1. Subsequent ruling of SC not a valid ground to reopen an assessment passed in accordance with law as it stood at the relevant time Subsequent reversal of legal position by judgment of Supreme Court does not authorize department to re-open assessment, which stood closed on basis of law, as it stood at relevant time - DCIT v. Simplex Concrete Piles (India) Ltd. [2012] 25 taxmann.com 283 (SC) 2. Re-assessment notice isn't maintainable if it is based on an invalid rectification notice issued under sec. 154 When notice under section 154 was not maintainable, notice under section 148 on basis of said notice is also not maintainable - ACIT v. Shreyas Gramin Bank [2012] 25 taxmann.com 282 (SC) 3. Interest on loan for acquisition of a capital asset is deductible even if such asset isn't put to use in previous year Interest paid in respect of borrowings for acquisition of capital assets not put to use in concerned financial year can be allowed as deduction under section 36(1)(iii) - Vardhman Polytex Ltd. v. CIT[2012] 25 taxmann.com 281 (SC) 4. SC admonishes revenue for its laxity in filing of SLPs and appeals before HC for cases involving huge tax demands The Supreme Court observes that there was inordinate delay in filing appeals and SLPs where there was a question of huge demand which was resulting revenue leakage. In these circumstances, Supreme Court asked Additional Solicitor General as to whether Department intends to hold an inquiry for above delay - DIT v. CITI Bank N.A. [2012] 25 taxmann.com 297 (SC) |
Wednesday 19 September 2012
Recent SUPREME COURT Rulings
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Taxability of online games
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