SC: Unfettered powers to HC to frame additional questions of law during hearing 

Though Sec. 260A(4) states that appeal can be heard only on questions of law formulated by HC, proviso to Sec. 260A(4) gives HC the power to hear appeal on additional

Dec 18,2013

SC: Interest u/s 132B on seized cash available for pre-assessment period 

Assessee entitled to interest on refund of seized cash on pre-assessment period u/s 132B (4)(b); Rejects Revenue’s submission that refund of excess amount was governed by Sec. 240 of the

Dec 05,2013

SC: Information enquiry u/s 133(6) valid even if no proceedings pending 

Notice u/s 133(6) making general enquiry, issued with prior approval of Commissioner, valid even if no proceedings pending against assessee; Insertion of word 'enquiry' before the word 'proceeding' in Sec.

Nov 13,2013

SC: Confirms penalty; Holds “voluntary disclosure”, “amicable settlement” as irrelevant plea 

Concealment penalty initiation by Revenue upheld, though income disclosure voluntary; Statute does not recognize defences like ‘avoiding litigation’ and ‘buying peace of mind’ under Explanation 1 to Sec 271(1)(c); AO

Oct 31,2013

SC: Dismisses review petition, Rejects 'retraction' of voluntarily surrendered income 

SC dismisses review petition in Bhagirath Aggarwal case; Review petition filed against SC order dismissing SLP by assessee against Delhi HC ruling; Delhi HC upheld ITAT ruling against assessee, wherein

Oct 30,2013

SC: Dismisses Himatsingka appeal on unabsorbed depreciation set-off against other income u/s 10B 

SC dismisses Himatsingka Seide Ltd's appeal against adverse Karnataka HC ruling; SC observes the appeal to be devoid of any merit; Karnataka HC had denied adjustment of un-absorbed depreciation of

Oct 11,2013

SC: No income tax on "hypothetical" income, frowns on Revenue "flip-flop" 

Advance license benefit and DEPB benefits taxable in the year in which these are actually utilized by assessee, not in the year of receipts; Income accrues in the year of imports

Oct 09,2013

SC: Upholds Delta ratio; Sec 234D retrospectivity issue doesn't arise due to Parliament's clarification 

SC dismisses Revenue's SLP against Bombay HC ruling in Reliance Energy Ltd on Sec 234D refund; Sec 234D provides payment of interest on excess refund by assessee; Rejects Revenue's argument

Oct 03,2013

SC: Only interest under statute can be claimed by assessees; Sandvik misquoted, misinterpreted

Only interest under statute can be claimed by assessees; Sandvik misquoted, misinterpreted

Oct 01,2013

SC: Affirms HC ruling quashing re-assessment as relevant disclosures made in e-return 

SC dismisses Revenue's Special Leave Petition (SLP) against Bombay HC’s decision quashing re-assessment of assessee, a Singapore based company engaged in investment activities; HC rejected Revenue's stand that ‘sketchy details’

Sep 27,2013