SC: Upholds HC-order allowing interest deduction u/s.36(1)(iii) to RIL for funds given to subsidiaries

SC upholds Bombay HC order allowing interest deduction u/s.36(1)(iii) to Reliance Industries Ltd. (RIL, assessee-company) with respect to funds given to subsidiaries; Referring to ITAT's findings that the interest free

Mar 25,2019

SC: Sets aside HC-order for failure to frame 'question of law' in Yes Bank's case

SC sets aside HC order, remands matter back to HC to decide on Sec. 35-D applicability to assessee-bank (Yes Bank) for AY 2007-08; SC observes that (1) HC had dismissed

Mar 15,2019

SC: Striking-off Company's name by ROC, no ground for dismissing tax-appeal as 'infructuous'

SC sets-aside Rajasthan HC's order dismissing Revenue's appeal terming it to be 'infructuous', on the grounds that the assessee co.'s name has been struck off from the Register of the

Mar 13,2019

SC: Dismisses Revenue's SLP challenging Sec. 194C TDS applicability on channel placement fees

SC dismisses Revenue's SLP challenging Bombay HC order in case of a Broadcasting co. [assessee]; HC had relied on its co-ordinate bench ruling in UTV Entertainment Television Ltd. and had

Mar 13,2019

SC: Dismisses SLP; Waiver of loan obtained for funding operations - capital-receipt not taxable u/s 41(1)

SC dismisses Revenue's appeal against Karnataka HC holding that waiver of loan obtained by the assessee for funding operations was capital receipt not taxable u/s 41(1), relies on co-ordinate bench

Mar 08,2019

SC: Expunges HC's adverse direction imposing cost on IRS officer, calls it 'wholly unnecessary'

SC expunges the adverse remarks  / directions issued against the Revenue officer by Bombay HC; HC had imposed cost of Rs. 1.5 lakh on Revenue officer (petitioner) for irreverently adjusting

Mar 07,2019

SC: Rules on deductibility of 'excessive' sugarcane purchase price paid by sugar manufacturers

SC sets aside lower appellate authorities order holding that sugarcane purchase price paid by sugar manufacturer (assessee society) to sugarcane growers [who are mostly members] in excess of price as

Mar 06,2019

SC: Restores AO's order on share premium addition u/s. 68; Emphasizes on thorough scrutiny in 'Private placements'

SC reverses orders of lower appellate authorities and restores assessment order, upholds  addition u/s. 68 for Rs. 17.60 cr. share capital / premium received by assessee co. during AY 2009-10

Mar 05,2019

SC: Directs Settlement Commission to re-decide interest waiver issue considering Ghaswala & Brij Lal ruling

SC sets aside HC order regarding waiver of interest u/s 234A,B and C in settlement proceedings, remands matter back to Settlement Commission to decide afresh after considering SC ruling in

Mar 05,2019

SC: Larger Bench-Rules in assessee's favour on Sec. 80HH issue; 'Profits & gains' not synonymous with 'income'

SC larger bench rules in favour of assessee for AYs 1979-80 and 1980-81 and overrules division bench ruling in Motilal Pesticides (I) Pvt. Ltd., holds that Sec. 80HH deduction is

Mar 02,2019