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Income Tax - Supreme Court - Case Laws

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• 2021 (10) TMI 363 - SUPREME COURT
  
  Revision u/s 263 by CIT - limit limit to pass the order - whether order barred by limitation? - Order "Made" versus Order "Served" - whether the High Court is right in holding that the relevant date for the purpose of considering the period of limitation under Section 263(2) of the IT Act would be the date on which the order passed under Section 263 by the learned Commissioner is received by the assessee? - HELD THAT:- The relevant last date for the purpose of passing the order under Section 263 considering the fact that the assessment was for the financial year 2008-09 would be 31.03.2012 and the order might have been received as per the case of the assessee - respondent herein on 29.11.2012 - date on which the order under Section 263 has been received by the assessee is not relevant for the purpose of calculating/con....... + More

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• 2021 (9) TMI 875 - SUPREME COURT
  
  Interest u/s 234B - Shortfall in payment of advance tax - TDS was not deducted on the income received by the payer - whether the levy of interest under Section 234B of the Act for short deduction of tax at source is mandatory and is leviable automatically? - interpretation of Section 209 (1) (d) of the Act, with stress on the words “deductible or collectible at source” - HELD THAT:- The proviso is in the nature of an exception to Section 209 (1) (d), as an assessee, who has received any income without deduction or collection of tax, is made liable to pay advance tax in respect of such income. It is relevant to note that the amendment was brought into effect from 1st April, 2012 and was made applicable to cases of advance tax payable in the financial year 2012-13 and thereafter. All the appeals before us pertain to the period p....... + More

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• 2021 (9) TMI 732 - SUPREME COURT
  
  Benefit under the Direct Tax Vivad Se Vishwas Act, 2020 - Penalty u/s 271D - violation of the provisions of Section 269SS - HELD THAT:- When the present petitions are taken up for further hearing, Shri C.U. Singh, learned senior counsel appearing for the petitioner seeks permission to withdraw the Special Leave Petitions as the petitioner proposes to avail the benefit under the Direct Tax Vivad Se Vishwas Act, 2020. In that view of the matter, the Special Leave Petitions stand dismissed as withdrawn unconditionally with the above mentioned liberty. As and when any application is made, the same be considered in accordance with law and on its own merits for which we have not expressed anything in favour of any party.

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• 2021 (9) TMI 566 - SUPREME COURT
  
  Disallowance u/s 14A - Exempted Income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free dividend and interest to assessee Banks - whether assessee had sufficient interest free own funds which were more than the investments made? - whether Section 14A, enables the Department to make disallowance on expenditure incurred for earning tax free income in cases where assessee like the present appellant, do not maintain separate accounts for the investments and other expenditures incurred for earning the tax-free income? - HELD THAT:- Revenue does not contend that the Assessee Banks had held the securities for maintaining the Statutory Liquidity Ratio (SLR), as mentioned in the circular - when there is no finding that the investments of the Assessee are of the relat....... + More

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• 2021 (9) TMI 108 - SUPREME COURT
  
  Revision u/s 263 - unexplained unsecured loans taken by assessee - HC uphold the decision of ITAT wherein it was held that, PCIT was not empowered and entitled to revise assessment order u/s. 263 of the Act r/w Explanation 2 - HELD THAT:- SLP dismissed.

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• 2021 (8) TMI 678 - SUPREME COURT
  
  Scope of amendment of the Gratuity Act - Applicability of Payment of Gratuity (Amendment) Act, 2010 from 1.1.2007 - Government of India approved enhancement of gratuity to the executives and Non-Unionized Supervisors of Central Sector Enterprises such as the Coal India Limited where the appellants were employed - ceiling of the gratuity was raised to ₹ 10 lakhs w.e.f. 1.1.2007 in terms of office memorandum of Government of India dated 26.11.2008 - grievance of the appellants is that the tax has been deducted at source when the gratuity was paid to the appellants before the commencement of the Amending Act - order passed by the High Court of Jharkhand whereby the claim of the appellants to declare the applicability of Payment of Gratuity (Amendment) Act, 2010 from 1.1.2007 was declined - HELD THAT:- What is exempt from the Income Tax....... + More

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• 2021 (8) TMI 520 - SUPREME COURT
  
  Scope of Explanation C of Section 43B - Actual payment of interest or not - Issuance of debenture in lieu of Interest - Funding of the interest amount by way of a term loan amounts to actual payment as contemplated by Section 43B - whether interest can be said to have been actually paid by the mode of issuing debentures? - HELD THAT:- Both the CIT and the ITAT found, as a matter of fact, that as per a rehabilitation plan agreed to between the lender and the borrower, debentures were accepted by the financial institution in discharge of the debt on account of outstanding interest. This is also clear from the expression “in lieu of” used in the judgment of the learned CIT. That this is so is clear not only from the accounts produced by the assessee, but equally clear from the fact that in the assessment of ICICI Bank, for the as....... + More

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• 2021 (8) TMI 139 - SUPREME COURT
  
  Exemption u/s 11 - cancellation of registration of the Appellant granted u/s 12AA - HC setting aside the order passed by Commissioner of Income Tax (Exemption) canceling registration of the respondent Trust u/s12AA and the order passed by the Income Tax Appellate Tribunal dismissing appeals arising therefrom - HELD THAT:- The answers given to the questionnaire by the Managing Trustee of the Trust show the extent of misuse of the status enjoyed by the Trust by virtue of registration under Section 12AA of the Act. These answers also show that donations were received by way of cheques out of which substantial money was ploughed back or returned to the donors in cash. The facts thus clearly show that those were bogus donations and that the registration conferred upon it under Sections 12AA and 80G of the Act was completely being misused by th....... + More

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• 2021 (4) TMI 1237 - SUPREME COURT
  
  Deduction u/s 80-IA - AO held by the Assessing Officer that deduction computed under Section 80-IA of the Act could not be allowed against any source other than business - HELD THAT:- In the case before us, there is no discussion about Section 80-IA(5) by the Appellate Authority, nor the Tribunal and the High Court. However, we have considered the submissions on behalf of the Revenue as it has a bearing on the interpretation of sub-section (1) of Section 80-IA of the Act. We hold that the scope of sub-section (5) of Section 80- IA of the Act is limited to determination of quantum of deduction under sub-section (1) of Section 80-IA of the Act by treating ‘eligible business’ as the ‘only source of income’. Sub-section (5) cannot be pressed into service for reading a limitation of the deduction under sub-section (1) o....... + More

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• 2021 (4) TMI 369 - SUPREME COURT
  
  Constitutional validity of the third proviso to Section 254(2A) - automatic vacation of a stay as granted on the completion of 365 days - HELD THAT:- It is settled law that challenges to tax statutes made under Article 14 of the Constitution of India can be on grounds relatable to discrimination as well as grounds relatable to manifest arbitrariness. These grounds may be procedural or substantive in nature There can be no doubt that the third proviso to Section 254(2A) of the Income Tax Act, introduced by the Finance Act, 2008, would be both arbitrary and discriminatory and, therefore, liable to be struck down as offending Article 14 of the Constitution of India. First and foremost, as has correctly been held in the impugned judgment, unequals are treated equally in that no differentiation is made by the third proviso between the assessee....... + More

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• 2021 (3) TMI 138 - SUPREME COURT
  
  TDS u/s 195 - Royalty - amounts paid by the concerned persons resident in India to non-resident, foreign software suppliers - Whether constitutes as taxable income deemed to accrue in India u/s 9(1)(vi) - income deemed to accrue or arise in India - computer software is purchased directly by an end-user, resident in India, from a foreign, non-resident supplier or manufacturer, resident Indian companies that act as distributors or resellers, by purchasing computer software from foreign, non-resident suppliers or manufacturers and then reselling the same to resident Indian end-user, distributor happens to be a foreign, non-resident vendor, who, after purchasing software from a foreign, non-resident seller, resells the same to resident Indian distributors or end-users and computer software is affixed onto hardware and is sold as an integrated....... + More

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• 2021 (1) TMI 1126 - SUPREME COURT
  
  Reopening of assessment u/s 148 - whether documents furnished by the Petitioner that an assessment order under Section 143(3)? - HELD THAT:- The special leave petition is dismissed. We have not entered into the merits of the questions involve in this petition.

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• 2021 (1) TMI 488 - SUPREME COURT
  
  Deduction u/s 80P(2)(a) (i) - the credits given to such members being for purposes other than agricultural credit - eligibility after introduction of section 80P(4) - Assessee stated to be providing credit facilities to their members for agricultural and allied purposes, have been classified as primary agricultural credit societies by the Registrar of Cooperative Societies under the Kerala Co-operative Societies Act, 1969 - HELD THAT:- The ratio decidendi of Citizen Cooperative Society Ltd. [2017 (8) TMI 536 - SUPREME COURT], must be given effect to. Section 80P of the IT Act, being a benevolent provision enacted by Parliament to encourage and promote the credit of the co-operative sector in general must be read liberally and reasonably, and if there is ambiguity, in favour of the assessee. A deduction that is given without any reference ....... + More

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• 2020 (11) TMI 876 - SUPREME COURT
  
  Validity of Section 40(a)(iib) - vires of Section 40(a)(iib) - HELD THAT:- The stage at which the appellant approached the High Court and challenged the vires of Section 40(a)(iib) of the Income Tax Act can be said to be an appropriate moment. Therefore, the High Court ought to have decided the issue with respect to the challenge to the vires of Section 40(a)(iib) of the Income Tax Act on merits. The High Court has failed to exercise the powers vested in it under Article 226 of the Constitution of India by not deciding the writ petition on merits and not deciding the challenge to the vires of Section 40(a)(iib) of the Income Tax Act on merits. As the High Court has not decided the issue with respect to vires of Section 40(a)(iib) of the Income Tax Act on merits, the matter is required to be remanded to the High Court to decide the writ pe....... + More

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• 2020 (9) TMI 496 - SUPREME COURT
  
  Interest income of the appellant-Corporation - whether would fall within the category of income from other sources under Section 56 for which allowable deductions are enumerated under Section 57 of the IT Act OR income from business - High Court opined that since the business of the appellant-Corporation was to receive funds and to then advance them as loans or grants, the interest income earned which was so applied would also fall under the head ‘D’ of Section 14 of Chapter IV of the IT Act under the head of ‘profits and gains of business or profession’ being a part of its normal business activity - HELD THAT:- We are in agreement with this view taken by the High Court, as the only business of the appellant-Corporation is to receive funds and then to advance them as loans or grants. The interest income arose on ac....... + More

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• 2020 (8) TMI 731 - SUPREME COURT
  
  Capital gains arising out of land acquisition compensation - date of accrual of capital gains for the purpose of Section 45 - Subject land had been given by the original owner on a lease for 20 years to a Government College - Whether chargeable to income-tax under Section 45 for the previous year referable to the date of award of compensation i.e., 29.09.1970 or date of notification for acquisition - question concerning date of accrual of capital gains - Whether High Court was right in taking the date of award as the date of accrual of capital gains for the purpose of Section 45 of the Act of 1961? - when did the transfer of the land in question, by way of compulsory acquisition, take place and when did the capital gains accrue to the assessee-appellant? - part of the land in question which was given on lease, possession of the College, a....... + More

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• 2020 (8) TMI 23 - SUPREME COURT
  
  TDS u/s 194C - Disallowance u/s 40(a)(ia) - non deduction of tds on payment to the truck operators/owners - payments exceeding ₹ 20,000/- in a single transaction or not? - Payments to contractors and sub-contractors - whether the payments in question have rightly been disallowed from deduction in computation of total income of the appellant? - HELD THAT:- AO held that the assessee had entered into a sub-contract with the said three persons within the meaning of Section 194C - Such findings of AO were concurrently upheld up to the High Court and, after interpretation of Section 40(a)(ia), this Court also approved the decision of the High Court while dismissing the appeal with costs. Appellant has made an attempt to distinguish the nature of contract in Palam Gas Service [2017 (5) TMI 242 - SUPREME COURT] by suggesting that therein, t....... + More

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• 2020 (7) TMI 545 - SUPREME COURT
  
  Income accrued in India - Taxability of income attributable to a “permanent establishment” - fixed place in India, arising from the ‘Agreement for avoidance of double taxation of income and the prevention of fiscal evasion’ with the Republic of Korea (“DTAA”) - to what extent activities of the business were carried on by the Assessee through the Mumbai Project Office? - High Court held that the question as to whether the Project Office opened at Mumbai cannot be said to be a “permanent establishment” within the meaning of Article 5 of the DTAA would be of no consequence AND there was no finding that 25% of the gross revenue of the Assessee outside India was attributable to the business carried out by the Project Office of the Assessee - HELD THAT:- A reading of the Board Resolution would sho....... + More

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• 2020 (7) TMI 544 - SUPREME COURT
  
  Receipt of non-competitive fee - non-compete fee payable under the Deed of Covenant - capital receipt or revenue receipt - substantial question of law that was raised by the High Court - difference in members of ITAT - majority decision of ITAT said that non-competitive fee was a capital receipt u/s 28(iv) income tax act and not a revenue receipt as envisaged in Section 28(ii) of I.T. Act - whether the said Deed of Covenant can be said to contain a restrictive covenant as a result of which payment is made to the appellant, or whether it is in fact part of a sham transaction which, in the guise of being a separate Deed of Covenant, is really in the nature of payment received by the appellant as compensation for terminating his management of CDBL, in which case it would be taxable under Section 28(ii)(a)? HELD THAT:- Clearly, without any re....... + More

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• 2020 (6) TMI 158 - SUPREME COURT
  
  Deduction u/s 80-O - Royalties etc. - income received by the appellants in foreign exchange, for the services provided by them to foreign enterprises - High Court has essentially held that the assessees were merely marine product procuring agents for the foreign enterprises, without any claim for expertise capable of being used abroad rather than in India and hence, the services rendered by them do not qualify as the ‘services rendered from India’, for the purpose of Section 80-O - HELD THAT:- In the setup of the present case, for a proper comprehension of the contents and text of the relevant provision of Section 80-O and Explanation (iii), which are carrying even the minute distinction of the expressions “from India” and “in India”, recourse to lexical semantics has been inevitable. However, in all fa....... + More

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