Supreme Court Rulings

Lays down law on possessory rights transfer u/s 269UA under land collaboration agreement 

SC holds that collaboration agreement for land development would be covered under the ambit of transfer u/s 269UA, however sets-aside HC ruling upholding order passed by the appropriate authority u/s ...View More

Dismisses SLP; Booking confirmation letter irrelevant for determining Apartment “Booking Rights” acquisition

SC dismisses assessee’s SLP against Delhi HC judgement; HC had held that “Booking rights” in flat / apartment shall be treated as acquired upon execution of buyer’s agreement w...View More

Dismisses Revenue SLP against HC's Subrata Roy ruling deleting 'deemed dividend' addition

SC dismisses Revenue’s SLP against Delhi HC judgement in case of Subrata Roy deleting 'deemed dividend’ addition of Rs 1.8 crores; HC had taken note of key facts that (a) assessee was a ma...View More

Sets-aside HC order, treats IPR as ‘plant’ under erstwhile Sec 32, allows depreciation 

SC sets-aside HC order, allows depreciation u/s 32 for expenditure incurred on acquisition of trademarks, copyrights and know-how during AY 1995-96, holds that the same falls under the ambit of &lsquo...View More

Govt. undertakes to 'abide' by MAT circular/press release in Castleton case 

SC disposes of Castleton's SLP against AAR ruling on MAT applicability to foreign companies not having Permanent Establishment; Attorney General Mukul Rohatgi gives an undertaking to the Court that Go...View More

Allows trust's accumulation claim through return but rejects exemption exceeding 25% threshold

Supreme Court reverses decision in favour of assessee given by CIT(A), ITAT and HC on the quantum of charitable exemption u/s 11; SC notes that a charitable trust (for relevant AY 1994-95) could accum...View More

‘Natural pond’ constitutes ‘plant’, satisfies functional test; Allows Depreciation u/s 32

SC dismisses Revenue’s appeal, holds that 'natural pond', specially designed for rearing / breeding of prawns be treated as 'plant' within the meaning of Sec 32 for the purpose of allowing depre...View More

Dismisses SLP; HC rejected extended 16yrs time-limit for reassessment absent foreign asset 

SC dismisses Revenue’s SLP against Delhi HC judgment quashing reassessment as Sec 148 notice was barred by limitation; AO had issued Sec 148 notice beyond prescribed period of four/six years inv...View More

Dismisses SLP; Quashing reassessment, HC held AO to draw legal inference from facts 

SC dismisses Revenue’s SLP against Delhi HC judgment quashing reassessment for AYs 1990-91 to 1992-93 absent failure on assessee’s part to fully and truly disclose all material facts; HC h...View More

Upholds HC order, quashes order u/s 269UD for pre-emptive purchase of land 

SC dismisses Revenue’s appeal, upholds Bombay HC’s judgment quashing order passed by the appropriate authority u/s 269UD(1) (providing for pre-emptive purchase of immovable property by Gov...View More