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SC - Sec. 139AA constitutionality valid. Enforces Sec. 139AA for those assessees who possess an Aadhaar card but grants partial relief to non-Aadhaar holders by staying the operation of the provision for them.
Binoy Viswam Vs. Union Of India & Ors.
(2017) TaxCorp(LJ) 12996 (SC) · Section. 139AA
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Supreme Court issues strictures against the income-tax department stating that it is "extremely unhappy" with the delay of 3381 days in refiling the SLP and demands that "The concerned authorities need to wake up"
CIT. vs. Krishan K. Aggarwal
(2017) TaxCorp(LJ) 12880 (SC)
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SC - Rental income from sub-licensing of shopping centre is taxable as ‘house property’ income and not business income.
Raj Dadarkar & Associates vs. ACIT
(2017) TaxCorp(LJ) 12832 (SC)
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SC - Addition based on seized documents - It is but natural that if any concealed income has been found at the time of search and survey, it has to be distributed among all the family members who were carrying on business.
Commissioner of Income-Tax Versus Rekha Bai
(2017) TaxCorp(LJ) 12821 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=68853&Category=Judgment&CategoryType=Zip
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SC - Income earned from the shopping center - Having regard to the terms and conditions on which the leasehold rights were taken by the assessee in auction, constructed the market area thereupon and gave the same to various persons on sub-licensing basis, the assessee would be treated as deemed owner of these premises in terms of Section 27(iiib).
RAJ DADARKAR & ASSOCIATES Versus ACIT – CC-46
(2017) TaxCorp(LJ) 12815 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=69111&Category=Judgment&CategoryType=Zip
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Severe strictures passed against the High Court for "inconsistent decision-making" and passing orders which are "palpably illegal, faulty and contrary to the basic principles of law" and by ignoring "large number of binding decisions of the Supreme Court" and giving "impermissible benefit to accused". Law on condonation of delay explained. CBI directed to implement mechanism to ensure that all appeals are filed in time
State Of Jharkhand vs. Lalu Prasad Yadav
(2017) TaxCorp(LJ) 12809 (SC)
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SC - Section 14A of the Act would apply to dividend income on which tax is payable under Section 115-O.
GODREJ & BOYCE MANUFACTURING COMPANY LIMITED Versus DY. COMMISSIONER OF INCOME-TAX & ANR.
(2017) TaxCorp(LJ) 12795 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=69079&Category=Judgment&CategoryType=Zip
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SC - Disallowance u/s 14A is applicable to dividend income on which tax is payable u/s. 115-O.
GODREJ & BOYCE MANUFACTURINGCOMPANY LIMITED Vs DY. COMMISSIONER OF INCOME-TAX& ANR.
(2017) TaxCorp(LJ) 12787 (SC) · Section 14A
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S. 40(a)(ia): S. 194C read with s. 200 are mandatory provisions. The disallowance stipulated in s. 40(a)(ia) for failure to deduct TDS u/s 194C is one of the consequences for the default. Accordingly, though there is a difference between “paid” and “payable”, s. 40(a)(ia) covers not only those cases where the amount is payable but also when it is paid. The contrary interpretation that s. 40(a)(ia) applies only to cases where amounts are “payable” will result in defaulters going scot free
Palam Gas Service vs. CIT
(2017) TaxCorp(LJ) 12765 (SC) · Sections 40(a)(ia), 194C
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SC - Provisions of Section 40 (a) (ia) of the Act were applicable not only to the amount which were shown as outstanding on the closing of the relevant previous year, but to the entire expenditure which became liable for payment at any point of time during the year under consideration and which was also paid before the closing of the year as rightly held by the authorities below.
Palam Gas Service Vs. CIT
(2017) TaxCorp(LJ) 12757 (SC) · Section 40(a) (ia)
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SC - The issue on allowability of preliminary expenses as revenue expenditure was debatable in view of divergent HC views but issue decided by jurisdictional HC is non-debatable to make 143(1)(a) adjustment.
DCIT. Vs. Raghuvir Synthetics Ltd.
(2017) TaxCorp(LJ) 12740 (SC) · Section. 143(1)(a)
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S. 143(1)(a): Even though there was a raging controversy amongst the High Courts on whether expenditure for raising capital is capital or revenue in nature, the judgement of the jurisdictional High Court is binding on the assessee and any view contrary thereto is a "prima facie" mistake that requires adjustment
CIT vs. Raghuvir Synthetics Ltd
(2017) TaxCorp(LJ) 12739 (SC) · Section 143(1)(a)
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Article 5 India-UK DTAA: Entire law on what constitutes a "permanent establishment" in the context of the 'Formula One Grand Prix of India' event explained after extensive reference to case laws, OECD Model Convention and commentary by Philip Baker, Klaus Vogel and other experts
Formula One World Championship Limited vs. CIT
(2017) TaxCorp(LJ) 12691 (SC)
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S. 45/ 50(2): If an undertaking is sold as a running business with all assets and liabilities for a slump price, no part of the consideration can be attributed to depreciable assets and assessed as a short-term capital gain u/s 50(2). If the undertaking is held for more than three years, it constitutes a "long-term capital asset" and the gains are assessable as a long-term capital gain
CIT vs. Equinox Solution Pvt. Ltd
(2017) TaxCorp(LJ) 12682 (SC) · Sections 45, 50(2)
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SC - SLP Dismissed - HC had held that sale on 'going concern' basis is 'slump-sale' and not depreciable asset sale u/s 50(2).
CIT. vs. Equinox Solution Pvt. Ltd.
(2017) TaxCorp(LJ) 12641 (SC) · Section. 50(2)
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Capital gains: An amount received from a wholly-owned subsidiary in consideration of transfer of shares of the WOS to a group of shareholders is not taxable as capital gains. The Department cannot subject a transaction under the Gift-tax Act and also levy tax under the Income-tax Act.
CIT. vs. Annamalaiar Mills
(2017) TaxCorp(LJ) 12582 (SC)
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S. 132: It is but natural that concealed income found at the time of search and survey has to be distributed among all the family members who were carrying on business. It is also a reasonable conclusion that the income had been earned over a period of time and should be spread over various years
CIT vs. Rekha Bai
(2017) TaxCorp(LJ) 12550 (SC) · Section 132
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S. 132/ 158BC, 158BD: The fact that the search was invalid because the warrant was in the name of a dead person does not make the s. 158BC/158BD proceedings invalid if the assessee participated in them. Information discovered in the search, if capable of generating the satisfaction for issuing a s. 158BD notice, cannot altogether become irrelevant because the search is invalid
Gunjan Girishbhai Mehta vs. DIT
(2017) TaxCorp(LJ) 12549 (SC) · Sections 132, 158BC, 158BD
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S. 132/ 158BC, 158BD: The fact that the search was invalid because the warrant was in the name of a dead person does not make the s. 158BC/158BD proceedings invalid if the assessee participated in them. Information discovered in the search, if capable of generating the satisfaction for issuing a s. 158BD notice, cannot altogether become irrelevant because the search is invalid
Gunjan Girishbhai Mehta vs. DIT
(2017) TaxCorp(LJ) 12530 (SC) · Sections. 132, 158BC,158BD
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S. 132: It is but natural that concealed income found at the time of search and survey has to be distributed among all the family members who were carrying on business. It is also a reasonable conclusion that the income had been earned over a period of time and should be spread over various years
CIT. vs. Rekha Bai
(2017) TaxCorp(LJ) 12529 (SC) · Section. 132
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