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Income Tax - Supreme Court - Case Laws
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2023 (1) TMI 584
Levy of Interest u/s 158BFA(1) - Block assessment u/s 158BD - levy of interest for belatedly filing the return of income for the block period and also the levy of surcharge under Section 113 of the Income Tax Act. - it is prayed to hold that in absence of the notice u/s 158BC, served upon the assessee - “other person”, the Assessing Officer was not justified in levying the interest under Section 158BFA. - HELD THAT:- with respect to assessment of undisclosed income for the block period including the filing of the return etc., the normal assessment proceedings including under Section 140 of the Income Tax Act shall not be applicable. Therefore, the submission on behalf of the assessee that interest under Section 158BFA for the period prior to 01.06.1999 in view of insertion of the words “Section 158BC” in Section 14....... + More
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2023 (1) TMI 583
Constitutional validity of the the proviso to Clause (26AAA) - Constitutional validity the Explanation - Scope of the definition of “Sikkimese” in Section 10 (26AAA) - it excludes Indians who have settled in Sikkim prior to the merger of Sikkim with India on 26.04.1975 - Proviso excludes from the exempted category, “Sikkimese women” who marries a non-Sikkimese after 01.04.2008 - discrimination on the basis of marriage against Sikkimese women with reference to an arbitrary date i.e., 1st April, 2008. HELD THAT:- when a benefit is being given to a Sikkimese individual which would include all genders under the provision, by way of the Explanation being added, which is in the nature of a definition, the proviso cannot exclude a certain category of married Sikkimese women from the said Explanation and thereby, deprive t....... + More
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2023 (1) TMI 285
Liability to pay tax under the Interest-Tax Act, 1974 - interest component included in the hire-purchase instalments paid under the hire-purchase agreement - Assessees are non-banking finance and leasing companies registered with the Reserve Bank of India -Some of the appellants - assessees have been reclassified as hire-purchase finance companies. It is not disputed that the appellants - assessees are credit institutions within the meaning of Section 2(5-A) of the Act - contention of the appellants - assessees is that under a hire-purchase agreement, they hire out a vehicle to the customer and receive hire-purchase instalments, and not interest on loans and advances - distinguish between financial lease and operating lease - HELD THAT:- We are dealing with and interpreting Section 2(7) of the Act, which has been interpreted in two decisi....... + More
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2022 (11) TMI 1180
Capital gain - transfer - revaluation of assets - partnership firm - retirement of one partner and reconstitution of firm with new partners - applicability of Section 45(4) of the Income Tax Act as introduced by the Finance Act, 1987 - HELD THAT:- The assets of the partnership firm were revalued to increase the value by an amount of Rs. 17.34 crores on 01.01.1993 (relevant to A.Y. 1993-1994) and the revalued amount was credited to the accounts of the partners in their profit-sharing ratio and the credit of the assets’ revaluation amount to the capital accounts of the partners can be said to be in effect distribution of the assets valued at Rs. 17.34 crores to the partners and that during the years, some new partners came to be inducted by introduction of small amounts of capital ranging between Rs. 2.5 to 4.5 lakhs and the said newl....... + More
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2022 (11) TMI 896
Deduction u/s 80-IB - Proof of assessee manufactures or produces any article or thing specified in the list in the Eleventh Schedule of the IT Act - process for end product - as submitted assessee is manufacturing ‘polyurethane foam,’ which is ultimately used as automobile seat - as per AO nature of the business of the assessee is “manufacturer of polyurethane foam seats” which falls under entry 25 to the Eleventh Schedule of the IT Act and therefore the assessee shall not be entitled to deduction under Section 80-IB - as per assessee different sizes of polyurethane foam are used as automobile seats and therefore the end product can be said to be the automobile seat which is different than the polyurethane foam HELD THAT:- The assessee is manufacturing polyurethane foam and supplying the same in different sizes/des....... + More
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2022 (11) TMI 783
TDS u/s 194H - Commission / brokerage on Air Tickets - Supplementary Commission - Non deduction of tax at source (“TDS”) at 10% plus surcharge from payments falling under the definition of “Commission” or “Brokerage” - Penalty proceedings against the airlines u/s 271C - reasonable cause for the air carriers to have not deducted TDS at the relevant period - Interpretation of Section 194H as introduced by the Finance Act, 2001, with effect from 01.04.2000 - characterization of the income earned by the agent besides the Standard Commission of 7% and whether this additional portion would be subject to TDS requirements under Section 194H - HELD THAT:- If we view the ambit of Section 194H in an expansive manner, the factum of the exact source of the payment would be of no consequence to the requirement of ded....... + More
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2022 (11) TMI 426
TDS u/s 192 - LTC to an employee - salary - exemption u/s 10(5) - foreign travel - Default for not deducting tax at source while releasing payments to its employees as Leave Travel Concession (LTC) - HELD THAT:- The provisions of law discussed prescribe that the air fare between the two points, within India will be given and the LTC which will be given will be of the shortest route between these two places, which have to be within India. A conjoint reading of the provisions discussed herein with the facts of this case cannot sustain the argument of the appellant that the travel of its employees was within India and no payments were made for any foreign leg involved. We do not want to get into the role of the travel agencies and the present dynamics of air fare, but it is difficult for us to accept that a person will avail foreign tour wit....... + More
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2022 (11) TMI 255
Exemption u/s 11 - Clarification to the order [ 2022 (10) TMI 948 - SUPREME COURT] - Applicable retrospectively or not - scope and amplitude of the definition “charitable purpose” - revenue seeks a clarification of the judgment delivered by this court [2022 (10) TMI 948 - SUPREME COURT] that para 254 of the judgment should be such as to “enable the Revenue to redo the assessments in accordance with the above judgments for the past and examine the eligibility on a yearly basis for the future and thus render justice HELD THAT:- A plain reading of the conclusions recorded in Para 253 (A)(B)(C) (D) and (E) would disclose that this court consciously recorded its findings, with the intent of finally deciding the issues, for various organizations- in relation to the assessment years in question, - whereas in Para 253 (F), the c....... + More
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2022 (10) TMI 948
Exemption u/s 11 - scope and amplitude of the definition “charitable purpose” - primary question which falls for consideration is the correct interpretation of the proviso to Section 2(15) “charitable purpose” includes relief of the poor, education, medical relief, preservation of environment (including watersheds, forests and wildlife) and preservation of monuments or places or objects of artistic or historic interest, and the advancement of any other object of general public utility - Interpretation of the changed definition of “charitable purpose” (w.e.f. 01.04.2009), as well as the later amendments, and other related provisions of the IT Act - Distinction between business held under Trust [Section 11(4)] and Trust carrying on business [Section 11(4A)] - HELD THAT:- To summarise on the legal position....... + More
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2022 (10) TMI 855
Exemption u/s 11 / 10(23C)(vi) - Charitable activity u/s 2(15) - trust seeking approval as existed ‘solely’ for educational purposes - correct meaning of the term ‘solely’ in Section 10 (23C) (vi) which exempts income of “university or other educational institution existing solely for educational purposes and not for purposes of profit” - appellants were denied registration on the ground that they were not registered under the Andhra Pradesh Charitable and Hindu Religious Institutions and Endowments Act, 1987 (hereinafter, “A.P. Charities Act”) as condition precedent for grant of approval - HELD THAT:- Institutions existing ‘solely’ for profit - This court is of the opinion that the interpretation adopted by the judgments in American Hotel [2008 (5) TMI 17 - SUPREME COURT] as wel....... + More
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2022 (10) TMI 617
Belated deposit of employees’ contribution towards the EPF and ESI - AO ruled that by virtue of Section 36(1)(va) read with Section 2(24)(x) of the IT Act, such sums received by the appellants constituted “income” - HELD THAT:- One of the rules of interpretation of a tax statute is that if a deduction or exemption is available on compliance with certain conditions, the conditions are to be strictly complied with. See for e.g., Eagle Flask Industries Ltd. v. Commissioner of Central Excise [2004 (9) TMI 102 - SUPREME COURT] - This rule is in line with the general principle that taxing statutes are to be construed strictly, and that there is no room for equitable considerations. The analysis of the various judgments cited on behalf of the assessee i.e., Commissioner of Income-Tax v. Aimil Ltd. [2009 (12) TMI 38 - DELHI HIGH....... + More
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2022 (10) TMI 616
Owner of the plant for the purpose of section 32 - Income generated through lease - Scope of terms "own", "ownership" and "owned" Revenue receipt/income accrued - HELD THAT:- On construing the relevant clauses, it is apparent that the respondent-assessee had become the owner of the plant and machinery. Further the lease rentals in entirety have been taxed as a revenue receipt/income accrued and taxable. In view of the aforesaid factual background, we do not find any good ground and reason to interfere with the final conclusion and decision of the High Court. Accordingly, the appeal is dismissed.
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2022 (10) TMI 365
Reopening of assessment u/s 147 - Addition u/s 68 - Unexplained share capital HELD THAT:- Considering the fact that earlier the AO had called upon the petitioner(s) to produce the evidence in support of increase of authorised share-capital, produce the evidence of share allotment and names and addresses of the parties from whom share-premium was received, among other things and thereafter, the AO finalised the assessment and passed Assessment Order, the subsequent re-opening can be said to be change of opinion. Under the circumstances, the re-opening is rightly set aside by the High Court. We see no reason to interfere with the same. Special Leave Petition stands dismissed.
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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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