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Income Tax - Supreme Court - Case Laws

Showing 1 to 20 of 3263 Records

  • 2017 (10) TMI 732 - SUPREME COURT

    PR. COMMISSIONER OF INCOME TAX Versus M/s IDMC LIMITED

    Additional depreciation claim 20 under Section 32 1 (iia) - machinery purchased before 31st March 2005, but installed after 31st March 2005 ? - Held that - SLP dismissed. HC order confirmed 2017 (2) TMI 644 - GUJARAT HIGH COURT saying that the provision of section 32(1)(iia) of the IT Act is required to be interpreted reasonably and purposively as the strict and literal reading of section 32(1)(iia) of the IT Act will lead to an absurd result den....... + More


  • 2017 (10) TMI 692 - SUPREME COURT

    The Pr. Commissioner of Income Tax Versus M/s Menlo Worldwide Forwarding India Pvt. Ltd.

    Penalty u/s 271(1)(c) - revision downwards could not be justified - Held that - SLP dismissed. HC Order confirmed 2016 (10) TMI 1117 - DELHI HIGH COURT stating the assessee is guilty of furnishing inaccurate particulars of income is inappropriate as the Assessing Officer at any point of time has not scrutinized 2003-2004 of the assessment on records and issued any notice before the filing of revised return. Thus, when the error was known to the a....... + More


  • 2017 (10) TMI 423 - SUPREME COURT OF INDIA

    Plastiblends India Limited Versus Addl. Commissioner of Income Tax, Mumbai & Anr.

    Claim of depreciation under Section 80-IA - Whether the eligible income of an undertaking in respect of which deductions available under Section 80-IA has to be reduced by the allowance of depreciation for the year even though the assessee has exercised the option not to claim depreciation under Section 32 in arriving at its income of the undertaking for the purposes of computing the assessee s income under the head profits and gains of business ....... + More


  • 2017 (10) TMI 323 - SUPREME COURT OF INDIA

    Commissioner of Income Tax Versus Balbir Singh Maini

    Income from capital gain - transfer exigible to tax by reference to Section 2(47)(v) of the Income Tax Act, 1961 read with Section 53-A of the Transfer of Property Act, 1882 - rights emanating from the JDA, legal effect of non registration of JDA, its alleged repudiation etc. - delivery of possession - Held that - As has been stated there is no contract in the eye of law in force under Section 53A after 2001 unless the said contract is registered....... + More


  • 2017 (10) TMI 322 - SUPREME COURT OF INDIA

    Hyundai Corporation & Anr Versus Oil and Natural Gas Corporation Ltd.

    Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils u/s 44BB - Tender for two platform facilities for off-shore oil exploration and drilling - sub-contractor liability to pay various amounts by way of tax, both under Section 44BB - whether Clause 13.2.8 would not come in the way of ONGC having to pay amounts paid by the sub-contractor by way of tax because of a change in law? - H....... + More


  • 2017 (9) TMI 1588 - SUPREME COURT

    Avinash Kumar Setia Versus Pr. Commissioner of Income Tax (Central) 2 New Delhi

    Surrender made by the assessee in the course of the survey and confirmed two months later in writing - retraction made by the Assessee two years after the declaration - No reason to entertain this special leave petition, which is, accordingly, dismissed. - HC order confirmed 2017 (5) TMI 172 - DELHI HIGH COURT as Court is not satisfied that the retraction made by the Assessee two years after the declaration was bonafide. There was no satisfactory....... + More


  • 2017 (9) TMI 1587 - SUPREME COURT

    Commissioner of Income Tax (E) Delhi Versus Tsurphu Labrang

    Registration as a Trust under Section 12AA cancelled - proof of charitable object of trust - HC has held 2016 (9) TMI 307 - DELHI HIGH COURT formal deed of trust was not necessary for the grant of registration under Section 12A/12AA of the Act. It is not necessary that present aims and objects of the Trust should be the same at the time of its establishment and registration u/s 12AA allowed - Held that - We do not find it to be a fit case for int....... + More


  • 2017 (9) TMI 1532 - SUPREME COURT

    Commissioner of Income Tax Versus Chet Ram (HUF)

    Tax on the enhanced amount of compensation - Income assessed for income tax - receipt of enhanced compensation and interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter - Held that - See case of Commissioner of Income Tax, Faridabad v. Ghanshyam (HUF) (2009 (7) TMI 12 - SUPREME COURT) wherein the provisions of Section 45(5) of the Income Tax Act, 1961 were considered and this Court....... + More


  • 2017 (9) TMI 1531 - SUPREME COURT OF INDIA

    Suresh Sholapurmath, Magdum Dundappa Lokappa Versus Income-Tax Department (rep by its Income-Tax Officer, Angad Kumar) and another

    Violation of sections 276C(2) and 277 - making false statements - error committed by the clerk of the chartered accountant - contention of the petitioner is that the tax amount is less than ₹ 25,000 and therefore an attempt to evade tax is covered by the circular - Held that - The present appeals are from a judgment of the High Court of Karnataka 2016 (10) TMI 1113 - KARNATAKA HIGH COURT in which the High Court has refused to quash the proc....... + More


  • 2017 (9) TMI 1300 - SUPREME COURT

    Union of India & Others Versus M/s. Tata Tea Co. Ltd. & Another, M/s. Apeejay Surrendra Corporate Service Ltd. And M/s George Williamson (Assam) Ltd. Versus Union of India & Others

    Constitutionality of validity Section 115O - the additional tax as levied by Section 115O on the dividend declared, distributed or paid - Calcutta High Court has upheld the constitutionality of Section 115O, but a rider has been put that additional income tax to be charged under Section 115O can only be on 40 per cent of income which is taxable under Income Tax Act. - Held that - This Court in Mrs. Bacha F Guzdar (1954 (10) TMI 2 - SUPREME Court)....... + More


  • 2017 (9) TMI 1299 - SUPREME COURT

    M/s. N.K. Jewellers & Another Versus Commission of Income Tax, New Delhi

    Concealment of income - search conducted on a train by the police authorities - Block assessment - employee of the appellant was returning from Amritsar by train and were found in the possession of ₹ 30 lacs cash in a search by Railway Police - appellant submitted that the proceedings initiated u/s 132 were invalid as it cannot be based on a search conducted on a train by the police authorities and, therefore, the proceedings initiated for ....... + More


  • 2017 (9) TMI 828 - SUPREME COURT

    Mona Mahesh Bhojani Versus Income Tax Officer Ward 5 (3) (4) Ahmmedabad

    Reopening of assessment - capital gain - share of assessee in property sold - Held that - No merit in this petition. The special leave petition dismissed. HC order confirmed. 2017 (7) TMI 462 - GUJARAT HIGH COURT - We cannot come to the conclusion that the reasons recorded by the Assessing Officer lacked validity so as to prevent even the assessment to be made. As is well settled, as long as the Assessing Officer has tangible material at his comm....... + More


  • 2017 (9) TMI 589 - SUPREME COURT

    The Commissioner of Income Tax & Anr. Versus S.V. Gopala Rao & Ors.

    Power to the CBDT - Instructions to subordinate authorities u/s 119 - amendment to the Rule 68B - sale was effected beyond time - deeming provision in rule 68B(3) amended by Notification No. 9995 by which the period of three years mentioned in rule 68B of the Act has been extended to four years - Held that - The Central Board of Direct Taxes (CBDT) issued a Circular under Section 119 of the Income Tax Act,1961. In fact, it amended the provisions ....... + More


  • 2017 (9) TMI 321 - SUPREME COURT

    Commissioner of Income Tax (TDS) Versus M/s Sahara India Commercial Corporation Ltd

    TDS u/s 194C - assessee in default - failure to deduct tax or short deducted tax - liability to tax - Held that - HC order confirmed 2017 (8) TMI 238 - ALLAHABAD HIGH COURT . The Special Leave Petition is dismissed. - HC has held Tribunal has rightly remanded the matter to the assessing authority to examine this aspect. If the assessing authority finds that the recipient-assesses, i.e., SAL was not liable to pay any tax during the relevant assess....... + More


  • 2017 (9) TMI 124 - SUPREME COURT

    Commissioner of Income Tax (LTU) Versus M/s Rural Elect. Corp. Ltd.

    Reassessment u/s 147 - Notice for income escapement u/s 148 beyond 4 years Barred by limitation - reasons to believe - Held that - SLP dismissed. HC order confirmed. 2013 (7) TMI 317 - DELHI HIGH COURT notices under Section 148 have all been issued beyond the said period of six years. Therefore, we are of the view that the said notices are time barred-notices under Section 148 of the said Act are set aside and so, too, are all the proceedings pur....... + More


  • 2017 (9) TMI 123 - SUPREME COURT

    Pr. Commissioner of Income Tax Versus Neeraj Jindal

    Penalty u/s 271(1)(c) - Whether under Section 271(1)(c) as it stood prior to the insertion of Explanation 5, levy of penalty is automatic if return filed by the assessee under Section 153A of the Act discloses higher income than in the return filed under Section 139(1)? - Held that - As decided by HC 2017 (2) TMI 1002 - DELHI HIGH COURT once the assessee files a revised return under Section 153A, for all other provisions of the Act, the revised r....... + More


  • 2017 (9) TMI 122 - SUPREME COURT

    Commissioner of Income Tax-I Baroda Versus Gujarat Alkalies & Chemicals Ltd.

    Expenses incurred for replacement of membrane cells-II - nature of expenditure - revenue v/s capital expenditure - rule of consistency as Revenue itself treated such expenditure as revenue expenditure - Held that - As decided by HC 2015 (2) TMI 118 - GUJARAT HIGH COURT the attempt to contend that life of membrane would be spread over from 3 to 5 years or that the amount involved for replacement of membrane is huge and, therefore, the departure on....... + More


  • 2017 (9) TMI 53 - SUPREME COURT

    The Royal Bank of Scotland PLC Versus Axis Bank Limited, FOWC & Others

    Validity of attachment orders u/s 281B - High Court 2016 (12) TMI 123 - DELHI HIGH COURT has confirmed the tax liability of non-resident (FOWC) having PE in India - SC confirmed the order of HC 2017 (4) TMI 1109 - SUPREME COURT OF INDIA - Income tax department directed the Axis Bank to have the drawing of LCs restricted to the extent of the liability of Jaypee to deduct Tax Deducted at Source (TDS) of FOWC. - On the one hand, Axis Bank was restra....... + More


  • 2017 (8) TMI 1298 - SUPREME COURT OF INDIA

    Commissioner of Income Tax-III, Pune Versus Sinhgad Technical Education Society

    Validity of assessment u/s 153C r.w.s 143(3) - validity of satisfaction note prepared for subsequent years - Registration of the trust cancelled under Section 12AA(3) - Held that - ITAT had scanned through the Satisfaction Note and the material which was disclosed therein was culled out and it showed that the same belongs to Assessment Year 2004-05 or thereafter. - There was no satisfaction relate to four Assessment Years, namely, 2000-01 to 2003....... + More


  • 2017 (8) TMI 1289 - SUPREME COURT

    Commissioner of Income Tax & Another Versus The Nagarbail Salt Owners Cooperative Society Ltd.

    Taxability in hands of society - fund transferred to Distribution Pool Fund Account - Society assessed to tax on its income as person as defined under Section 2(31) - entitlement to claim exemption over its profits paid to its members and claim it as expenditure in the accounts before offering the profit for tax - Held that - Relying upon the decision dated 21.7.2017 2017 (7) TMI 1015 - SUPREME COURT , SC dismissed the present Special Leave Petit....... + More


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