SC: Confirms HC order; Re-plantation expense for rubber trees not deductible 

SC dismisses assessee’s appeal against Kerala HC ruling on deductibility of rubber re-plantation expenditure; HC held that such expenditure is capital in nature & not deductible under Rule 7A(2); Rule

Sep 12,2013

SC: SLP dismissed, Unresourceful assessee justified in paying excessive interest to sister concerns 

Dismisses Revenue's SLP against Bombay HC ruling on disallowance of referral fees and excessive interest to sister concerns; HC ruled in assessee's favour based on factual conclusions of ITAT; Asseessee's

Aug 23,2013

SC: No capital gains tax exemption on share sale during IPO, dismisses SLP 

SC dismisses SLP filled by Uday Punj against Delhi HC judgment; Delhi HC held that sale of shares by promoter during IPO, based on provisional approval from recognized Stock Exchanges

Aug 23,2013

SC: Re-iterates no writ where alternate remedy available; Leaves window for exceptional circumstances 

Rejects writ only questioning correctness of notices issued u/s 148, without resorting to available alternate remedies; Non-entertainment of writ petitions by HC when alternative remedy available, is a rule of

Aug 19,2013

SC: Confirms High Court penalty levy on 'non-bonafide, vulnerable' depreciation claim 

SC dismisses assessee's SLP against HC decision ; HC overruled ITAT ruling to uphold levy of penalty u/s 271(1)(c) as questionable particulars were filed with regards to depreciation claim on

Jul 29,2013

SC: Writ petition lies only after alternate remedy exhausted; quashes favourable HC order 

Assessee must exhaust alternate remedy before filing writ petition; Gujarat HC wrong to have entertained writ petition of assessee at initial stage of issuance of show cause notice; Sets aside Gujarat

Jul 26,2013

SC: Dismisses Revenue SLP seeking delay condonation; HC refused to pardon "culpable negligence" 

SC dismisses Special Leave Petition filed by IT Department against Calcutta HC's refusal to condone 2197 days delay in filing appeal ; HC held that laches and negligence on part

Feb 13,2013

SC: Rejects "double mutuality" benefit to Club, FD interest from member banks taxable 

Interest income earned by club from deposits with member banks taxable; Assessee club failed to satisfy 3 tests for availing benefit of "Principle of mutuality" (though voluntarily offered interest income

Jan 15,2013

SC: Lays down law on lease depreciation, lessor also eligible for higher rate benefit 

SC reverses High Court ruling; Lessor (an NBFC) leasing vehicles to customers is "owner" as well as "user" for the purpose of claiming depreciation u/s 32 of IT Act; Use

Jan 15,2013

SC: Advance tax payment not adequate "disclosure" under Search & Seizure provisions 

SC reverses Madras HC ruling on Search & Seizure law; Unable to accept that payment of Advance Tax based on “current income” involves disclosure of “total income”; For income to

Jan 14,2013