SUPREME COURT RULING (INCOME TAX)

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1 SUPREME COURT RULING (INCOME TAX) 2016-TIOL-245-SC-IT MM Aqua Technologies Ltd Vs CIT (Dated: December 5, The assessee preferred this SLP challenging the judgment of High Court, whereby it was held that payment of interest to FIs by way of debentures would not amount to 'actual payment' for purpose of deduction u/s 43B TIOL-244-SC-IT Mohanlal Agarwal Vs CIT (Dated: December 14, The assessee preferred this SLP against the order, whereby the High Court had upheld the assumption of jurisdiction by CIT u/s 263 on the ground that AO was not alive of the application of provision of Section 40A(3) in cases of block assessment made by estimation of profits TIOL-243-SC-IT ITO Vs F Studio Fashion Pvt Ltd (Dated: December 16, Having heard the parties, the Supreme Court condones the delay and grants exemption to the Revenue from filing certified copy of the impugned judgment of the High Court. Accordingly, this Court admits the impugned appeal TIOL-242-SC-IT ACIT Vs Sterling Construction And Investments (Dated: December 16, Having heard the parties, the Supreme Court admits the case of Revenue and grants leave to defend its case TIOL-241-SC-IT Abhinandan Investment Ltd Vs CIT (Dated: December 16, Having heard the parties, the Supreme Court grants leave to the assessee to defend its case 2016-TIOL-240-SC-IT Bhoruka Capital Ltd Vs PR CIT (Dated: December 16, Having heard the parties, the Supreme Court though finds no reason to entertain this Special Leave Petition, however, grants time to the assessee to deposit the amount as directed by the High Court in its impugned order

2 2016-TIOL-239-SC-IT Nisha Synthetics Ltd Vs CIT (Dated: October 21, Whether the ITAT is required to consider all the records which have been found to have been received by it, before passing any order - YES: SC 2016-TIOL-238-SC-IT CIT Vs Alcatel Lucent France (Dated: December 6, Income Tax - Sections 9(1)(vii) - India-France DTAA - Article 13(3). Keywords - Embedded software - process - royalty - supply of software TIOL-237-SC-IT ADIT Vs P And O Nedlloyd Ltd (Dated: September 2, Whether when the assessee, whose case was brought under Mutual Agreement Procedure resolution, has given his assent with regard to the same, it is still open for the Revenue to agitate such issue before the Apex Court through a SLP - NO: SC 2016-TIOL-236-SC-IT CIT Vs Philips India Ltd (Dated: December 16, Income tax: Validity of revisional jurisdiction The Revenue had preferred this SLP challenging the order, whereby the High Court had upheld the decision of ITAT in setting aside the revisional jurisdiction of CIT on ground of non fullfilment of conditions mandated for invoking Section TIOL-235-SC-IT CIT Vs Koganti Power Ltd (Dated: December 16, Income tax: The Revenue had preferred this appeal challenging the order of High Court in upholding the decision of ITAT, whereby it was held that the disallowed expenditure u/s 40a (ia) and 43B is liable to be taken into reckoning for the purpose of granting deduction u/s 80IA TIOL-234-SC-IT IAN Peter Morris Vs ACIT (Dated: November 29, Whether if non-compete fee is received as salary, any obligation to pay interest under Ss 234B & C, arises - NO: SC Whether if non-compete fee is paid in the form of salary under Sec 192, there is no question of any advance tax nor any interest obligation that arises - YES: SC

3 2016-TIOL-231-SC-IT PR CIT Vs Omaxe Buildhome Pvt Ltd (Dated: December 14, the decision of the High Court that a real estate development which on a standalone basis is complete in all respects would constitute a housing project for the purpose of Section 80IB TIOL-229-SC-IT Jeans Knit Pvt Ltd Vs DCIT (Dated: December 8, Whether writ petitions filed against the issuance of notice of reassessment can be rejected being not maintainable without examining them on merit - NO: SC 2016-TIOL-228-SC-IT CIT Vs Yokogawa India Ltd (Dated: December 16, Whether after amendment vide FAs, 2000 & 2003 the colour of Section 10A changed from exemption to provision of deduction - YES: SC Whether such deduction is available while computing gross total income of the eligible undertaking under Chapter IV and not at stage of computation of total income under Chapter VI - YES: HC Whether the fact that the legislature retained the provisions of Sections 80HHC & 80HHE in the Act even after the amendments to Section 10A, that means that the legislature intended to give more benefits than the ones emanating from Sections 80HHC - YES: SC Also see analysis of the order 2016-TIOL-227-SC-IT CIT Vs Nirav Modi (Dated: December 14, Income Tax - Sections 68, 263 The assessee for AYs and , had claimed an amount as gift from his father and sister. The AO was satisfied with the explanation furnished by the assessee regarding source and financial capacity of the donor, however, CIT commenced proceedings in exercise of his powers of Revision by issuing a notice u/s 263. The CIT set aside the assessment order and directed the AO to enquire into the capacity of the donors and to decide the genuineness of the gifts. The High Court held that revisional power cannot be exercised unless the CIT is able to establish that the order of the AO is erroneous and prejudicial to the Revenue. The court observed that the AO was satisfied about the identities of the donors and source from where these funds have come, therefore it was not open to the CIT in exercise of his revisional powers to direct further enquiry. Supreme Court confirmed the decision of the High Court that it was not open to the CIT to excercise revisional jurisdiction when AO was satisfied with the explanation

4 given by the assessee TIOL-226-SC-IT Inderchand D Kochar Etc Etc Vs ACIT (Dated: December 9, Income Tax - Section 253 The assessment orders were passed against the assessee for the AY The assessee had filed appeals before the Tribunal u/s 253 with a delay of 962 days. The delay was not condoned by the Tribunal because the delay was attributable to negligence and inaction on the part of the assessee. On further appeal, the High Court held that the delay in filing the appeal cannot be condoned where the conduct of the assessee substantiated lethargy and lack of bonafides as the assessee had not pursued the remedy with diligence. Supreme Court disposed of the SLP with permission to the petitioner to raise the matter before the authority where rectification proccedings are pending TIOL-224-SC-IT UoI Vs Paliwal Overseas Pvt Ltd (Dated: December 1, Whether amendment made to the provisions of Section 80HHC in 2005, will have prospective application - YES: SC 2016-TIOL-223-SC-IT State Of Andhra Pradesh Vs CCIT (Dated: December 1, Whether it is preferrable for the Apex Court to examine disputed contentions raised by parties on merits in a SLP, where the writ petitions are still pending before the High Court - NO: SC 2016-TIOL-222-SC-IT Nagarbail Salt Owners Cooperative Society Ltd Vs CIT (Dated: December 9, Whether an appeal/petition deserves to be dismissed, if the appellant/petitioner has himself withdrawn the same on ground of cessation of their grievance - YES: SC 2016-TIOL-220-SC-IT Siemens Public Communication Networks Pvt Ltd Vs CIT (Dated: December 7, Whether when the loss-making Indian subsidiary of a non-resident company receives some voluntary contribution from the parent, aimed at protecting its Indian investments, such payment is to be construed as capital receipt - YES: SC Also see analysis of the order

5 2016-TIOL-217-SC-IT CIT Vs Shri Ram Niwas Dham Trust (Dated: December 5, Having heard the parties, the Supreme court condones the delay in filing of appeal and grants leave to the Revenue to appear for further hearing TIOL-216-SC-IT Maharao Bhim Singh Of Kota Vs CIT (Dated: December 5, Income Tax Act - Sections 10(19A), 22, 23 - Wealth Tax Act, Section 5(iii). The assessee was the Ruler of the princely State of Kota, owned extensive properties which, included his two residential palaces known as " Umed Bhawan Palace " and " City Palace ". The assessee used Umed Bhawan Palace for his residence. Under Section 60A of the Indian Income Tax Act, 1922, the Central Government issued an order called "The Part B States (Taxation Concessions) Order, 1950" ("The Order"). It was issued essentially to grant exemptions and reductions in rate of tax on specified kinds of income earned by the persons (Ruler and his family members). As per the order, the bona fide annual value of the residential palace of the Ruler of a State situated within the State and declared by the Central Government as his inalienable ancestral property was exempted from payment of Income-tax. In 1976, the Ministry of Defence requisitioned portion of the Umed Bhawan Palace for their own use and paid income to the assessee. The question was whether the assessee is entitled to get full benefit of the exemption granted to him u/s 10 (19A) of the Income Tax Act 1961 (I.T. Act) from payment of income-tax or it is confined only to that portion of palace which is in his actual occupation as residence and the rest which is in occupation of the tenant would be subjected to payment of tax. The CIT (A) ruled in assessee's favour and held that since the assessee was in occupation of part of his official residence during the assessment year in question, he was entitled to claim full benefit of the exemption for his official residence as provided u/s 10 (19A) of the I.T. Act notwithstanding the fact that portion of the residence is let out to the Defence Ministry. The Tribunal dismissed the Revenue's appeal. The Full Bench of the High Court decided the issue against the assessee TIOL-214-SC-IT CIT Vs Karnataka Industrial Area, Development Board (Dated: November 11, Whether a SLP deserves to be granted to the Petitioner, in absence of any legal & valid ground for interference in the order of High Court - NO: SC

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