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Income Tax - Supreme Court - Case Laws
Showing 1 to 20 of 2878 Records
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- 2022 (5) TMI 240
Reopening of assessment u/s 147 - Scope of new provision section 148A - Validation of notices after quashed by various High Courts - conducting of enquiries or issuance of show-cause notice or passing of order under section 148A - Scope of amendment by the Finance Act, 2021 which has amended Income Tax Act by introducing new provisions i.e. sections 147 to 151 w.e.f. 1st April, 2021 - HELD THAT:- The judgments of the several High Courts would result in no reassessment proceedings at all, even if the same are permissible under the Finance Act, 2021 and as per substituted sections 147 to 151 - Revenue cannot be made remediless and the object and purpose of reassessment proceedings cannot be frustrated. It is true that due to a bonafide mistake and in view of subsequent extension of time vide various notifications, the Revenue issued the imp....... + More
- 2022 (5) TMI 122
Recovery proceedings - AO required the petitioner to deposit 20% of the disputed amount - projection of Tax on Returned Income - Certain matters concerning the assessee are pending consideration before the Commissioner of Income Tax (Appeals) - HELD THAT:- Since the matters had arisen out of the proceedings initiated by way of a writ petition before the High Court questioning the demand, both sides are agreeable that the matters pending before the Commissioner of Income Tax (Appeals) be taken to logical conclusion. We, therefore, leave the assessee as well as the revenue to agitate all the issues before the Commissioner of Income Tax (Appeals) in the pending appeals. Let those issues be considered by the Commissioner of Income Tax (Appeals) without being influenced by any of the observations made by the High Court in the order presently i....... + More
- 2022 (4) TMI 913
Maintainability of appeal before the High Court against Penalty u/s 271(1)(c) - HC allowed the said appeal preferred by the Revenue and has set aside the order passed by ITAT deleting the penalty under Section 271(1)(c) - appeal preferred by the Revenue was not maintainable as the penalty amount was reduced to ₹ 6,00,000/(approximately) and therefore when the tax effect would be less than ₹ 20,00,000/, in view of the CBDT Circular dated 10.12.2015 the appeal preferred by the Revenue before the High Court was not maintainable - jurisdiction of the Additional Commissioner of Income Tax to allow imposing penalty -- HELD THAT:- We see no reason to interfere with the findings recorded by the High Court on merits on the powers of the Additional Commissioner to grant the approval sought by the AO for imposing penalty under Section 27....... + More
- 2022 (4) TMI 811
Entitlement to benefit of the provisions of Section 10B - Manufacture or production of articles yielding additional profit attributable to the new outlay of capital in a separate and distinct unit - tests which have been formulated in the decision of this Court in Textile Machinery Corporation Ltd [1977 (1) TMI 3 - SUPREME COURT] - whether the new industrial undertaking connotes expansion of the existing business of the assessee but whether it is all the same a new and identifiable undertaking separate and distinct from the existing business - HELD THAT:- In coming to the conclusion that the tests which have been formulated in the decision of this Court in Textile Machinery Corporation Ltd (supra) and reiterated in Indian Aluminium (1977 (1) TMI 5 - SUPREME COURT] have been duly fulfilled, the Tribunal has entered specific findings of fac....... + More
- 2022 (4) TMI 694
Loss arising on account of exchange fluctuation - loan between the appellant and Commonwealth Development Corporation - loan was obtained in foreign currency however, while repaying the loan, due to the difference of rate of foreign exchange, the appellant had to pay higher amount, resulting in loss to the appellant - ITAT deleted the dislaoowance - HELD THAT:- Transaction of loan between the appellant and Commonwealth Development Corporation, the same was in the nature of borrowing money by the appellant, which was necessary for carrying on its business of financing. It was certainly not for creation of asset of the appellant as such or acquisition of asset from a country outside India for the purpose of its business. In such a scenario, the appellant would be justified in availing deduction of entire expenditure or loss suffered by it i....... + More
- 2022 (4) TMI 398
Substantial question of law - HELD THAT:- As the impugned order passed by the High Court is a non-speaking and non-reasoned order and even the submissions on behalf of the revenue are not recorded, the impugned order passed by the High Court dismissing the appeal is unsustainable. Under the circumstances, the impugned order is hereby quashed and set aside. The matter is remanded to the High Court to decide and dispose of the appeal afresh in accordance with law and on its own merits. If the High Court is of the opinion that the proposed questions of law are not substantial questions of law and they are on factual aspects, it will be open for the High Court to consider the same in accordance with law, however, the High Court to pass a speaking and reasoned order after recording the submissions made on behalf of the respective parties. The present appeal is allowed to the aforesaid extent.
- 2022 (4) TMI 347
Notice in name of the transferor or amalgamating company - corporate death of an entity upon amalgamation - Curable defect u/s 292B - Amalgamated company through its representatives participated in each proceedings - HELD THAT:- Amalgamation was known to the assessee, even at the stage when the search and seizure operations took place, as well as statements were recorded by the revenue of the directors and managing director of the group. A return was filed, pursuant to notice, which suppressed the fact of amalgamation; on the contrary, the return was of MRPL. Though that entity ceased to be in existence, in law, yet, appeals were filed on its behalf before the CIT, and a cross appeal was filed before ITAT. Even the affidavit before this court is on behalf of the director of MRPL - the assessment order painstakingly attributes specific amo....... + More
- 2022 (4) TMI 46
Reopening of assessment u/s 147 - scope and effect of the Income Declaration Scheme (IDS) - voluntary disclosure of untaxed income and the assessee’s acknowledging income tax liability - substantial amount of unaccounted income of promoters/directors was introduced in the closely held companies of the assessee group through Shirish Chandrakant Shah, alleged to be a Mumbai based accommodation entry provider- through Pradeep Birewar, another accommodation entry provider based at Ahmedabad - revenue was of opinion that Shirish Chandrakant Shah was providing accommodation entries, through various companies controlled and managed by him, and that the assessee was one of the beneficiaries of the business - Whether declaration under the IDS can lead to immunity (from taxation)? - HELD THAT:- The details of income declaration by Garg Logist....... + More
- 2022 (3) TMI 1296
Validity of Reopening of assessment u/s 147 - HC dismissed the writ petition giving reasons for the disinclination to entertain the writ petitions - HELD THAT:- From the writ petitions produced on record, it appears that the reopening of the assessment under Section 148 of the Income Tax Act has been challenged on a number of grounds. None of the grounds raised in the writ petitions has been dealt with and/or considered by the High Court on merits. There is no discussion at all on any of the grounds raised in the writ petitions. The Division Bench of the High Court has dismissed the writ petitions in a most casual manner which is unsustainable. Except stating that ‘we are not inclined to entertain writ petition’, nothing further has been stated by the High Court giving reasons for the disinclination to entertain the writ petit....... + More
- 2022 (3) TMI 1081
Validity of assessment order in the name of the amalgamating company - assessment framed in the name of the non-existent company - procedural defect - HELD THAT:- High Court has followed the judgment of this Court in Principal Commissioner of Income Tax, New Delhi vs Maruti Suzuki India Limited [2019 (7) TMI 1449 - SUPREME COURT] the revenue seeks to make a factual distinction between the position as it obtained in that case with the facts of the present case. Reading the order of the High Court, we do not find that any such submission has been urged before the High Court. Department would be advised to file a review petition before the High Court bringing the distinguishing features on the record of the High Court. We make no expression of opinion on that aspect. Granting liberty to the petitioners to pursue appropriate proceedings in accordance with law including by way of a review before the High Court, the Special Leave Petition is disposed of.
- 2022 (3) TMI 571
Addition u/s 56(1) - unaccounted money of the assessee company which have been introduced in the garb of share application money - HELD THAT:- The High Court was not right and justified in disposing of the appeal with one paragraph order without discussing the issues which arose for consideration. We, therefore, allow this appeal, set-aside the view taken by the High Court and remit the matter back to the High Court for fresh consideration. Income Tax Appeal is thus restored to the file of the High Court to be decided afresh and purely on its own merits.
- 2022 (2) TMI 1114
Business expenditure under Section 37(1) - pharmaceutical companies’ gifting freebies to doctors, etc. - what is “prohibited by law”? -agreement between the pharmaceutical companies and the medical practitioners in gifting freebies for boosting sales of prescription drugs - HELD THAT:- It is a settled principle of law that no court will lend its aid to a party that roots its cause of action in an immoral or illegal act (ex dolo malo non oritur action) meaning that none should be allowed to profit from any wrongdoing coupled with the fact that statutory regimes should be coherent and not self-defeating. Doctors and pharmacists being complementary and supplementary to each other in the medical profession, a comprehensive view must be adopted to regulate their conduct in view of the contemporary statutory regimes and regula....... + More
- 2022 (1) TMI 184
Revision u/s 263 by CIT - additions u/s 40(a)(iib) - CIT observed that, AO failed to disallow the debits made in the Profit & Loss Account of the assessee, with respect to the amount of surcharge on sales tax and turnover tax paid to the State Government, which ought to have been disallowed under Section 40(a)(iib) - HELD THAT:- As by virtue of licence which is granted in favour of Stateowned Undertaking, the statutory fees etc., viz., gallonage fees, licence fee and shop rental (kist) are payable by the appellant Undertaking, i.e., KSBC. Once the State Government Undertaking takes licence, the statutory levies referred above are on the Government Undertaking because it is granted licences. Therefore, we are of the view that the finding of the High Court that gallonage fee, licence fee and shop rental (kist) so far as FL....... + More
- 2021 (12) TMI 1220
Validity of Section 194A(3)(ixa) - tax deducted at source on the interest payable under an award of the Motor Accident Claims Tribunal (“MACT”) - petitioner had filed a writ petition initially before the High Court of Delhi which was disposed of by granting him liberty to move the Central Board of Direct Taxes (“CBDT”) in a representation - fresh writ petition challenging the decision of the CBDT was dismissed both on the grounds of locus and delay with liberty to file a public interest litigation. HELD THAT:- The petitioner is not personally aggrieved by the award of the MACT. A challenge of this nature would have to be brought before the Court by a person aggrieved. We see no reason to entertain a petition which is styled one filed in public interest. In the circumstances, this Court is not expressing any opinion on the question of law raised. The petition is dismissed on the grounds which are set out above.
- 2021 (12) TMI 518
Deduction u./s 10A - Set-off of losses of STP/SEZ units against other income - Whether losses of 10A units cannot be set off against income of non-10A units? 0 principles of red-judicata - Whether High Court has erred in holding that deemed export, reimbursement of expenses, expenses incurred in foreign currency, delayed export proceeds and VAT/GST will form part of export turnover for the purpose of computation of deduction U/s. 10A - HELD THAT:- This Special Leave Petition challenges the judgment and final order [2020 (12) TMI 1300 - KARNATAKA HIGH COURT] which was disposed of in terms of the judgment passed [2020 (12) TMI 687 - KARNATAKA HIGH COURT] which in turn was disposed of in terms of the judgment passed [2020 (12) TMI 678 - KARNATAKA HIGH COURT] issues covered by decisions of this Court in M/s. WIPRO Ltd. [2015 (10) TMI 826 - KA....... + More
- 2021 (12) TMI 211
Rectification u/s 254 - HELD THAT:- Merely because the Revenue might have in detail gone into the merits of the case before the ITAT and merely because the parties might have filed detailed submissions, it does not confer jurisdiction upon the ITAT to pass the order de hors Section 254(2) of the Act. As observed hereinabove, the powers under Section 254(2) of the Act are only to correct and/or rectify the mistake apparent from the record and not beyond that. Even the observations that the merits might have been decided erroneously and the ITAT had jurisdiction and within its powers it may pass an order recalling its earlier order which is an erroneous order, cannot be accepted. As observed hereinabove, if the order passed by the ITAT was erroneous on merits, in that case, the remedy available to the Assessee was to prefer an appeal before the High Court, which in fact was filed by the Assessee before the High Court, but later on the Assessee withdrew the same in the instant case.
- 2021 (10) TMI 363
Revision u/s 263 by CIT - limit limit to pass the order - whether order barred by limitation? - Order "Made" versus Order "Served" - whether the High Court is right in holding that the relevant date for the purpose of considering the period of limitation under Section 263(2) of the IT Act would be the date on which the order passed under Section 263 by the learned Commissioner is received by the assessee? - HELD THAT:- The relevant last date for the purpose of passing the order under Section 263 considering the fact that the assessment was for the financial year 2008-09 would be 31.03.2012 and the order might have been received as per the case of the assessee - respondent herein on 29.11.2012 - date on which the order under Section 263 has been received by the assessee is not relevant for the purpose of calculating/con....... + More
- 2021 (9) TMI 875
Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - whether the levy of interest under Section 234B of the Act for short deduction of tax at source is mandatory and is leviable automatically? - interpretation of Section 209 (1) (d) of the Act, with stress on the words “deductible or collectible at source” - HELD THAT:- The proviso is in the nature of an exception to Section 209 (1) (d), as an assessee, who has received any income without deduction or collection of tax, is made liable to pay advance tax in respect of such income. It is relevant to note that the amendment was brought into effect from 1st April, 2012 and was made applicable to cases of advance tax payable in the financial year 2012-13 and thereafter. All the appeals before us pertain to the period p....... + More
- 2021 (9) TMI 732
Benefit under the Direct Tax Vivad Se Vishwas Act, 2020 - Penalty u/s 271D - violation of the provisions of Section 269SS - HELD THAT:- When the present petitions are taken up for further hearing, Shri C.U. Singh, learned senior counsel appearing for the petitioner seeks permission to withdraw the Special Leave Petitions as the petitioner proposes to avail the benefit under the Direct Tax Vivad Se Vishwas Act, 2020. In that view of the matter, the Special Leave Petitions stand dismissed as withdrawn unconditionally with the above mentioned liberty. As and when any application is made, the same be considered in accordance with law and on its own merits for which we have not expressed anything in favour of any party.
- 2021 (9) TMI 566
Disallowance u/s 14A - Exempted Income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free dividend and interest to assessee Banks - whether assessee had sufficient interest free own funds which were more than the investments made? - whether Section 14A, enables the Department to make disallowance on expenditure incurred for earning tax free income in cases where assessee like the present appellant, do not maintain separate accounts for the investments and other expenditures incurred for earning the tax-free income? - HELD THAT:- Revenue does not contend that the Assessee Banks had held the securities for maintaining the Statutory Liquidity Ratio (SLR), as mentioned in the circular - when there is no finding that the investments of the Assessee are of the relat....... + More
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