SC: Imposes Rs 10 lakh cost on IT Department for unconvincing 500 days delay & 'misleading' statement

SC dismisses Revenue's SLP, imposes costs of Rs. 10 lakh citing inadequate and unconvincing explanation given for 596 days delay in filing the petition; Also takes note of Revenue's misleading

Aug 29,2018

SC: Reverses HC; Denies enhanced 100% deduction throughout 10-year tax-holiday u/s. 80-IC, despite undertaking 'substantial expansion'

SC reverses Himachal Pradesh HC ruling and rules in favour of Revenue in a batch of about 30 cases, rejects  assessees' enhanced deduction claim @ 100% u/s. 80-IC  beyond five

Aug 21,2018

SC: Dismisses SLP against HC rejecting capital-gains taxability on asset revaluation by firm

SC dismisses Revenue's SLP challenging Bombay HC order, both on the grounds of delay and merits; During relevant AY 2008-09, the partnership firm (in which assessee-individual was a partner) was

Aug 10,2018

SC: Constitution Bench: Exemption Notifications to be interpreted strictly; Assessee cannot take benefit of ambiguity

5-Judge Constitution Bench of SC rules on interpretation of tax exemption provision / Notification when there is ambiguity as to its applicability w.r.t. entitlement of assessee or rate of tax

Jul 30,2018

SC: Dismisses Revenue's SLP against depreciation non-deduction while computing exempt warehousing income

SC dismisses Revenue's SLP challenging Delhi HC judgement in case of Central Warehousing Corporation ('assessee'); HC had held that depreciation not to be deducted while computing exempt income from operating

Jul 30,2018

SC: CBDT circular can't curtail CIT's 'quasi-judicial' authority to grant lesser deposit relief

SC clarifies that CBDT's office memorandum ('OM') dated July 31, 2017 regarding stay of demand does not interfere with AO's power to grant stay on deposit of a lesser amount,

Jul 25,2018

SC: Dismisses SLP against HC's refusal to adjudicate Sec 80IA(5) applicability to loss set-off

SC dismisses Revenue's appeal against Bombay HC judgment in case of Hercules Hoists Ltd.; HC had dismissed Revenue's appeal against ITAT order holding that losses of units eligible for Sec 80-IA

Jul 23,2018

SC: Dismisses SLP against HC order confirming Sec. 68 addition as investors' identity not established

SC dismisses assessee-company's SLP against Allahabad HC judgement upholding addition u/s 68 with respect to share capital subscription as assessee failed to establish identity and genuineness of the investors; Noting

Jul 19,2018

SC: Dismisses Revenue's SLP; No re-assessment merely based on 'Sauda-Chitthi' for land-sale

SC dismisses Revenue's SLP on the ground of delay as well as on merits against Gujarat HC order quashing re-assessment in case of assessee-partner; HC had held that mere signing

Jul 13,2018

SC: NOIDA, a corporation established 'by' the Act; Upholds Sec. 194A TDS-exemption on bank interest

​SC delivers two separate judgments in respect of TDS applicability on payment of interest and lease rental to NOIDA (The New Okhla Industrial Development Authority​ constituted under UP Industrial Area Development

Jul 09,2018