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SC - Where requisite and due enquiries were not made during assessment proceedings, revision u/s 263 was justified.
CIT. vs. Amitabh Bachchan
(2016) TaxCorp(LJ) 10187 (SC)
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SC - Rent can be said to have accrued or arisen only when a right to receive the same is vested in the assessee even in case of retrospective enhancement.
P.G.& W.SAWOO PVT. LTD. Vs. ACIT
(2016) TaxCorp(LJ) 10185 (SC)
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S. 5/ 147: Even if income by way of rent is enhanced with retrospective effect, it accrues only when a right to receive the income is vested in the assessee. A notice u/s 148 seeking to assessee the income prior to its accrual is without jurisdiction
P.G. & W. Sawoo Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 10179 (SC) · Sections 5, 147
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SC - SLP dismissed - HC was justified in deleting interest levied u/s 234A/B/C as Revenue had failed to adjust seized cash.
CIT. vs. Sunil Chandra Gupta
(2016) TaxCorp(LJ) 10167 (SC) · Secton. 234A/B/C
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SC - HC justified in excluding period for which interim stay against special audit direction u/s 142(2A) was in operation for counting period of limitation for passing block assessment order.
VLS Finance Limited Vs. COMMISSIONER OF INCOME TAX & ANR.
(2016) TaxCorp(LJ) 10157 (SC)
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S. 15, 17, 192: Concept of "salary" explained. Held that as "tips" are paid to employees of the assessee from an outsider on a voluntary basis and the employees have no vested right to receive the same, the same is not "salary" and the assessee has no obligation to deduct TDS
ITC Limited vs. CIT
(2016) TaxCorp(LJ) 10149 (SC) · Sections 15, 17, 192
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SC - TDS u/s 192 on salaries is not applicable on payment of tips by assessee hotel to its staff/waiters.
ITC LIMITED GURGAON Vs COMMISSIONER OF I.T. (TDS) DELHI
(2016) TaxCorp(LJ) 10147 (SC)
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SC - No exemption u/s 10(23C)(iiiab) to Visvesvaraya Technological University as it doesn’t satisfy the condition of being an institution ‘wholly or substantially financed by the Govt.’
Visvesvaraya Technological University vs. ACIT
(2016) TaxCorp(LJ) 10141 (SC) · Section 10(23C)
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SC - SLP dismissed - Wheeling charges neither neither qualify as rent (u/s 194I) nor as FTS (u/s 194J) and thus no TDS required to be withheld.
CIT(TDS) vs. Maharashtra State Electricity Distribution
(2016) TaxCorp(LJ) 10140 (SC)
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SC - SLP Dismissed - “Wheeling charges” was not taxable as FTS u/s 194J.
CIT-TDS. vs. Delhi Transco Ltd.
(2016) TaxCorp(LJ) 10125 (SC) · Section. 194J
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SC - SLP Dismissed - Surrender of Floor Area Ratio relating to land in favour of developer for construction of flats is transfer u/s 2(47).
Dinesh Rankha vs. CIT
(2016) TaxCorp(LJ) 10124 (SC)
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Important law on concept of "ancestral property" under the Hindu Succession Act, 1956 and the formation of a HUF by the surviving members of the deceased explained
Uttam vs. Saubhag Singh
(2016) TaxCorp(LJ) 10123 (SC)
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S. 9(1)(vii)/ 40(a)(ia)/ 194J: “Technical services” & “Managerial and Consultancy service” denotes services that cater to special & exclusive needs of the consumer/user. A "facility", even if termed as a service, which is available to all users, does not come within the ambit of “technical services” in Explanation 2 of s. 9(1)(vii)
CIT vs. Kotak Securities Ltd
(2016) TaxCorp(LJ) 10069 (SC) · Sections 9(1)(vii), 40(a)(ia), 194J
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SC - 3.5% of FOB value received as service charge from export houses is available for sec. 80HHC deduction for AY 1994-95.
Southern Sea Foods vs. JCIT
(2016) TaxCorp(LJ) 10055 (SC) · Section. 80HHC
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SC - No TDS u/s 194J on transaction charges paid by stock exchange members to BSE as it does not qualify as 'fees for technical services'.
Kotak Securities Ltd. vs. CIT
(2016) TaxCorp(LJ) 10053 (SC)
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SC - SLP Dismissed - HC was justified in quashing ITAT order which had held that no addition could be made in the block assessment proceedings in case of assessees for want of undisclosed income.
Shibu Soren vs. CIT
(2016) TaxCorp(LJ) 10019 (SC)
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SC - Modifies Kerala HC order with respect to assessee’s capital gains exemption claim u/s 54F.
XAVIER J PULIKKAL Vs. DEPUTY COMMISSIONER OF INCOME TAX
(2016) TaxCorp(LJ) 10005 (SC) · Section. 54F
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SC - Various subsidies (transport, power, interest and insurance) received qualify for incentive deduction u/s 80IB and 80IC for AY 2004-05.
CIT. vs. Meghalaya Steels Ltd.
(2016) TaxCorp(LJ) 10004 (SC) · Section. 80IB/IC
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S. 80-IB(4): Subsidies (such as transport subsidy, Interest subsidy and power subsidy) paid to the assessee with the object of reducing the cost of production constitutes "profits derived from the business of the industrial undertaking" and is eligible for deduction u/s 80-IB. Liberty India 317 ITR 218 (SC) is distinguishable on facts
CIT. vs. Meghalaya Steels Ltd.
(2016) TaxCorp(LJ) 10003 (SC) · Section. 80-IB(4)
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SC - Proceeds generated from scrap sales should not be included in ‘total turnover’ for the purpose of computing deduction u/s 80HHC.
JAGRAON EXPORTS vs. CIT
(2016) TaxCorp(LJ) 9987 (SC) · Section. 80HHC
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