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Income Tax - Supreme Court - Case Laws
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2022 (8) TMI 1141
Deduction of bad and doubtful debt u/s 36(1)(vii) or u/s 37 - Advance against the purchase of property - It was contended that the project did not appear to make any progress, and consequently, the assessee sought return of the amounts from the builder. However, the latter did not respond. As a result, the assessee’s Board of Directors resolved to write off the amount as a bad debt - HELD THAT:- As noted by the CIT(A), there was no material to substantiate this submission, in respect of payment of the amount, the time by which the constructed unit was to be given to it, the area agreed to be purchased, etc. Equally, in support of its other argument that the amount was given as a loan, the assessee nowhere established the duration of the advance, the terms and conditions applicable to it, interest payable, etc. The assessee conceded ....... + More
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2022 (8) TMI 863
Appropriate High Court for filing appeals u/s 260A - appropriate High Court for filing an appeal against an order of a bench of the ITAT exercising jurisdiction over more than one state - meaning attributed to the expression ‘cases’ in the Explanation to Section 127(4) of the Act - whether appellate jurisdiction of the High Court stands on its own foundation and cannot be subject to the exercise of executive power to transfer a ‘case’ from one Assessing Officer to another Assessing Officer? - HELD THAT:- The legal structure under the Income Tax Act commencing with Assessing Officer, the Commissioner of Appeals, ITAT and finally the High Court under Section 260A must be seen as a lineal progression of judicial remedies. Culmination of all these proceedings in question of law jurisdiction of the High Court under Sect....... + More
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2022 (8) TMI 41
TDS u/s 195 - withholding of tax - PE in India - obligation to deduct TDS - issuance of Certificate under Section 197(1) - non-resident entity to be taxed in India - Seeking fresh Certificate u/s 197 for deduction of Nil tax on payments received from ONGC for activities carried on outside India - Earlier appellant requested issuance of Certificate for deduction of TDS at 4% of taxable value - Appellant contends that a certificate of Nil TDS, for payments received in respect of activities outside India, should have been issued to the Appellant. INDIRA BANERJEE, J. HELD THAT:- It is well settled that the obligation to deduct TDS is limited to appropriate proportion of income chargeable to tax under the IT Act that forms part of the gross sum of money payable to the non-resident. A person paying any sum to a non-resident is not liable to ded....... + More
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2022 (7) TMI 639
Warrant of authorization u/s 132 - assessee challenged act of authorization for search and seizure on the ground that it is a fishing enquiry and the conditions precedent as specified in Section 132 of the Act are not satisfied - High Court found that none of the reasons to believe to issue authorization met the requirement of Section 132(1)(a), (b) and (c) - HELD THAT:- As per the Revenue, Clauses (b) & (c) of Section 132 (1) were satisfied before the warrant of authorization was approved. The satisfaction note was recorded in terms of an assessee whose jurisdictional assessing officer was in the State of the West Bengal. It is the cobweb of accounts of such assessee which are required to be unravelled. It is not unreasonable for the Revenue to apprehend that the assessee would not respond to the summons before the Assessing Officer ....... + More
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2022 (7) TMI 560
Exemption u/s 10B - whether, for claiming exemption u/s 10B (8) assessee is required to fulfil the twin conditions, namely, (i) furnishing a declaration to the assessing officer in writing that the provisions of Section 10B (8) may not be made applicable to him; and (ii) the said declaration to be furnished before the due date of filing the return of income under sub-section (1) of Section 139? - Claim of withdrawal of exemption u/s 10B in the Revised Return and claim of carry forward of loss HELD THAT:- None of the decisions which are relied upon on behalf of the assessee on interpretation of Chapter VIA shall be applicable while considering the claim under Section 10B (8) of the IT Act. Even the submission on behalf of the assessee that the assessee had a substantive statutory right under Section 10B (8) to opt out of Section 10B which ....... + More
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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
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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
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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
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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
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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
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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.
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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
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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
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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
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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.
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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.
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2022 (2) TMI 1240
Exemption u/s 11 - method of computation of income followed by the assessee - HELD THAT:- It is quite disturbing that despite specific directions made by this Court in its order the matter still lies undisposed on merits. As the facts on record show, after the matter was remanded to the Tribunal, it called for information in terms of which direction, affidavit was filed on behalf of the assessee and a note was submitted on behalf of the Revenue. The affidavit made the position clear and in the entirety of the process including framing of second question, the challenge with regard to the method of accounting was quite apparent. The submission advanced on behalf of the assessee was therefore required to be dealt with on merits. However, neither the affidavit nor the note referred to by the Tribunal. The conclusions arrived at by the Tribuna....... + More
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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
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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
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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
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