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

SC: Dismisses CBDT's SLP; HC allowed Sec. 10(15) benefit on lease-rentals from Jet Airways

SC dismisses Revenue’s SLP against Delhi HC judgment, HC had allowed assessee’s (a US company) writ and directed CBDT  to  grant approval u/s 10(15A)  with respect to lease rentals received

Apr 17,2017

SC: Invalid search warrant u/s 132 doesn’t invalidate block assessment u/s. 158BD on ‘other person’

SC dismisses assessee’s SLP against Gujarat HC judgement upholding validity of block assessment proceedings u/s. 158BD; SC notes that search warrant u/s. 132 was issued on a dead person and

Mar 30,2017

SC: Share premium not part of ''capital employed'' for computing Sec. 35D deduction

SC confirms Delhi HC decision for AY 1996-97, "premium" collected  by  assessee on  its  subscribed share capital doesn’t constitute “capital employed in the business of  the  Company"  for computing deduction

Mar 29,2017

SC: Assessee-lessee not entitled to depreciation u/s 32 absent execution of title transfer deed

SC dismisses assessee’s (lessee) appeal, holds that assessee -Company wasn’t entitled to depreciation on hospital building u/s 32 absent ownership for AY 1992-93; Pursuant to an agreement between the assessee

Mar 28,2017

SC: Dismisses SLP; Sec. 80IB deduction allowable despite non-filing of audit report with return

SC dismisses Revenue’s SLP against Allahabad HC ruling allowing Sec 80-IB benefit on additional income declared in return filed u/s 153A pursuant to search despite assessee's failure to file audit

Mar 15,2017

SC: Declines to interfere in exercise of jurisdiction u/s 263 absent leakage of revenue

SC declines to interfere in Revenue’s appeal against challenging Delhi HC order in the case of NTPC Ltd. (‘asessee’); Delhi HC had set aside CIT's erroneous exercise of revision powers

Mar 13,2017

SC: Dismisses SLP; Affirms non-maintainability of rectification application for matters decided in appeal

SC dismisses SLP against Madras HC judgement which had dismissed assessee’s (finance and leasing company) rectification plea u/s. 154 of Income Tax Act for exclusion of lease rentals from block

Mar 07,2017

SC: 'Global telecommunication facility' cost reimbursed by Indian agents not FTS; Upholds Bombay-HC ruling

SC dismisses Revenue’s appeal challenging Bombay HC decision in the case of A.P. Moller Maersk A/S (assessee, a Danish shipping company); Holds that amounts received by the assessee from its

Feb 23,2017

SC: Dismisses Revenue's SLP; Upholds ‘phase-wise’ business set-up for Sardar Sarovar project

SC dismisses Revenue’s SLP against Gujarat HC judgement in case of Sardar Sarovar Narmada Nigam Ltd. (‘assessee’ engaged in execution of ‘Sardar Sarovar  Project’, mainly consisting of construction of dam

Feb 22,2017