Supreme Court Bench:

 Direct Tax

1. Reverses wrong application of ‘matching concept’; Allows interest deduction despite accounting dichotomy – Taparia Tools Limited [TS-134-SC-2015]

Division Bench of Justice A. K. Sikri and Justice Rohinton Fali Nariman

2. undertakes to ‘abide’ by MAT circular/press release in Castleton case – Castleton Investment Ltd [TS-570-SC-2015]

Division Bench of Justice A.K. Sikri and Justice Rohinton Fali Nariman

Indirect Tax

1. Service contracts simpliciter taxable pre-2007, not indivisible works contracts; G. D. Builders’ ratio incorrect – Larsen & Toubro Ltd and Others – TS-437-SC-2015-ST

The judgement was delivered by Justice A.K. Sikri and Justice Rohinton Fali Narimann

2. Upholds HC order; Circular clarifying taxability of mutual fund distribution commission, illegal TS-387-SC-2015-ST Karvy Stock Broking Ltd

The judgement was delivered by Justice A.K. Sikri and Justice Rohinton Fali Nariman.

Click here to read a summary of landmark cases.