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Income Tax - Supreme Court - Case Laws

Showing 1 to 20 of 3381 Records

  • 2018 (5) TMI 1278

    Entitlement to deduction u/s 80IC - industrial undertakings or enterprises which are set-up in the North-Eastern Region - determination of period of ten years - Held that - The assessee in the instant case has not got deduction under Section 80-IC for a period of ten years as he started claiming deduction under this provision w.e.f. Assessment Year 2006-07. - Situation Nos. (b) and (c) mentioned above would not apply to the assessee as it s under....... + More


  • 2018 (5) TMI 1029

    Penalty levied u/s 271D and 271E - whether as the Sections do not specify any minimum penalty or maximum penalty, the cases of the assessee s are outside the Amnesty Scheme mentioned? - Held that - Special leave petition is dismissed. HC order confirmed 2017 (11) TMI 202 - KERALA HIGH COURT - HC has held a reading of Section 271D shows that a person who is liable to pay penalty thereunder shall be liable to pay, by way of penalty, a sum equal to ....... + More


  • 2018 (5) TMI 1028

    Treating the interest on corpus funds received as corpus donations u/s 11(1)(d) - Whether voluntary contributions received by a trust with specific direction that they shall form part of the corpus includes interest accruing/credited on deposits from above donations? - Held that - SLP dismissed. HC Order confirmed 2017 (9) TMI 1232 - KERALA HIGH COURT - HC has held that reading of Section 11 shows that subject to the provisions of Sections 62 and....... + More


  • 2018 (5) TMI 359

    Entitlement to claim the benefit of Section 80-IA - whether the Inland Container Depots (ICDs) under the control of the Respondent, during the relevant period, qualified for deduction under Section 80-IA(4)? - whether the activities undertaken by the assessee cannot be said to fall within Explanation (d) of Section 80-IA(4) defining the term infrastructure facility? - Held that - Considering the nature of work that is performed at ICDs, they cann....... + More


  • 2018 (5) TMI 358

    Taxability of income as a perquisite - waiver of loan by creditor - deemed income u/s 41(1) - sum due by the Respondent to Kaiser Jeep Corporation which later on waived off by the lender - applicability of Section 28 (iv) of the IT Act - whether waiver of loan by the creditor is taxable as a perquisite under Section 28 (iv) or taxable as a remission of liability under Section 41(1)? - Held that - The very first condition of Section 28 (iv) which ....... + More


  • 2018 (5) TMI 357

    Computation of Deduction u/s 10A - Software development charges to be excluded while working out the deduction admissible u/s 10A - claim of certain expenses attributable to the delivery of software outside India or in providing technical services from total turnover - whether such charges are relatable towards expenses incurred on providing technical services outside India? - Held that - As relying on CIT vs. Tata Elxsi Ltd. 2011 (8) TMI 782 - K....... + More


  • 2018 (5) TMI 356

    Retrospective effect of amendment made by the Finance Act, 2010 in Section 40(a)(ia) - whether the amendment being curative in nature should be applied retrospectively i.e., from the date of insertion of the provisions of Section 40(a)(ia) or to be applicable from the date of enforcement - deduction for the tax deducted and paid to the government - Held that - Referring to the binding effect of the judgment given in Allied Moters (1997 (3) TMI 9 ....... + More


  • 2018 (5) TMI 266

    Block Assessment - Use of information gathered as a result of search - whether the material found in the course of survey in the premises of the builder could be used in Block Assessment of the assessee? - Held that - For the purpose of calculating the undisclosed income of the block period, it can be calculated only on the basis of evidence found as a result of search or requisition of books of accounts or other documents and such other material....... + More


  • 2018 (5) TMI 265

    Reopening of assessment - appellant(s) has permanent establishment in India - Held that - In the judgment of this Court in Assistant Director of Income Tax-I, New Delhi v. M/s. E-Funds IT Soluction Inc. 2017 (10) TMI 1011 - SUPREME COURT OF INDIA and connected matters, it has been held that once arm s length principle has been satisfied, there can be no further profit attributable to a person even if it has a permanent establishment in India. - S....... + More


  • 2018 (5) TMI 65

    Deduction u/s 80HHC - profits retained for export business - Interpretation of the provisions contained in Section 80HHC - manner of computation of deduction under section 80HHC - Whether supporting manufacturer who receives export incentives in the form of duty draw back (DDB), Duty Entitlement Pass Book (DEPB) etc., is entitled for deduction under Section 80HHC of the IT Act at par with the direct exporter? - Held that - As Explanation (baa) of....... + More


  • 2018 (4) TMI 1474

    Amount received is in the nature of perquisite or capital receipt - Amount received on redemption of Stock Appreciation Rights (SARs) - Whether to be treated as capital gains and not perquisite under section 17(2)(iii) of the IT Act or the same is not taxable under the category of capital gains since no consideration had passed from the Respondent - taxability of the perequisite on shares issued to employees at less than market price - Taxable in....... + More


  • 2018 (4) TMI 1473

    Accrual of additional interest - transfer by overriding title to the PSU - additional interest income belongs to the assessee or not - investment on behalf of Banks - determination of true nature of relationship between the Indian Bank and the Respondent with regard to the transactions in question - relationship between the Indian Bank and the Respondent - Held that - The relationship between the Indian Bank and the Respondent is very much clear ....... + More


  • 2018 (4) TMI 1472

    Deduction on account of lease equalization charges from lease rental - significance of Guidance Note issued by the Institute of Chartered Accountants of India (ICAI) - Held that - It is wrong to say that the Respondent claimed deduction by virtue of Guidance Note rather it only applied the method of bifurcation as prescribed by the expert team of ICAI. - A conjoint reading of Section 145 of the IT Act read with Section 211 (un-amended) of the Com....... + More


  • 2018 (4) TMI 1432

    Reopening assessment - validity of notice - formation of the belief by the Assessing Officer that income chargeable to tax had escaped assessment - Held that - SLP dismissed. HC order confirmed 2017 (9) TMI 743 - GUJARAT HIGH COURT - HC has correctly held that Tribunal has evaluated the evidence on record in minutest detail as if each limb of the Assessing Officer s reasons recorded for issuing notice of reopening was in the nature of an addition....... + More


  • 2018 (4) TMI 1431

    Validity of re-assessment proceedings initiated against a dead person after his death - liability of the legal representative - Held that - The petition was filed on 14.10.2015 against an interim order. Since then endeavours to call upon the petitioner directing to cure the defects have not been succeeded. - The petition is dismissed for non-prosecution. HC order confirmed 2015 (10) TMI 749 - PUNJAB & HARYANA HIGH COURT as held notice under S....... + More


  • 2018 (4) TMI 1376

    Reopening of assessment - deduction u/s 10A has been allowed in excess - change of opinion - Held that - The very basis of issuing the show cause notice dated 09.03.2004 was that the assessee was not maintaining any separate books of account for the said two categories and the details filed do not reveal proportional allocation of common expenses be made to these categories. Even the said show cause notice suggested how proportional allocation sh....... + More


  • 2018 (4) TMI 1375

    Validity of Second (Fresh) Notice u/s 158BD - search proceedings - First notice u/s 158BC was issued to the firm - Assessing Officer, who is assessing the Firm as well as the Appellant, is the same person - Held that - Section 158BD makes it clear that the AO needs to satisfy himself that the undisclosed income belongs to any person other than the person with respect to whom the search was made under Section 132 or whose books of accounts or othe....... + More


  • 2018 (4) TMI 1374

    Setoff of public issue expenses with Interest accrued - taxability of interest accrued on account of deposit of share application money - Held that - If the share application money that is received is deposited in the bank in light of the statutory mandatory requirement then the accrued interest is not liable to be taxed and is eligible for deduction against the public issue expenses. - The issue of share relates to capital structure of the compa....... + More


  • 2018 (4) TMI 1373

    Entitled to deduction u/s 80-O - proof of rendering technical services - principal agent relationship - eligibility criteria - Held that - The services of managing agent, i.e., the Appellant, rendered to a foreign company, are not technical services within the meaning of Section 80-O of the IT Act. The Appellant failed to prove that he rendered technical services to the Sumitomo Corporation and also the relevant documents to prove the basis for a....... + More


  • 2018 (4) TMI 1078

    Income from Sikkim State Lottery - taxability under the Income Tax Act, 1961 - deduction u/s 80TT is applicable on the net winning amount received by the assessee and not on the gross amount of the winning prize? - place of residence - taxability in India - income accrued in India - Held that - The appellant, being a resident of Rajasthan, received the income arising from winning of lotteries from Sikkim during the Assessment Year in question was....... + More


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