CASE LAWS
2017-TII-01-SC-INTL
R AND B FALCON (A) PTY LTD Vs ADDL DIT: SUPREME COURT OF INDIA (Dated: January 13, 2017)
Income tax - The assessee preferred this appeal challenging the order, whereby the High Court had dismissed the appeal of assessee on ground that similar issues were covered against the assessee by the decision of a Co-ordinate Bench.
On appeal, the Supreme Court grants leave to the assessee to defend its case and appear for the hearing proceedings.
Leave granted
2017-TII-02-SC-INTL
T RAJKUMAR ETC Vs UoI: SUPREME COURT OF INDIA (Dated: January 6, 2017)
Income tax - The assessee preferred this appeal challenging the order, whereby the High Court had held that the sale consideration paid by an Indian assessee for purchasing shares of a Cyprus based entity, would be taxable as per Income tax Act.
On appeal, the SC held that,
Whether when the Union of India has rescinded the Notification describing Cyprus as uncooperative tax jurisdiction, the assessee can take advantage of the same even if the case was ruled against it by the High Court - YES: SC
+ it is seen that during the course of hearing, the assessee had produced a notification bearing No. 114/2016 dt. Dec 14, 2016 r/w Clarification dt. Dec 16, 2016 of the CBDT, which says that Cyprus is no longer notified uncooperative tax jurisdiction. Therefore, if the case of assessee is covered by the said Notification, the assessee can always take advantage thereof. Accordingly, without expressing any opinion on the merits of the case, the present appeals are disposed of.
Case disposed of |