SC: NOIDA, not 'local authority' despite specified as 'industrial township'; Denies exemption u/s. 10(20)

  SC upholds Allahabad HC order and rules in favour of Revenue, holds that assessee [New Okhla Industrial Development Authority ('NOIDA'), constituted under UP Industrial Area Development Act, 1976] not 'local

Jul 02,2018

SC: Dismisses SLP; No penalty u/s 271C for TDS default on 'debatable' nature of payments

SC dismisses Revenue's SLPs  for AYs 1994-95 to 2001-2002 against Delhi HC order in case of ITC Ltd. on the ground of delay of 190 days; HC had confirmed ITAT order on

Jun 01,2018

SC: Stays operation of HC judgment upholding deemed dividend taxability on advances

SC stays operation of Delhi HC judgment upholding deemed dividend taxability on advances received by assessee-company during AY 1995-96, issues notices for hearing of assessee's SLP; HC had held that advance

Jun 01,2018

SC: Allows Sec 80-IC tax holiday w.r.t. substantial expansion year; Ignores earlier deductions u/s 80-IA & 80-IB

SC reverses HC's conclusion, allows assessee's claim for area-specific deduction u/s 80-IC in respect of its industrial undertaking located at Himachal Pradesh, rejects Revenue's claim that tax-holiday eligibility period of

May 18,2018

SC: Dismisses assessee's SLP ; FD-interest assessable as business income ineligible for Sec 80IC deduction

SC dismisses assessee's SLP against Uttarakhand HC decison denying Sec.80-IC deduction on interest earned on fixed deposit with bank for AY 2009-10 as it is not 'dervied from' eligible business;

May 18,2018

SC: Paves way for Tribunal appointments where suitable retired CJ/SC judges unavailable

Consequent to its direction to constitute a three-member Committee (with one of the members being former SC judge) to examine structure of Tribunals, SC clarifies that former SC judge  who

May 17,2018

SC: Committee to urgently examine structural overhaul of Tribunals ; Autonomous 'oversight' body necessary

SC recognizes the need to revisit the structure of Tribunals in order to uphold the rule of law and independence of judiciary, states "We broadly approve the concept of having an

May 11,2018

SC: Dismisses SLP; HC-appeal limitation period begins even if non-jurisdictional 'commissioner' receives ITAT order

SC dismisses Revenue's SLP against Delhi HC judgement; HC had ruled that the words 'the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner' occurring in Sec 260A(2)(a) (relating to

May 04,2018

SC: Rescues 'marginal taxpayers', holds amendment relaxing Sec. 40 (a) (ia) disallowance rigours as retrospective

SC upholds HC rulings giving retrospective effect to Finance Act, 2010 amendment that relaxed the rigours of Sec. 40(a)(ia), providing that all TDS made during the previous year can be

May 02,2018

SC: Reverses HC, permits block assessment aided by 'simultaneous' survey on connected person

SC allows Revenue's appeal, holds that material found in the course of simultaneous survey in the premises of builder with whom assessee had transaction, can be used in assessee's block

May 02,2018