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Income Tax - Supreme Court - Case Laws
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- 2019 (9) TMI 738
Deduction u/s 80HHC - supporting manufacturers - whether the assessee being supporting manufacturers, are to be treated on par with the direct exporter for the purpose of deduction of export incentives under Section 80HHC? - HELD THAT:- So far as “supporting manufacturers” are concerned, under Section 80HHC(1A), where any Export House or Trading House has issued a certificate that the supporting manufacturer has, in fact, supplied such goods or merchandise for export, they shall also be allowed a deduction to the extent of profits referred to derived by the assessee from the sale of goods or merchandise to the Export House or Trading House. The manner of deduction, insofar as the exporter is concerned, is laid down in subsection (3) which when read together with its provisos make it clear that profits that are derived from suc....... + More
- 2019 (9) TMI 503
No notice served on the respondent in the appeal filed by the Department against the applicant (who was respondent in the appeal) - HELD THAT:- Taking into consideration the fact that the applicant was not served in the appeal, ends of justice be served in recalling judgment . We do so accordingly. The miscellaneous application is disposed of. Let the appeal be listed for consideration.
- 2019 (9) TMI 1
Permission for dispensation with his personal appearance before the trial Court - age of the petitioner is 70 years - Section 362 of Cr.P.C. - HC refused to interfere - The issue involved is, Whether prosecution can be launched where penalty has been reduced from 300% to 100% by the CIT(A) as per section 279(1A) - HELD THAT:- Issue notice, returnable within four weeks.
- 2019 (8) TMI 1072
Review of order - dismissed considering low tax effect - HELD THAT:- We have perused the review petition and find that the tax effect in this case is above ₹ 1 crore, that is, ₹ 6,59,27,298/-. Ordinarily, therefore, we would have recalled our order dated 17th September, 2018, since the order was passed only on the basis that the tax effect in this case is less than ₹ 1 crore. Disallowance based on third party information - addition based on third party information gathered by Investigation Wing of the Department - AO denied opportunity of cross examination - CIT(A) and ITAT deleted the disallowance stating that assessee has prima facie discharged the initial burden of substantiating the purchases through various documentation - HELD THAT:- We find that on merits a disallowance of ₹ 19,39,60,866/- was based solely o....... + More
- 2019 (8) TMI 661
Binding effect of instruction of CBDT on AO - Instruction No.3/2003 dated 20.05.2003 regarding reference to TPO - AO made TP adjustment without making reference to TPO - ITAT deleted the addition due to non reference to TPO - whether matter was need to remanded by ITAT before AO to make further reference to TPO - HELD THAT:- In view of the guidelines issued by the CBDT in Instruction No.3/2003 the Tribunal was right in observing that by not making reference to the TPO, the AO had breached the mandatory instructions issued by the CBDT. We do not find the conclusion so arrived at by the Tribunal to be incorrect. However, the Tribunal ought to have accepted the submission made by the Departmental Representative as quoted in para 16.2 of its order and the matter ought to have been restored to the file of the Assessing Officer so that appropri....... + More
- 2019 (8) TMI 660
Service and issuance of notice u/s 143(2) - Scope of insertion of Section 292BB - assessment was completed u/s 143(3) read with Section 153A - HELD THAT:- The law on the point as regards applicability of the requirement of notice u/s 143(2) is quite clear from the decision in Blue Moon’s case [2010 (2) TMI 1 - SUPREME COURT] . The issue that however needs to be considered is the impact of Section 292BB According to Section 292BB, if the assessee had participated in the proceedings, by way of legal fiction, notice would be deemed to be valid even if there be infractions as detailed in said Section. The scope of the provision is to make service of notice having certain infirmities to be proper and valid if there was requisite participation on part of the assessee. It is, however, to be noted that the Section does not save complete abs....... + More
- 2019 (8) TMI 374
Purchase of property in auction conducted by the Income Tax Department - Auction / sale was challenged on the ground that no leave was obtained from the High Court of Calcutta - restraint from proceeding with any advertisement for sale of suit property - bar of filing suit in any civil court against the revenue/income tax authority - HELD THAT:- It reveals that the effect of Section 293 of the Income Tax Act has been mistakenly omitted under the judgment in review and that apart, the consequential effect of the order of the High Court on an application filed by the Union of India in Civil Suit No. 1451 of 1957 dated 8th September, 1965 was open to be examined in the writ proceedings and it was the defence of the Income Tax Department in the reply to the review application and also before this Court in their counter affidavit that in the a....... + More
- 2019 (7) TMI 1454
Preemptive purchase order - applicability of section 269 UD (1) of the Income tax act where the market value is more than purchase value of the property - whether the High Court (Single Judge, Division Bench and Review Bench) was justified in dismissing the appellants’ writ petition, intra court appeal and review petition and thereby was justified in upholding the pre-emptive order dated 30.03.1994 passed by the appropriate authority? - HELD THAT:- It is not in dispute that the appropriate authority laid a factual foundation in the show cause notice to prove the value of suit land, which, according to the authority, was 15% higher than the apparent consideration. It is also not in dispute that a categorical finding was recorded by the appropriate authority that the fair market value of the suit land was 15% more than the apparent co....... + More
- 2019 (7) TMI 1449
Assessment against amalgamating company - amalgamating company having ceased to exist - Principle of consistency - HELD THAT:- the notice under Section 143(2) under which jurisdiction was assumed by the assessing officer was issued to a non-existent company. The assessment order was issued against the amalgamating company. This is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B. In the present case, despite the fact that the assessing officer was informed of the amalgamating company having ceased to exist as a result of the approved scheme of amalgamation, the jurisdictional notice was issued only in its name. The basis on which jurisdiction was invoked was fundamentally at odds with the legal principle that the amalgamating entity ceases to exist upon the approved scheme of amalgamation. ....... + More
- 2019 (7) TMI 1377
Constitutional validity of sub-section (7) of Section 35AC - principle of promissory estoppel - Whether once the Committee granted an approval to the appellant's hospital project for a period of three financial years, the same could not be withdrawn qua the appellant on the strength of insertion of subsection (7) in Section 35AC? - challenge was on the ground that subsection (7) of Section 35AC is essentially prospective in nature and, therefore, it will have no application to those projects which were approved by the Committee prior to insertion of subsection( 7), i.e., 01.04.2017 - HELD THAT:- It is not in dispute that 28 projects were approved by the Committee by notification dated 07.12.2015 but none of them (27) has come forward to question the constitutional validity of subsection (7) except the appellant herein. In other words,....... + More
- 2019 (7) TMI 1327
Jurisdiction of High Court u/s 260A - reversal of finding of facts - unexplained income - unexplained deposits - HELD THAT:- The impugned judgment has added as unexplained income basically on the ground that the assessee has been unable to present declaration forms that had been filled in by him at the time of his visits to India from abroad. Keeping in mind the fact that these declaration forms were asked for long after such expenditure had, in fact, been incurred, it cannot possibly be said that the Appellate Tribunal’s judgment and findings therein are perverse, which is the only entry on facts for the High Court [2006 (1) TMI 120 - MADHYA PRADESH HIGH COURT] exercising its appellate jurisdiction under Section 260-A of the Income Tax Act, 1961. Having heard learned counsel for both the parties, we are clearly of the view that the High Court ought not to have interfered with the Appellate Tribunal’s Judgment as no substantial question of law arose therefrom.
- 2019 (7) TMI 880
Characterization of income - subscriptions were received in the years in question from the public at large under a collective investment scheme - receipts of subscriptions in the hands of the assessee -NBFC Company to be treated as income OR capital receipts - assessee has in its books of accounts shown this sum as income - impact of forfeiture clauses of subscription - HELD THAT:- It is true that there was no direct focus of the Court on whether subscriptions so received are capital or revenue in nature, we may still advert to the fact that this Court has also, on general principles, held that such subscriptions would be capital receipts, and if they were treated to be income, this would violate the Companies Act. It is, therefore, incorrect to state, as has been stated by the High Court, that the decision in Peerless General Finance and....... + More
- 2019 (7) TMI 235
Stay of demand - present demand is to the tune of ₹ 9,33,16,434 - in last interim order court has held that petitioner is at liberty to deposit appropriate amount in cash by way of security and attachment in respect of one property was lifted as well as three accounts which were also under attachment were released - HELD THAT:- All this was done with the idea that the petitioner shall pay reasonable amount. It however, appears that no concrete steps have been taken by the petitioner. As a last opportunity, we grant to the petitioner time of six weeks within which he shall deposit a sum of ₹ 5 crores with Principal Commissioner, Income Tax, Chennai, failing which this petition may be dismissed.
- 2019 (5) TMI 1508
Power of Central Government u/s 85 & 86 - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - to promulgate the impugned Notifications, pursuant to which the subject proceedings have been initiated against the petitioner, prior to the said Act itself coming into force and that the same are consequently without the sanction of law? - whether notifications issued making them effective prior to 01.04.2016 are ultravirus? - Grant of interim relief - Seeking stay of the operation - HELD THAT:- Until further orders, operation of the impugned order is stayed. The petitioners are free to prosecute respondent and proceed further in accordance with law, subject to the final decision of this matter.
- 2019 (5) TMI 1165
Treatment of loss from share trading - speculative loss OR business loss - set off of speculation loss to be against profits of trading in futures and options - effect of statement of assessee made before AO - scope of amendment made in Explanation to Section 73 by the Finance (No 2) Act 2014 - retrospective OR prospective - HELD THAT:- In the present case, there is no dispute about the fact that the assessee was registered as an NBFC under the provisions of the Reserve Bank of India Act, 1934. Section 73(1) does not define specifically, the circumstances in which the principal business of a company would be regarded as a business of the specified description. In the present case, the principal business was urged to be the granting of loans and advances. We cannot accept this submission and are of the view that the High Court was justifie....... + More
- 2019 (5) TMI 201
Hearing of appeal by High Court - framing of substantial question(s) of law u/s 260A (3) - appeal heard on merit without framing questions, on the basis of questions of law raised in appeal - interpretation of language of section 40(a)(ia) - TDS u/s 194C - payments made to the harvesters and transporters - HELD THAT:- We find that in Para 4, the High Court observed, "Assessee has raised the following questions of law in its appeals” and then set out four questions. Likewise, in Para 5, the High Court observed, "Revenue has raised the following questions of law in its appeals” and then set out three questions. It is not in dispute that the High Court did not frame any question as required u/s 260A (3) As relying on M/s A.A. Estate Pvt. Ltd. . [2019 (4) TMI 957 - SUPREME COURT] these appeals have to be allowed and the ....... + More
- 2019 (4) TMI 1395
Recording of wrong facts & reasoning by Tribunal - benefit of deduction u/s.57(iii) - whether payment was made for enlarging the control and management over - capital expenditure or revenue expenditure - whether the High Court [2017 (8) TMI 647 - BOMBAY HIGH COURT] was justified in dismissing the appeal filed by the department - HELD THAT:- We find that the Tribunal did not correctly appreciate as to what AO and CIT (A) held and what was their reasoning which led to their respective conclusion. Having wrongly observed about their respective reasoning and the finding, the Tribunal proceeded to examine the case and eventually reversed the order of CIT (Appeals). The High court did not notice the aforesaid observation of the Tribunal and upheld the order of the Tribunal. In such a situation like the one arising in the case and keeping in....... + More
- 2019 (4) TMI 980
Recovery proceedings - Attachment orders - HELD THAT:- If the Principal Commissioner, Income Tax, Chennai is satisfied in that behalf, the attachment with respect to other properties may be lifted so as to enable the petitioner to liquidate any of the assets and make the payment in terms of the order passed by the High Court.
- 2019 (4) TMI 957
Mandatory procedure u/s 260A for appeal before High Court - reopening u/s 147 - no factual foundation for issue of notice - no “escaped assessment” - no valid “reason to believe” - High Court dismissed the appeal stating no substantial question of law arises - distinction between the questions proposed by the appellant for admission of the appeal and the questions framed by the Court - HELD THAT:- The questions, which are proposed by the appellant, fall under Section 260A (2) (c) of the Act whereas the questions framed by the High Court fall under Section 260A (3) of the Act. The appeal is heard on merits only on the questions framed by the High Court under subsection (3) of Section 260A of the Act as provided u/s 260A (4). In other words, the appeal is heard only on the questions framed by the Court. If the High C....... + More
- 2019 (4) TMI 790
Registration u/s 12A with retrospective effect - re-assessment orders - HELD THAT:- Since the High Court [2015 (2) TMI 802 - KERALA HIGH COURT] disposed of the appeals against the orders of re-assessment merely on the basis of its decision on the issue of registration under Section 12A of the Act, the appeals will have to be restored to the file of the High Court. The submission has to be accepted.