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SC- Even though Share capital was received towards allotment of flats/units, same not taxable as business income.
G. S. HOMES & HOTELS P. LTD. vs. DCIT
(2016) TaxCorp(LJ) 11124 (SC)
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The fact that the Finance Minster announced a concession in Parliament does not entitle the assessee to relief if the same is not set out in the Finance Act
Amin Merchant vs. Chairman CBEC
(2016) TaxCorp(LJ) 11047 (SC)
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Prosecution: Important law relating to the territorial jurisdiction and competence of the Deputy Director of Income-tax to lodge a complaint for evasion of tax explained
Babita Lila vs. UOI
(2016) TaxCorp(LJ) 11039 (SC)
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SC - SLP Dismissed - There is no reasonable scientific method adopted by the Assessees to estimate the transit breakages so as to justify creating of provision for such breakages.
SEAGRAM DISTILLERIES (P) LTD. (NOW PERNOD RICARD INDIA PVT. LTD.) Versus COMMISSIONER OF INCOME TAX-III, NEW DELHI
(2016) TaxCorp(LJ) 10994 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66162&Category=Judgment&CategoryType=Zip
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S. 68: When the facts show that the loan applications of 37 alleged trade creditors were processed and handled by the assessee and that the loan amounts were not reflected in the returns of the alleged creditors, the High Court erred in remanding the matter to the AO on the ground that the AO ought to given notice to the alleged trade creditors
CIT vs. Karnataka Planters Coffee Curing Work (P) Ltd
(2016) TaxCorp(LJ) 10947 (SC) · Section 68
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S. 275: Penalty proceedings for contravention of Sections 269SS & 269T are not related to the assessment proceeding but are independent of it. Therefore, the completion of appellate proceedings arising out of the assessment proceedings has no relevance. Consequently, the limitation prescribed by s. 275(1)(a) does not apply. The limitation period prescribed in s. 275(1)(c) applies to such penalty proceedings
CIT vs. Hissaria Brothers
(2016) TaxCorp(LJ) 10946 (SC) · Section 275
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S. 28: Income from letting of property on rent by an assessee engaged in the business of letting is assessable as "business profits" u/s 28 and not as "Income from house property" u/s 22
Rayala Corporation Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 10878 (SC) · Sections 22, 28
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SC - SLP Dismissed - HC had held that no addition could be made in the block assessment proceedings for want of undisclosed income.
Shibu Soren vs. CIT
(2016) TaxCorp(LJ) 10790 (SC)
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SC - SLP Dismissed - HC had disallowed provision for loss on transit-breakages absent scientific basis to determine the amount of provision.
Seagram Distilleries (P) Ltd. Vs. Commissioner Of Income Tax-Iii
(2016) TaxCorp(LJ) 10671 (SC)
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SC - SLP Granted - Taxability of lease-line charges reimbursement
DIT. vs. WNS Global Services (UK) Ltd.
(2016) TaxCorp(LJ) 10663 (SC)
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SC - SLP Dismissed - HC had held that mere sending of pre-printed notice with all ground mentioned not sufficient to levy penalty.
CIT. vs. Veerbhadrappa Sangappa & Co.
(2016) TaxCorp(LJ) 10654 (SC)
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SC - Subsidy by way of refund of excise duty and interest for setting up new industrial undertaking is a capital receipt.
CIT. vs. Shree Balaji Alloys
(2016) TaxCorp(LJ) 10606 (SC)
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Subsidy by way of refund of excise duty and interest for setting up a new industrial undertaking is a capital receipt & not taxable as income. Alternatively, such receipts are "derived" from the industrial undertaking and are deductible u/s 80-IB
CIT vs. Shree Balaji Alloys
(2016) TaxCorp(LJ) 10576 (SC) · Section 80-IB
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Entire law on assessment of shipping companies under the "Tonnage Tax" Scheme in Chapter XIIG of the Income-tax Act, 1961 in the context of "slot charters" explained
CIT vs. Trans Asian Shipping Services Pvt. Ltd
(2016) TaxCorp(LJ) 10573 (SC)
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Interest paid for broken period should not be considered as part of the purchase price, but should be allowed as revenue expenditure in the year of purchase of securities. American Express vs. CIT 258 ITR 601 (Bom) affirmed, Vijaya Bank 187 ITR 541 (SC) distinguished
CIT vs. CitiBank N.A.
(2016) TaxCorp(LJ) 10571 (SC)
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SC - Assessee’s appeal admitted against HC-order declining intervention by way of writ to quash notices u/s 148.
Adobe Systems Software Ireland Ltd. vs. Asstt. Director Of Income Tax
(2016) TaxCorp(LJ) 10287 (SC)
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SC - Where assessee was ceased to be a sick industrial undertaking, IT Department to take steps for recovery of tax.
DGIT vs. GTC Industries Ltd.
(2016) TaxCorp(LJ) 10251 (SC)
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SC - Assessee is entitled to interest u/s 244(1A) on refund utilised by the revenue against outstanding tax demand.
CIT. vs. Jyotsna Holdings Pvt. Ltd.
(2016) TaxCorp(LJ) 10238 (SC)
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SC - Assessment order valid even though passed beyond limitation period of two years prescribed u/s 153 as ssessment pendency before IAC to be excluded from limitation period.
CIT. vs. Saurashtra Cement & Chem. Industries Ltd.
(2016) TaxCorp(LJ) 10217 (SC)
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SC - SLP Dismissed - HC had held that penalty u/s 271(1)(c) cannot be deleted on guise or pretence of legal opinion as a smokescreen and façade.
N.G. TECHNOLOGIES (IN LIQUIDATION) Vs COMMISSIONER OF INCOME TAX
(2016) TaxCorp(LJ) 10188 (SC)
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