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Income Tax - SC Orders / Highlights - Case Laws
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- 2021 (2) TMI 929 - SC ORDER
Exemption u/s 11 - Rejection of application of registration u/s 12AA - Object of Trust charitable or not u/s 2(15) - Receipt of capitation fee for admission of students found during search - HELD THAT:- As appellant seeks leave to withdraw this appeal in view of the fact that the appellant has resolved its dispute under Vivad Se Vishwas Scheme, 2020. The civil appeal is, accordingly, dismissed as withdrawn.
- 2021 (2) TMI 861 - SC ORDER
Exemption under Section 10(22) - whether the Assessee who is entitled to exemption under Section 10(22) can claim the benefit thereof for the purpose of income deemed to be chargeable to tax under Section 68? - HC held se of the word 'income' in sub-section (22) of Section 10 of the Act is wide enough to include deemed income under Section 68 of the Act - HELD THAT:- Civil appeal is dismissed on the ground of low tax effect. Question of law is kept open.
- 2021 (2) TMI 623 - SC ORDER
Validity of reopening of assessment - Reasons for reopening of the assessment u/s 147 - addition u/s 40(a)(ia) - EDC paid to HUDA was subject to TDS under Section 194 - HELD THAT:- SLP dismissed.
- 2021 (2) TMI 622 - SC ORDER
Notice u/s 143(2) - period of limitation - defective return filed u/s 139(1) - petitioner having filed the correct return in response to the notice under section 139(9) - notice under sub-section (2) of section 143 issued much beyond the period of limitation - HELD THAT:- SLP dismissed.
- 2021 (2) TMI 429 - SC ORDER
Settlement Application u/s 245C(1) - assessee disclosed additional income during the course of settlement - fresh and substantial disclosure or not - HELD THAT:- Issue notice, returnable on 12.03.2021 Dasti in addition. In the meanwhile, the effect and operation of the order presently under challenge shall remain stayed.
- 2021 (2) TMI 428 - SC ORDER
Addition u/s 41 or 28 - Disallowance of principal amount of loan waived off by the lender - one time settlement of loan with Mafatlal Finance Company Ltd., holding that the loan was acquired for acquisition/investment of capital assets as such its waiver cannot be termed as revenue receipt - HELD THAT:- Special leave petition is dismissed on the ground of delay.
- 2021 (2) TMI 190 - SC ORDER
Addition u/s 68 - proof of source of the donor - whether amount has received by way of Gift from his brother (relative) through banking channel? - HELD THAT:- There is delay of 1233 days in preferring the Special Leave Petition. The explanation offered in the application seeking condonation thereof is far from being satisfactory. We, therefore, refuse to condone the delay. Consequently, this Special Leave Petition is dismissed on the ground of delay.
- 2021 (2) TMI 77 - SC ORDER
Withholding of refund - Instruction No. 1 of 2015 dated 13th January 2015 issued by the Central Board of Direct Taxes challenged - refunds were declined for the reason that the case was pending scrutiny and that in the light of Section 143(ID) and the Instructions of the CBDT, refund could not be processed for the said AYs - HC held Instruction No.1 of 2015 dated 13th January 2015 issued by the CBDT is unsustainable in law and it is hereby quashed - HELD THAT:- Special leave petitions pertain to pre-assessment stage. We are informed that the assessment is now over. Hence the special leave petitions have become infructuous and are disposed of as such. Question of law is, however, left open.
- 2021 (2) TMI 76 - SC ORDER
Penalty u/s 271D and 271E - Deposit of the cash by the Director into the bank account of the assessee - running account maintained between the promoter/director and the Appellant company in the context of the transactions covered in section 269SS - no genuinity or bonafideness in the transaction done by the assessee and it will not amount to reasonable cause for the purpose of exercise or discretion by the Assessing Officer under Section 273B - HELD THAT:- SLP dismissed.