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CASE LAWS
2016-TIOL-243-SC-IT
ITO Vs F STUDIO FASHION PVT LTD: SUPREME COURT OF INDIA (Dated: December 16, 2016)
Income tax - Sections 147/148
The Revenue preferred this SLP challenging the order, whereby the High Court had quashed the reopening proceedings on the ground that the impugned issue was already examined during original assessment proceedings and no addition was made by AO u/s 143(3).
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.
SLP admitted
2016-TIOL-242-SC-IT
ACIT Vs STERLING CONSTRUCTION AND INVESTMENTS: SUPREME COURT OF INDIA (Dated: December 16, 2016)
Income tax - The Revenue preferred this SLP challenging the order, whereby the High Court had held that damages received by an assessee in lieu of specific performance of contract could not be treated as capital gain in the hands of assessee, in case assessee has accepted such damages on account of refusal of his claim for specific performance by the court.
Having heard the parties, the Supreme Court admits the case of Revenue and grants leave to defend its case.
Leave granted
2016-TIOL-241-SC-IT
ABHINANDAN INVESTMENT LTD Vs CIT: SUPREME COURT OF INDIA (Dated: December 16, 2016)
Income tax - Section 2(14)
The Assessee preferred this special leave petition challenging the order, whereby the High Court held that the assessee could not be granted relief from taxability of sale consideration when the shares in question were not shown as investments. Further, the assessee is also challenging the order, whereby it was held that since the assessee has not incurred the cost of acquisition, it would be impermissible for him to inflate its cost of trading by costs that are neither incurred nor paid.
Having heard the parties, the Supreme Court grants leave to the assessee to defend its case.
Leave granted
2016-TIOL-240-SC-IT
BHORUKA CAPITAL LTD Vs PR CIT: SUPREME COURT OF INDIA (Dated: December 16, 2016)
Income tax - The Assessee preferred this special leave petition challenging the order, whereby the High Court had granted conditional stay to assessee only upon confirmation of 50% of the pre-deposit as demanded by the I-T Department.
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.
Assessee's SLP dismissed
