul 07,2017

SC: Dissects JV agreement, upholds technical fees for plant set-up as capital expenditure

SC dismisses assessee’s [Honda Siel Cars India Ltd., formed as a Joint Venture (‘JV’) Company between HMCL, Japan and SEIL Ltd. (an Indian Company)] appeal challenging Allahabad HC order, payment

Jun 10,2017

SC: Sec. 139AA survives constitutionality test, but retrospective operation impermissible; Non-Aadhaar holders get interim relief

Black money menace & corruption weighs heavily on Apex Court's mind as a division bench upholds constitutional validity of Sec. 139AA of Income tax Act, that mandates compulsory quoting of

Jun 09,2017

SC: Distinguishes Chennai Properties; Sub-letting not principal business activity to constitute 'business income'

SC upholds Bombay HC ruling and dismisses taxpayer’s appeal, rental income arising to assessee-firm from sub-licensing of shopping centre, taxable as ‘house property’ income and not business income for AY

May 15,2017

SC: 15 Key Takeaways from SC ruling in Godrej Boyce on Sec. 14A disallowance

SC rules against the taxpayer, holds that Sec.14A disallowance is applicable to dividend income on which tax is payable u/s. 115-O; Rejects assessee’s stand that in view of inter-linkage between

May 08,2017

SC: SC upholds Sec. 40(a)(ia) disallowance on amounts ‘paid’, reverses HC's Vector Shipping ratio

SC upholds Himachal Pradesh HC ruling, confirms disallowance u/s. Sec. 40(a)(ia) for freight amounts ‘paid’  to truck-owners during AY 2006-07 without deduction of tax at source u/s 194C; Rejects assessee’s plea that since

May 04,2017

SC: Upholds Sec. 143(1)(a) adjustment disallowing preliminary expenses; Issue decided by jurisdictional HC non-debatable

SC reverses Gujarat HC judgment ruling in favour of Revenue for AY 1994-95, approves AO’s 'prima facile adjustment' u/s 143(1)(a) with respect to share issue expenses disallowance; During relevant AY, assessee-company claimed

May 02,2017

SC: 20 key takeaways from 100+ pager SC ruling in Formula One

SC upholds Delhi HC's finding that Formula One World Championship Ltd. (‘FOWC’, assessee) has a fixed place PE in India by virtue of the international circuit (i.e. place were the

Apr 26,2017

SC: Sale on 'going concern' basis is 'slump-sale', not depreciable asset sale u/s 50(2)

SC dismisses Revenue’s appeal for AY 1991-92, upholds Gujarat HC judgement granting assessee’s claim of deduction under the then existing Sec. 48(2) which was allowable only from long term capital gains;

Apr 19,2017

SC: Rejects taxpayer's double-benefit claim; Amalgamating company's liability waiver taxable u/s 41(1)

SC upholds Karnataka HC judgment in Revenue's favour, holds that waiver of liability due by amalgamating company after amalgamation is taxable in the hands of the amalgamated company u/s 41(1);

Apr 17,2017