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SC - Where there is no assessment order passed, there cannot be a notice for re-assessment inasmuch as the question of re-assessment arises only when there is an assessment in the first instance.
Standard Chartered Finance Ltd. vs. CIT
(2016) TaxCorp(LJ) 9980 (SC)
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SC - Non-disposal of registration application within 6 months timeline as stipulated u/s 12AA(2) shall result in “deemed grant of registration".
CIT. vs. Society for the Promotion of Education Adventure Sport & Conservation of Environment
(2016) TaxCorp(LJ) 9959 (SC) · Section. 12AA
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S. 12AA: Non disposal of an application for registration before the expiry of six months as provided u/s 12AA (2) results in deemed grant of registration
CIT vs. Society For The Promotion Of Education, Adventure Sport & Conservation Of Environment
(2016) TaxCorp(LJ) 9958 (SC) · Section 12AA
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Law on prospective vs. retrospective operation of legislation explained. The Hindu Succession (Amendment Act), 2005 which came into effect on 09.09.2015 and by which daughters in a joint Hindu family, governed by Mitakshara law, were granted statutory right in the coparcenary property (being property not partitioned or alienated) of their fathers applies only if both the father and the daughter are alive on the date of commencement of the Amendment Act
Prakash vs. Phulvati
(2016) TaxCorp(LJ) 9933 (SC)
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Daughter have equal rights in Parents property prospectively: SC
Prakash & Ors vs. Phulavati & Ors
(2016) TaxCorp(LJ) 9882 (SC)
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SC - Doctrine of lifting the veil can be invoked if the public interest so requires or if there is allegation of violation of law by using the device of a corporate entity.
State Of Rajasthan & Ors vs. Gotan Lime Stone Khanji Udyog Pvt. Ltd. & Anr.
(2016) TaxCorp(LJ) 9832 (SC)
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SC - SLP Dismissed - HC had held that payment of consultancy fees to Singaporean company for forex derivative transaction was FTS.
CIT vs. Andaman Sea Food Pvt. Ltd.
(2016) TaxCorp(LJ) 9810 (SC)
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SC - HC to admit Revenue’s appeal on identical issue admitted earlier.
CIT vs. Bangalore Housing Dev. & Investments
(2016) TaxCorp(LJ) 9806 (SC)
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S. 271C: Penalty for failure to deduct TDS cannot be levied if Dept is unable to show contumacious conduct on the part of the assessee
CIT vs. Bank Of Nova Scotia
(2016) TaxCorp(LJ) 9801 (SC) · Section 271C
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SC - Though HC in exercise of its reference jurisdiction cannot review findings of fact arrived at by ITAT by way of re-appreciation and reappraisal of evidence on record, but empowered to re-appraise existing facts not considered by ITAT.
M/S GANAPATHY & CO., Vs THE COMMISSIONER, INCOME TAX
(2016) TaxCorp(LJ) 9788 (SC)
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SC - Depreciation claim to be disallowed being 'sham' on machinery purchased from Andhra Pradesh State Electricity Board and then leased back.
Avasarala Technologies Ltd. vs JCIT
(2016) TaxCorp(LJ) 9779 (SC)
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SC - SLP Dismissed - HC had held that rental income derived from leasing of commercial property was taxable as 'income from house property'.
Keyaram Hotels P. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 9745 (SC)
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SC - Interest earned on share-application money is taxable only post allotment of shares and not on receipt of application money.
CIT vs. Henkel Spic India Ltd.
(2015) TaxCorp(LJ) 9675 (SC)
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SC - Section 41 not applicable on pre-mature payment of deferred sales tax liability under the incentive scheme.
CIT vs. SI Group India Ltd.
(2015) TaxCorp(LJ) 9674 (SC) · Section 41
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SC - SLP Dismissed - HC had held that when there is a clear admission, voluntarily made, by the assessee, that would constitute a good piece of evidence for the Revenue.
B. KISHORE KUMAR Vs THE DY. COMMISSIONER OF INCOME TAX
(2015) TaxCorp(LJ) 9592 (SC)
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S. 3 of Indian Evidence Act: A "Compact Disc" (CD) is a "document" and is admissible as evidence
Shamsher Singh Verma vs. State of Haryana
(2015) TaxCorp(LJ) 9552 (SC) · Section 3
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S. 143(1)/ 147: As a s. 143(1) intimation is not an assessment, there is no question of "change of opinion" by the AO
DCIT vs. Zuari Estate Development & Investment Co Ltd (Supreme Court)
(2015) TaxCorp(LJ) 9519 (SC) · Sections 143(1), 147
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SC - SLP Dismissed - Karnataka HC had allowed deduction to assessee company for expenses incurred on buy-back of shares.
CIT vs. Motor Industries Co. Ltd
(2015) TaxCorp(LJ) 9509 (SC)
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CBDT & Govt are bound by their own interpretation of a statutory provision. Principle of "contemporanea expositio" explained. The word "or" can be interpreted as "and" if the former leads to unintelligible and absurd results
Spentex Industries Ltd vs. CCE
(2015) TaxCorp(LJ) 9506 (SC)
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SC - Loan advanced to subsidiary company was imperative as business expediency in view of undertaking given to the financial institutions for providing additional margin for subsidiary's working capital requirements. Interest deduction allowed.
Hero Cycles (P) Ltd vs CIT
(2015) TaxCorp(LJ) 9488 (SC)
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