2018 (1) TMI 519 - SUPREME COURT
The Commissioner of Income Tax Versus Lalit Kumar Bardia
Transfer of cases - Notice under Section 158BC by assessee with Nagpur I.T.O. sufficient to apply bar under Section 124(3) in the matter - Held that - The special leave petition is dismissed. HC order confirmed 2017 (7) TMI 695 - BOMBAY HIGH COURT - HC has held that all the proceedings taken between 6.7.1999 till the Order dated 18.1.2000 by the Deputy Commissioner of Income Tax, Nagpur become regular and he will retrospectively enjoy the status ....... + More
2018 (1) TMI 518 - SUPREME COURT
Pr. Commissioner of Income Tax (Central) Ludhiana Versus Vardhman Industires Ltd.
Revision u/s 263 - disallowability of expenditure on account of sales tax - Compound Levy Scheme applicability - Held that - The special leave petition is dismissed. HC order confirmed. 2017 (8) TMI 372 - PUNJAB AND HARYANA HIGH COURT - As held by HC once the assessee had shown that the sales appearing in the balance-sheet were inclusive of sales tax, there was no occasion to disallow the claim made by the assessee relating to payment of sales ta....... + More
2018 (1) TMI 517 - SUPREME COURT OF INDIA
M/s. Mathur Marketing Pvt. Ltd. Versus Commnr. of Income Tax Delhi And Anr.
Issue not been taken into consideration by the High Court - whether the oral arguments were advanced on substantial question No.3 raised in the Memo of Appeal filed before the High Court under Section 260A? - affidavit has been filed on behalf of the appellant in which it has been stated that the issue of powers of Commissioner (Appeals) had come in appeal under Rule 46A and were specifically raised before the High Court - Held that - In view of ....... + More
2018 (1) TMI 516 - SUPREME COURT
M/s. MATHUR MARKETING PVT. LTD. Versus COMMNR. OF INCOME TAX DELHI & ANR.
Appellant shall examine as to whether the oral arguments were advanced on substantial question No.3 raised in the Memo of Appeal filed before the High Court under Section 260A of the Income Tax Act - List on 29.08.2017........ + More
2018 (1) TMI 290 - SUPREME COURT OF INDIA
Citizen Cooperative Society Limited, Through ITS Managing Director, Hyderabad Versus Assistant Commissioner of Income Tax, Circle 9 (1) , Hyderabad
Seeking review of judgment The Citizen Co-Operative Society Limited, Through Its Managing Director, Hyderabad Versus Assistant Commissioner of Income Tax 2017 (8) TMI 536 - SUPREME COURT as held appellant cannot be treated as a co-operative society meant only for its members and providing credit facilities to its members. We are afraid such a society cannot claim the benefit of Section 80P of the Act - Held that - As gone through the review petit....... + More
2017 (12) TMI 1320 - SUPREME COURT OF INDIA
Commissioner of Income Tax And Anr. Versus M/s Deutsche Sotware Ltd.
Exemption u/s 10B - Held that - Application for change in the cause title is allowed. Having gone through the impugned judgment of the High Court 2011 (10) TMI 423 , we find no infirmity in the same. - Mr. K. Radhakrishnan, learned Senior Counsel, appearing for the petitioner(s), has appealed to us that para 10 of the impugned judgment is extremely unfair to the Department and the imposition of costs of ₹ 1 lakh was wholly uncalled for. - P....... + More
2017 (12) TMI 1068 - SUPREME COURT
Commissioner of Income Tax 1 Kanpur Versus Sahyog Jan Kalyan Samiti, Kanpur
Condonation of delay - Held that - There is a delay of 353 days in preferring this special leave petition which has not been satisfactorily explained. Even the tax effect is approximately ₹ 8 lakhs. For these reasons the special leave petition is dismissed. HC ref case 2016 (9) TMI 1399 - ALLAHABAD HIGH COURT ....... + More
2017 (12) TMI 1067 - SUPREME COURT
Commissioner of Income Tax -III, Pune Versus Rajasthan And Gujarati Charitable Foundation Poona
Depreciation of assets acquired by assessee trust - the capital expenditure is treated as application of income for charitable purposes - Held that - As in Commissioner of Income Tax v. Institute of Banking Personnel Selection (IBPS) 2003 (7) TMI 52 - BOMBAY High Court correctly states the principles of law and there is no need to interfere with the same. - It may be mentioned that most of the High Courts have taken the aforesaid view with only e....... + More
2017 (12) TMI 1010 - SUPREME COURT
Lissie Medical Institutions Versus Commissioner Of Income Tax
Disallowance of Depreciation - appellant is a charitable institution u/s 12A AO held that the assessee claims expenditure for acquisition of assets claiming depreciation in the computation of income though the appellant enjoys a 100 write off of the cost of assets resulting in double deduction of capital expenditure assessee contented that the system of allowing depreciation was followed by the assessee for several years - Held that - On perusal ....... + More
2017 (12) TMI 816 - SUPREME COURT
Commissioner of Income-Tax-I, Kolhapur Versus M/s. Chaphalkar Brothers Pune
Nature of receipt under the subsidy scheme - whether was not in the nature of a helping hand to the trade but was capital in nature - subsidy scheme of the State Government took the form of an exemption of entertainment duty in Multiplex Theatre Complexes newly set up, for a period of three years, and thereafter payment of entertainment duty 25 for the subsequent two years - Held that - As stated in the statement of objects and reasons, of the am....... + More
2017 (12) TMI 754 - SUPREME COURT OF INDIA
C.I.T New Delhi Versus M/s Spice Enfotainment Ltd.
Validity of assessment against non existent company - assessment in the name of a company which had been amalgamated and had been dissolved with the said amalgamating company - Held that - No reason to interfere with the impugned judgment(s) passed by the High Court. In view of this, we find no merit in the appeals and special leave petitions. - HC has held 2011 (8) TMI 544 - DELHI HIGH COURT provisions of Section 292B of the Act are not applicab....... + More
2017 (12) TMI 588 - SUPREME COURT
Asstt. Commissioner of Income Tax & Another Versus Pepsi Foods Pvt. Ltd.
Validity of Notice u/s 153C - issuance of a notice by an AO of a person who has not been searched, on the basis of a satisfaction note prepared by the AO of a searched person - satisfaction Held that - SLP dismissed. - HC order confirmed 2014 (8) TMI 425 - DELHI HIGH COURT . Mere use or mention of the word satisfaction or the words I am satisfied in the order or the note would not meet the requirement of the concept of satisfaction as used in Sec....... + More
2017 (12) TMI 477 - SUPREME COURT OF INDIA
M/s. BHUSHAN STEEL LTD. Versus COMMISSIONER OF INCOME TAX DELHI
Amount received by way of exemption of sales tax payments - trading receipt OR capital receipt hence not liable to tax? - HC 2017 (7) TMI 501 - DELHI HIGH COURT held that the absence of any condition towards capital utilization meant that the policy makers envisioned greater profitability as an incentive for investors to expand units, for rapid industrialization of the state, ensuring greater employment. Clearly, the subsidy was revenue in nature....... + More
2017 (12) TMI 476 - SUPREME COURT
Deniel Merchants P. Ltd. & Another Versus Income Tax Officer & Another
Revision u/s 263 - Held that - In all these cases, we find that the Commissioner of Income Tax had passed an order under Section 263 of the Income Tax Act, 1961 with the observations that the Assessing Officer did not make any proper inquiry while making the assessment and accepting the explanation of the assessee(s) insofar as receipt of share application money is concerned. On that basis the Commissioner of Income Tax had, after setting aside t....... + More
2017 (12) TMI 372 - SUPREME COURT OF INDIA
Deputy Commissioner of Income-Tax, Circle 11 (1) , Bangalore Versus M/s. Ace Multi Axes Systems Ltd.
Benefit of deduction u/s 80IB - eligible business - assessee ceases to be a small scale industry - Held that - We do not see any difference in the situation where the assessee, is not initially eligible, or where the assessee though initially eligible loses the qualification of eligibililty in subsequent assessment years. In both such situations, principle of interpretation remains the same. - Thus, while there is no conflict with the principle t....... + More
2017 (12) TMI 371 - SUPREME COURT
Commissioner of Income Tax 11, Mumbai Versus M/s Goodwill Theatres Pvt Ltd Through Its Managing Director
Mesne profits - capital or revenue receipt - whether the Tribunal was correct in holding that mesne profits, cannot be part of book profit u/s. 15JB, as it was held as capital assets? - Held that - As perused the impugned judgment and order passed by the the High Court of Judicature 2016 (6) TMI 534 - BOMBAY HIGH COURT whereby the High Court has dismissed the appeal preferred by the appellant herein only on the ground that the decision relied upo....... + More
2017 (11) TMI 1494 - SUPREME COURT
Director of Income Tax, Circle 26 (1) New Delhi Versus S.R.M.B. Dairy Farming (P) Ltd.
Monetary limit for filing appeal - implementation of Instruction No.3 of 2011 dated 9.2.2011, providing for appeals not to be filed before the High Court(s) where the tax impact was less than ₹ 10 lakh - retrospectivity of circular - Held that - In our view the matter has been squarely put to rest taking further care of the interest of the Revenue by the order passed by the three Judges Bench of this Court in Surya Herbal Ltd. case 2011 (8)....... + More
2017 (11) TMI 1429 - SUPREME COURT OF INDIA
Commissioner of Income Tax II Versus M/s Modipon Ltd.
Entitlement to claim deduction u/s 43B - excise duty paid in advance in the Personal Ledger Account ( PLA ) - accrual of expenses - Held that - The self removal scheme and payment of duty under the Act and the Rules clearly shows that upon deposit in the PLA the amount of such deposit stands credited to the Revenue with the assessee having no domain over the amount(s) deposited. - In C.I.T. vs. Pandavapura Sahakara Sakkare Karkhane Ltd. (1991 (9)....... + More
2017 (11) TMI 1305 - SUPREME COURT
Assistant Commissioner of Income Tax Versus Dharamvir Singh Rao
Reopening of assessment - invalid notice - Held that - SLP dismissed - HC order confirmed 2017 (11) TMI 1221 - DELHI HIGH COURT concluding that pre-requisite for existence of tangible material has not being fulfilled before issuing the notice - Decided in favour of assessee........ + More
2017 (11) TMI 1229 - SUPREME COURT
The Principal Commissioner of Income Tax -19 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 - The special leave petition is dismissed. - The question of law is, however, kept open. - HC has held 2017 (2) TMI 1002 - DELHI HIGH COURT Once the assessee files a r....... + More