Supreme Court — Direct Tax

1. Supreme Court · 23 Jun 2015
   SC - Factory building let-out to subsidiary company is subject to wealth tax u/s 40(3) of Finance Act, 1983 for AY 1984-85

   KAPRI INTERNATIONAL (P) LTD Vs Commissioner of welath tax

   (2015) TaxCorp(LJ) 6936 (SC)

2. Supreme Court · 15 May 2015
   SC - It is not open to the assessee to claim depreciation for the current year and not claim unabsorbed depreciation of the previous years

   Seshasayee Paper and Board Limited Vs. DCIT

   (2015) TaxCorp(LJ) 6836 (SC)

3. Supreme Court · 05 Jun 2015
   SC - Gujarat HC’s direction is to be substituted with respect to striking down Sec 80HHC retro amendment on DEPB.

   CIT. vs. Avani Exports & Anr.

   (2015) TaxCorp(LJ) 6832 (SC) · Section. 80HHC

4. Supreme Court · 05 Jun 2015
   SC - HC’s order quashing re-assessment notice under writ jurisdiction is to be quashed as the is erroneous.

   DCIT. & Anr. vs. Zuari Estate Dev. & Investment Comp. Ltd.

   (2015) TaxCorp(LJ) 6830 (SC)

5. Supreme Court · 20 May 2015
   HC - As amendment made to provisions of section 40A(3) with effect from 1-4-1996 being substantive in nature could not be applied retrospectively

   M.G. Pictures (Madras) Ltd. v. Assistant Commissioner of Income-tax, Chennai

   (2015) TaxCorp(LJ) 6625 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60754&Category=Judgment&CategoryType=Zip

6. Supreme Court · 20 May 2015
   HC - Gas cylinders purchased for business purpose but leased out said cylinders to other party and income from such leasing was treated as business income, assessee was entitled to depreciation on those cylinders.

   K.M. Sugar Mills Ltd. v. Commissioner of Income-tax

   (2015) TaxCorp(LJ) 6620 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60757&Category=Judgment&CategoryType=Zip

7. Supreme Court · 19 May 2015
   SC - The assessee has the right to disclaim depreciation in its entirety. However, it cannot claim depreciation for the current year and disclaim unabsorbed depreciation

   Seshasayee Paper & Boards Ltd vs. CIT

   (2015) TaxCorp(LJ) 6611 (SC) · Section 32

8. Supreme Court · 18 May 2015
   SC -Housing projects sanctioned and commenced prior to April 1, 2005 but completed by stipulated date as prescribed by Sec 80IB(10) thereafter, are also entitled for the deduction

   CIT. vs. Sarkar Builders

   (2015) TaxCorp(LJ) 6610 (SC) · Section. 80IB

9. Supreme Court · 14 May 2015
   SC upholds constitutional validity of NCLT

   MADRAS BAR ASSOCIATION VERSUS UNION OF INDIA & ANR.

   (2015) TaxCorp(LJ) 6573 (SC)

10. Supreme Court · 15 May 2015
    SC - Assesse is not entitled to section 42 benefit in respect of oil-exploration contract entered with Ministry of Petroleum and Natural Gas (MoPNG). Further, In a matter of private character or purely contractual field, no public duty element is involved and, thus, mandamus will not lie.

    Joshi Technologies International Inc. vs. UOI & Ors.

    (2015) TaxCorp(LJ) 6569 (SC) · Section. 42

11. Supreme Court · 14 May 2015
    SC - Hospital building subject to wealth tax u/s 40(3) of Finance Act, 1983

    Cosmopolitan Hospitals vs Commissioner Of Wealth tax

    (2015) TaxCorp(LJ) 6552 (SC)

12. Supreme Court · 13 May 2015
    SC - HC's interdiction of block-assessment proceedings by interfering with warrant of search authorization is invalid. No prior communication of search-reasons necessary.

    DGIT vs. Spacewood Furnishers Pvt. Ltd. & Ors.

    (2015) TaxCorp(LJ) 6551 (SC)

13. Supreme Court · 12 May 2015
    SC - Sec 43B is applicable to outstanding vend fee payable to State Government as clause (a) to Sec 43B considerably widened by the addition of the words “by whatever name called”.

    CIT. vs. Travancore Sugars & Chemicals Ltd.

    (2015) TaxCorp(LJ) 6510 (SC) · Section. 43B

14. Supreme Court · 08 May 2015
    SC - Value of let out portion of building (to subsidiary Co. for carrying out job work for assessee) was included in net wealth of assessee-company. Lifting of corporate veil was justified in this case.

    Kapri International (P.) Ltd. v. Commissioner of Wealth Tax, New Delhi

    (2015) TaxCorp(LJ) 6467 (SC) · http://www.taxcorp.in/FileOpenDT.aspx?ID=60614&Category=Judgment&CategoryType=Zip

15. Supreme Court · 04 May 2015
    SC - Where object clause of the company included holding of the two properties at Madras and earning income from letting of the properties then property rent would be treated as a business income

    Chennai Properties & Investments Ltd. vs CIT

    (2015) TaxCorp(LJ) 6433 (SC)

16. Supreme Court · 04 May 2015
    SC - Where letting out of property was the main objective of the company, rental income would be chargeable under the head 'Business'. It cannot be treated as 'income from the house property'

    M/s Chennai Properties & Investments Ltd Versus The Commissioner Of Income Tax

    (2015) TaxCorp(LJ) 6422 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60998&Category=Judgment&CategoryType=Zip

17. Supreme Court · 04 May 2015
    SC - SLP Dismissed - 5% restriction on commercial area introduced u/s 80IB from April 2005 not clarificatory and shall apply prospectively

    CIT. vs. Veena Developers

    (2015) TaxCorp(LJ) 6415 (SC)

18. Supreme Court · 16 Apr 2015
    SC - SLP Dismissed - HC had held that demerger scheme of Vodafone Essar Gujarat Ltd had bonafide commercial purpose

    Department of Income Tax vs. Vodafone Essar Gujarat Ltd & Anr.

    (2015) TaxCorp(LJ) 6187 (SC)

19. Supreme Court · 10 Apr 2015
    SC - SLP dismissed - HC had held assessee in default for not depositing TDS into Government account.

    Kingfisher Airlines Limited vs. CIT & Anr & etc

    (2015) TaxCorp(LJ) 6137 (SC)

20. Supreme Court · 10 Apr 2015
    SC - SLP Dismissed - HC had held that expenditure incurred for upgrading existing product in the telecommunication industry is revenue in nature.

    Cit vs Tejas Networks India ltd

    (2015) TaxCorp(LJ) 6136 (SC)

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