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Income Tax - Supreme Court - Case Laws
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- 2020 (3) TMI 889
Demand of additional tax under the provisions of Section 143(1-A) - Prima facie adjustments - As per section 143(1A), additional tax has to be charged @ 20% of the tax payable on such ‘excess amount’. The ‘excess amount’ refers to the increase in the income and by implication the reduction in loss where even after the addition there is negative income. - disallowing 25% of the depreciation - HELD THAT:- This Court in Commissioner of Income Tax, Gauhati vs. Sati Oil Udyog Limited and another [2015 (3) TMI 854 - SUPREME COURT] had occasion to consider elaborately the provisions of Section 143(1-A), its object and validity. There was a challenge to the retrospectivity of the provisions of Section 143(1-A) as introduced by Finance Act, 1993. The Gauhati High Court had held that retrospective effect given to the amendme....... + More
- 2020 (3) TMI 510
Determination of additional income - notional sales - value of the unaccounted purchases made by the assessee - HELD THAT:- Learned counsel for the petitioner, on instructions issued by the Department of Revenue, Ministry of Finance vide F.No.390/Misc./116/20l7-JC dated 22.08.2019, seeks permission to withdraw this special leave petition along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. The special leave petition and pending applications are dismissed as withdrawn, leaving question(s) of law open.
- 2020 (3) TMI 509
ALP determination - determination of ALP of the alleged international transactions involving the Petitioner and its AE have been made without affording the Petitioner an opportunity of being heard - HELD THAT:- Leave granted.
- 2020 (3) TMI 476
Deemed dividend - Buy back of shares / reduction in share capital - amount remitted to non-residents - Determination of liability of the appellant u/s 115-O - as submitted that the appellant was never put to notice about the proposed determination - HELD THAT:- On the issue whether communication dated 22.03.2018 was in the nature of determination of the liability, both the learned counsel were heard at considerable length, at the end of which it was agreed by Mr. Zoheb Hossain, learned Advocate for the Department, that the communication dated 22.03.2018 could be treated as a show cause notice and the Department be permitted to conclude the issue within a reasonable time, provided the interim order passed by the Single Judge of the High Court on 03.04.2018 was continued. The course suggested by the learned counsel for the Department was ac....... + More
- 2020 (3) TMI 362
Stay petition - recovery proceedings - seeking a restraint order against the Tax Recovery Officer, Range 1, Kalyan - Respondent No.4 for enforcing the attachment made under the Income Tax Act, 1961for recovery of the dues - HELD THAT:- According to Rule 16(2), if an attachment has been made under Schedule II to the Act, any private transfer or delivery of the property shall be void as against all claims enforceable under the attachment. The property in dispute was mortgaged by BPIL to the Union Bank of India in 2000 and the DRT passed an order of recovery against the BPIL in 2002. The recovery certificate was issued immediately, pursuant to which an attachment order was passed prior to the date on which notice was issued by the Tax Recovery Officer- Respondent No.4 under Rule 2 of Schedule II to the Act. It is true that the sale was condu....... + More
- 2020 (3) TMI 361
Assessment u/s 153C - mandation of satisfaction note recorded by the AO as required u/s 153C - cash receipts on sale of shop/offices at M/s Super Mall - HELD THAT:- From satisfaction note, it emerges that the Assessing Officer is satisfied that the documents containing the details of the cash receipts on sale of shop/offices at M/s Super Mall, Karnal belonged to the other person - assessee - M/s Super Mall. He is also satisfied that the documents/pen drive are seized from the searched person. He is also satisfied that the documents so seized from the residence of the searched person/Ved Prakash Bharti belonged to the assessee - the other person. Therefore, the Assessing Officer was satisfied and it is specifically mentioned that the documents so seized belonged to the assessee - the other person. Therefore, it cannot be said that the mand....... + More
- 2020 (3) TMI 360
Deduction u/s 80IA - whether assessee fulfilled the condition of sub-Section (4)(i)(b) of Section 80IA? - partnership firm was converted into a company on 28.3.2000 under Part IX of the Companies Act - HELD THAT:- For the purpose of considering compliance of clause (a) of Section 80IA ( 4)(i), the assessee must be an enterprise carrying on business of (i) developing, (ii) maintaining and operating or (iii) developing, maintaining and operating any infrastructure facility, which enterprise is owned by a company registered in India. That stipulation is fulfilled in the present case, as the registered firm was converted into a company under Part IX of the Companies Act on 28.3.2000, which is before the commencement of Assessment Year 2002-2003. For the assessment year under consideration, the activity undertaken by the assessee is only maint....... + More
- 2020 (3) TMI 182
Characterization of income - transport subsidy received - revenue or capital receipt - HELD THAT:- In respect of same assessee, the High Court for the subsequent assessment year 2001-2002 [2009 (9) TMI 572 - GAUHATI HIGH COURT] has answered the question on the basis of the exposition of this Court in particular in ‘Jai Bhagwan Oil & Flour Mills vs. Union of India & Ors.’ [2009 (5) TMI 630 - SUPREME COURT] . Admittedly, this decision is accepted by the Department and no appeal is preferred against the same. - Decided in favour of the assessee
- 2020 (2) TMI 1293
Exemption u/s 11 - entitled for registration under section 12AA - Charitable activity u/s 2(15) - HELD THAT:- The purpose of section 12AA of the Act is to enable registration only of such trust or institution whose objects and activities are genuine. In other words, the Commissioner is bound to satisfy himself that the object of the Trust are genuine and that its activities are in furtherance of the objects of the Trust, that is equally genuine. Since section 12AA pertains to the registration of the Trust and not to assess of what a trust has actually done, we are of the view that the term ‘activities’ in the provision includes ‘proposed activities’. That is to say, a Commissioner is bound to consider whether the objects of the Trust are genuinely charitable in nature and whether the activities which the Trust prop....... + More
- 2020 (2) TMI 1219
Payment of royalty - High Court vide impugned judgment answered the question formulated against the assessee relying on the decision in Commissioner of Income Tax and Anr. Vs. Samsung Electronics Co. Ltd. [2009 (9) TMI 526 - KARNATAKA HIGH COURT] - HELD THAT:- It is not in dispute that the said decision has been considered in the subsequent decision in G.E. India Technology Centre Pvt. Ltd. Vs. Commissioner of Income Tax and Anr. . [2010 (9) TMI 7 - SUPREME COURT] and the court held that the question of payment of royalty ought to be determined by the High Court on merits and for that reason, it relegated the parties before the High Court. The same reasons would apply to the present case, as the High Court has not answered the question of payment of royalty on merits. Accordingly, we set aside the impugned judgment and order and relegate ....... + More
- 2020 (2) TMI 1218
Assessment u/s 153C - petitioner has submitted no documents or material belonging to the petitioner were found, despite which, the Assessing Officer wishes to assess the petitioner on the basis of the material collected during such search relying on the amendment in section 153C of the Act with effect from 1.6.2015 - HELD THAT:- Delay condoned. Issue notice.
- 2020 (2) TMI 1151
Deduction u/s 80 HHC(4B) - HELD THAT:- It is not in dispute that the stated issue in reference to Assessment Year 1998-1999 has been answered by the High Court on 05.09.2008. That decision having become final will apply proprio vigore to the subject assessment year i.e. 1996-1997, in terms of the aforementioned order of the Tribunal. We order accordingly. Deduction u/s 80M - non-allocating personal and administrative and financial expenses proportionately for computing net dividend income referred to in Section 80AA - HELD THAT:- It is not in dispute that thereafter the Assessing Officer completed the assessment in terms of the remand order and challenge thereto before the Tribunal has also become final. Be it noted that as regards the said claim, the High Court had observed that the issue has been answered in favour of the Revenue in Dis....... + More
- 2020 (2) TMI 997
Settlement commission order - additional income which was disclosed during the course of the hearing - HELD THAT:- The nature and extent of delay and the issues involved, we are of the view that it would be appropriate and proper, in the interests of justice, for the writ petition to be heard on merits by the High Court, subject to payment of costs, which would be a condition precedent. The High Court ought not to have dismissed the petition on the ground of delay. The appellant raises issues which are worthy of consideration on merits. We accordingly order and direct that conditional on the appellant paying a sum quantified at ₹ 3,00,000 to the second respondent, by way of costs, withing a period of six weeks from today, the judgment and order of the High Court [2018 (8) TMI 577 - BOMBAY HIGH COURT] shall stand set aside and the wr....... + More
- 2020 (2) TMI 427
Refund of seized cash - deny relief by directing payment in terms of the order under Section 132(5) - HELD THAT:- Direction for refund was applicable if no notice would be issued within the time stipulated. In any case, the learned judges had the option to treat the writ petition as an execution application or could have given liberty to the appellant to file an execution application which as per the law of limitation can be filed within 12 years. This aspect has been completely over-looked and not been given due consideration. The respondents do not and cannot dispute that they have to refund the seized amount. Further, considerable delay and failure to make the payment constitutes and is inseparable from the cause of action as the delay and negligence is on the part of the authorities. The appellant does not seek setting-aside or quashi....... + More
- 2020 (2) TMI 376
Deduction u/s 43B disallowed - advance payment of Excise Duty which represented unutilised MODVAT credit without incurring the liability of such payment - HELD THAT:- The proviso to Section 43B provides that nothing contained in the Section shall apply in relation to any sum which is actually paid by assessee on or before due date applicable in his case for furnishing the return in respect of the previous year in which the liability to pay such sum was incurred. The crucial words in the proviso to Section 43B are “in respect of the previous year in which the liability to pay such sum was incurred”. The proviso takes care of the situation when liability to pay a sum has incurred but could not be paid in the year in question and has been paid in the next financial year before the date of submission of the Return. In the present ....... + More
- 2020 (1) TMI 518
Validity of Reopening of assessment u/s 147 - tribunal held that the notice issued u/s 148 was not valid on ground that AO has not demonstrated the failure of the assessee in disclosing the material fact also confirmed by HC - HELD THAT:- No reason to interfere in the matter. The special leave petition is, accordingly, dismissed.
- 2020 (1) TMI 517
Assessment u/s 153A - allegation of generation of unaccounted money and also transfer of such money in exchange of share capital - proving any accommodation entry - reliance on third party statement - CIT(A) and ITAT deleted the additions - HELD THAT:- No reason to interfere in the matter. The special leave petition is, accordingly, dismissed.
- 2019 (12) TMI 991
Validity of Revision of Income Tax Returns (ITR) after the expiry of the due date prescribed under Section 139(5) on account of the pendency of proceedings for amalgamation of the assessee companies with other companies in the group under Sections 230-232 of the Companies Act, 2013 - Succession to business otherwise than on death - HELD THAT:- In the present case, the predecessor companies/transferor companies have been succeeded by the Appellants/transferee companies who have taken over their business along with all assets, liabilities, profits and losses etc. In view of the provisions of Section 170(1) of the Income Tax Act, the Department is required to assess the income of the Appellants after taking into account the revised Returns filed after amalgamation of the companies. We find that the learned Single Judge had rightly allowed th....... + More
- 2019 (12) TMI 702
LTCG - Transfer of a capital asset within the meaning of Section 2(47) - Power of Attorney (POA) for development of land - compromise deed - as per the deed, various amounts had to be paid by the Builder to the owner so that a complete extinguishment of the owner’s rights in the property would then take place - HELD THAT:- Section 53A of the T.P. Act be attracted, first and foremost, the transferee must, in part performance of the contract, have taken possession of the property or any part thereof. Secondly, the transferee must have performed or be willing to perform his part of the agreement. It is only if these two important conditions, among others, are satisfied that the provisions of Section 53A can be said to be attracted on the facts of a given case. On a reading of the agreement to sell dated 15.05.1998, what is clear is tha....... + More
- 2019 (12) TMI 324
Restraining the petition from transferring funds overseas - Offences under Section 277 of Income Tax Act,1961 - Trial court passed the order - HC [2018 (7) TMI 2075 - BOMBAY HIGH COURT] set aside the order and restored the matter before trial court to have given an opportunity to the respondent - Held that:- Having regard to the submissions made at the Bar, the special leave petition is disposed of giving liberty to the parties to raise all the contentions before the Additional Chief Metropolitan Magistrate, 38th Court, Ballard Pier, Mumbai.
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