Basir Ahmed Sisodiya Vs ITO

Whether additions made u/s 68 on account of unexplained cash credits can be sustained where the AO neither doubts the identity of dealers from whom the assessee made purchases, nor records any adverse findings in their regard - NO: SC

Whether such additions framed on grounds of purchases from unaccounted dealers are tenable where the CIT(A) finds there to be no concealment of income or furnishing of inaccurate particulars of income attributable to the assessee - NO: SC

- Assessee's appeal allowed: SUPREME COURT OF INDIA

2020-TIOL-86-SC-IT-LB

UoI Vs Exide Industries Ltd

Whether Section 43B is a mix bag of new and dissimilar entries inserted to deal with different fiscal scenarios which are best determined by the Govt of the day - YES: SC

Whether the purpose of Clause (f) in Sec 43B is not to control the timing of payment, rather, it is strictly targeted to control the timing of claiming deduction in the name of such liability - YES: SC

Whether the process of testing constitutional validity of a provision is not to sneak into the prudence or proprieties of the legislature in enacting the provision and to examine the culpable conduct of the legislature as an appellate authority over the legislature - YES: SC

Whether the power of judicial review contemplates a review of the provision, as it stands, and not a review of the circumstances in which the enactment was made - YES: SC

- Revenue's appeal allowed: SUPREME COURT OF INDIA

2020-TIOL-85-SC-IT

Yum Restaurants Marketing Pvt Ltd Vs CIT

Whether doctrine of mutuality entails that mutual operations ought to be marked by an impossibility of profits - YES: SC

Whether principle of mutuality requires that there should not be any profit earning motive, either directly or indirectly - YES: SC

Whether it is a settled law that exemptions are to be put to strict interpretation - YES: SC

- Assessee's appeal dismissed: SUPREME COURT OF INDIA

UoI Vs UAE Exchange Centre

Whether although the activities in India of a liaison office of a foreign entity are business activities, such liaison office can qualify as a Permanent Establishment, where the activities are preparatory or of auxiliary character - NO: SC

Whether in such circumstances, the deeming provisions of Sections 5 and 9 of the Income Tax Act would have any application - NO: SC

Whether therefore, where such Liaison Office does not qualify as PE of foreign entity in India, income generated from its activities in India are not taxable in terms of Article 7 of the India-UAE DTAA - YES: SC

- Revenue's appeal dismissed: SUPREME COURT OF INDIA

Tripower Enterprises Pvt Ltd Vs State Bank Of India

Whether DRT ought to have allowed application filed by Bank for return of original title documents of properties to complete auction sale - YES : SC

Whether High Court ought not to have entertained writ petition filed by the guarantor who has admitted its liability and the existence of mortgage in previous legal proceedings - YES : SC

Whether guarantor cannot be allowed to deny commitments already made regarding existence of mortgage in successive proceedings before DRT and the High Court - YES : SC

Whether practice adopted by the bank moving application before conclusion of auction process and issuance of a sale certificate, in anticipation is acceptable practice - YES : SC

- Order partly passed in favour of Appellant: SUPREME COURT OF INDIA