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Income Tax - SC Orders / Highlights - Case Laws
Showing 1 to 19 of 19 Records
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2023 (1) TMI 1233
Validity of Reopening of assessment u/s 147 - eligible reason to believe - change of opinion - Non furnishing of reasons within reasonable time - whether new facts coming to the knowledge of the Assessing Officer subsequent to the original assessment proceedings? - HC held assessment proceedings, having been done with the same set of facts which were available during the regular assessment, is to be held to be a clear case of change of opinion and reasons were not furnished to the assessee within a reasonable time - HELD THAT:- In view of the findings recorded by the High Court in re questions raised and answers given, before, the assessment order under Section 143(3) of the Income Tax Act, 1961 was passed, we are not inclined to issue notice in the present special leave petition. The assessee has no role to play and is not the author of ....... + More
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2023 (1) TMI 1021
Payment of lease amount to its holding company in respect of certain assets taken on lease - According to the Assessing Officer this was a financial transaction - The Tribunal noted that GNFC Limited had shown lease rent as income under the head “Business income” and in case of the lessor, the issue had been consistently decided that the assets were owned by the GNFC, and therefore, the lease rent received by the assessee was to be assessed as business income - HC held that Tribunal, has committed no error in allowing the appeal of the assessee - as per Revenue that the respondent being the owner shall be entitled to depreciation. HELD THAT:- As once the lessors are held to be the owners and are entitled to depreciation, the Revenue thereafter cannot be permitted with respect to the same transaction, the Respondent being the l....... + More
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2023 (1) TMI 1020
Deduction u/s 80HHC be allowed without reducing therefrom deduction u/s 80IB - HC held that if an assessee has claimed deduction of profit or gains under Section 80IB, deduction to that extent is not to be allowed under Section 80HHC - AO has been rightly directed to recompute the total income of the assessee keeping in view provisions of Section 80IB(13) read with Section 80IA(9) - HELD THAT:- No interference of this Court is called for in exercise of powers under Article 136 of the Constitution of India. The Special Leave Petitions stand dismissed.
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2023 (1) TMI 1019
Disallowance of commission expenditure - Rule of consistency - HC held that method adopted by AO for completing the task, however, does not preclude in any manner the conducting of independent scrutiny of the material presented before the assessee in later years and rule of consistency in the opinion of the court does not preclude the AO from conducting inquiry which he is bound by law to do, for determining in law what are the true and correct amounts, to determine the amounts legally chargeable as tax - HELD THAT:- There are concurrent findings of fact recorded by all the authorities below under the Income Tax Act including the High Court that the petitioner has been unsuccessful in proving the commission of which the dis-allowance was claimed. No interference of this Court is called for in exercise of powers under Article 136 of the Constitution of India. The Special Leave Petition stands dismissed.
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2023 (1) TMI 730
Notice u/s 201 - failure to deduct or pay - period of limitation - HELD THAT:- As considering the fact that the liability of the recipient in the subject-matter of Appeal before the High Court and to avoid any further question, which may arise on limitation, we confirm the impugned judgment and order passed by the High Court [2022 (2) TMI 345 - BOMBAY HIGH COURT] quashing and setting aside the order u/s 201 we also direct that the matter be remitted to the AO(TDS) at the stage of issuance of show cause notice u/s 201 so that after the decision of the High Court in the pending Appeal, the same can be proceeded further in accordance with law and on merits.
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2023 (1) TMI 729
Disallowance u/s 36(1)(va) being employee's contribution to provident fund and ESI - same were not deposited in the respective fund within the stipulated time - HELD THAT:- As appellant submits that the issue involved in this appeal is squarely answered in favour of the Revenue by a three Judge Bench of this Court in “Checkmate Services Private Limited vs. Commissioner of Income Tax-I)[2022 (10) TMI 617 - SUPREME COURT] In view of the above, the impugned judgment passed by the High Court of Judicature at Bombay is set aside and the Appeal is allowed in terms of the cited decision.
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2023 (1) TMI 674
Scope of alternative remedy - Reopening of assessment u/s 147 - notice under Section 148A(b) - High Court [2022 (6) TMI 417 - PUNJAB & HARYANA HIGH COURT] held in the impugned judgment observing that the writ petition would not be maintainable in view of the alternative remedy - proceedings initiated are yet to be concluded by a statutory authority. HELD THAT:- We with the petitioner that the impugned judgment rejecting the writ petition on the ground of alternative remedy does not take into consideration several judgments of this Court, on the jurisdiction of High Court, as writ petitions have been entertained to be examined whether the jurisdiction preconditions for issue of notice under Section 148 of the Income Tax Act, 1961 is satisfied. The provisions of reopening under the Income Tax Act, 1961 have undergone an amendment by the....... + More
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2023 (1) TMI 138
Revision u/s 263 - lack of enquiry with regard to claim of deduction made by the assessee under Section 80IB(10) - Whether the Tribunal was correct in holding that the order under Section 263 of the Act is not sustainable in view of insertion of Section 13(8) of the Act? - as per HC instant case was a case of lack of enquiry and not inadequate enquiry with regard to claim of the assessee with regard to deduction under Section 80IB(10) of the Act also as not expressed any opinion with regard to claim of the assessee for deduction under Section 80IB(10) of the Act and direct the Assessing Officer to deal with the aforesaid claim of the assessee afresh in accordance with law. HELD THAT:- The High Court by its impugned order directed the Assessing Officer to deal with the claim of the assessee afresh in accordance with law. Petitioner submits....... + More
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2023 (1) TMI 137
Delayed payments made to EPF and ESI - Whether allowable as a deduction under Section 37? - HELD THAT:- The first question stands covered by a judgment of this Court delivered in Checkmate Services P.Ltd. [2022 (10) TMI 617 - SUPREME COURT] This appeal was dismissed along with four other appeals by a common judgment. The first question has been answered against the assessee(s) in the aforesaid judgment. We, thus, grant leave to the appellant in this proceeding but such leave shall be confined to examining the judgment under appeal only on the second question. The appeal shall be heard on this question alone.
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2023 (1) TMI 136
Disallowance u/s 36(1)(ii) of bonus paid to Directors - substantial question of law - As per AO bonus was paid to avoid payment of dividend distribution tax - whether the amount paid to the two directors/shareholders in the assessment years 2011-12 and 2014-15 should be allowed as a deduction or should be included in the income of the company? - as decided by HC there is no substantial question of law in the present cases. The assessing officer and CIT (A) have given a concurrent finding that the assessee has paid the bonus in lieu of the dividend and therefore, the above sum is disallowed u/s 36 (1) (ii) - ITAT also after considering the findings of the assessing officer and the CIT (A) had inter alia held that the payment of bonus or commission is not allowable as deduction under Section 36 (1) (ii) of the Act in the hands of the assess....... + More
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2023 (1) TMI 135
Reopening of assessment u/s 147 - reasons to believe - subjective satisfaction before initiating reopening - HELD THAT:- Having gone through the impugned judgment and order passed by the High Court, it appears that the reasons to re-open the assessment were recorded after issuance of the re-assessment notice and, therefore, it can be seen that at the time when the notice for assessment was issued, there was no subjective satisfaction, the High Court has not committed any error in setting aside re-assessment proceedings. We are in complete agreement with the view taken by the High Court. The Special Leave Petition stands dismissed.
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2023 (1) TMI 134
Benefit of the Income Declaration Scheme of 2016 (IDS) - petitioner submits that the case is actually covered as in terms of the 2 Notification dated 13.12.2019 of the Ministry of Finance that all such people who defaulted in making payment were permitted to deposit the amount with 12 per cent interest. That amount with interest stands deposited in pursuance to order dated 22.04.2019 albeit before this Court and has being kept in an interest bearing deposit - HELD THAT:- Respondents sought a short accommodation to obtain instructions. Today further time is sought. The request is declined. We put a question to learned counsel for the respondents that at least to the extent a notification has been issued, there cannot be further instructions sought. He admits that notification has been issued. In view thereof, the appellant is entitled to t....... + More
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2023 (1) TMI 133
Judgment and order passed by the High Court as a non-speaking and non-reasoned - HELD THAT:- Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the High Court of Judicature at Bombay in Writ Petition . [2022 (1) TMI 1319 - BOMBAY HIGH COURT] by which the High Court has dismissed the said writ petition in the most casual and cursory manner and the order is a non-speaking order and nothing has been discussed on merits at all and the recent decision of this Court in the case of Vishal Ashwin Patel 2022 (3) TMI 1296 - SUPREME COURT by which this Court has set aside the similar order passed by the very Bench and remanded the matter to the High Court, we set aside the impugned order passed by the High Court dismissing the writ petition. We remand the matter to the High Court to decide and dispose of the writ petit....... + More
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2023 (1) TMI 96
Discharging the accused for the offences punishable u/s 276B r.w.s. 278B confirmed by the High Court - HELD THAT:- Criminal complaints were filed against the Respondent-Company and one another, namely, S. Sunil V. Raheja, for the offences punishable u/s 276B r.w.s. 278B of the Act. In the complaints, accused No.2/S. Sunil V. Raheja is shown as Managing Director and is treated as the Principal Officer of the accused-Company. Trial Court discharged both the accused on the ground that Respondent No.2 was wrongly treated as the Principal Officer by the Department. Reliance was placed on Section 2(35) of the Act. The order of discharge has been confirmed by the High Court, by the impugned judgment and orders passed in revision petitions. Number of submissions have been made by learned counsel appearing for the respective parties in support of ....... + More
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2023 (1) TMI 76
Benefit of Vivad Se Vishwas Scheme - petitioner has filed application filed under Section 154 of the Income Tax Act, 1961 for rectification of some errors, which is partly allowed - HELD THAT:- We take the statement on record, the special leave petition insofar, which relates to the year 2006-2007 is dismissed as withdrawn. We clarify that we have not commented on the merit of the computation of tax made under the aforesaid scheme or on the grievance or remedy, which would be available to the petitioner. Income/capital gain earned on sale of shares - LTCG or STCG - AY 2010-2011 - HELD THAT:- We do not find any good ground and reason to interfere with the impugned order passed by the High Court affirming the decision passed of the Income Tax Appellate Tribunal as the period of holding of the shares sold in the present case was less than one year. We have also taken into account the frequency of transactions.
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2023 (1) TMI 75
Appellate jurisdiction of the High Court u/s 260A - Whether this Court has territorial jurisdiction adjudicate upon the lis over an order passed by the Assessing officer, i.e. Income Tax Officer, Ward 1(1), at Surat? - HELD THAT:- The very question fell for consideration before a Bench of three learned Judges which is reported in Principal Commissioner of Income Tax-I, Chandigarh v. ABC Papers Ltd. [2022 (8) TMI 863 - SUPREME COURT] Therein this Court has held that the appellate jurisdiction of the High Court under Section 260A is exercisable by the High court within whose territorial jurisdiction the assessing officer is located. In the facts of this case, we have noticed that by the impugned order, the High Court has precisely proceeded on the same principle. This means that the order by which the appeal has been directed to be presente....... + More
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2023 (1) TMI 74
Unaccounted purchases - method for discerning the cost of the raw material - GP adoption - Excess Stock - Addition made on the basis of statement, recorded during the course of search proceedings - HELD THAT:- Having heard Mr. C.S. Aggarwal, learned Senior Advocate, appearing for the petitioner and Mr. N. Venkataraman, learned ASG, appearing for the Revenue and having gone through the impugned judgment and order passed by the High Court and the reasoning and the findings recorded and having gone through the order passed by the ITAT as well as the assessment order, it cannot be said that the High Court has committed any error in allowing the appeal and quashing the order passed by the ITAT. We are in complete agreement with the view taken by the High Court. Special Leave Petition stands dismissed.
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2023 (1) TMI 73
Reopening of assessment u/s 147 - Notice beyond four years - conditions precedent for reopening - HELD THAT:- Having gone through the reasons recorded for re-opening, we are of the opinion that the conditions precedent for reopening of the assessment beyond four years are not satisfied. The re-assessment was on change of opinion. There are no allegations of suppression of material fact. Under the circumstances, no error has been committed by the High Court in setting aside the re-opening notice under Section 148 - We are in complete agreement with the view taken by the High Court. The Special Leave Petition stands dismissed.
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2023 (1) TMI 72
Losses due to foreign exchange fluctuation on the export proceeds - HELD THAT:- The issue is covered by the decision of this Court in the case of CIT vs. Woodward Governor India (P) Ltd. [2009 (4) TMI 4 - SUPREME COURT] Mr. N. Venkatraman, learned ASG, is not in a position to dispute the above. Under the circumstances, it cannot be said that the High Court has committed any error in holding the said issue against the Revenue relying upon the decision in the case of Woodward Governor India (P) Ltd. (supra). Advance of interest-free loans to the related party - As the amount involved is Rs.6,00,000/- only, keeping the question of law, if any, open, we dismiss the present Special Leave Petition(s) qua the said issue. Non-deduction of TDS on account of export commission - It is required to be noted that there are concurrent findings recorded ....... + More
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