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
2017 (11) TMI 1228 - SUPREME COURT
Pr. Commissioner of Income Tax Versus Amrik Singh Basra
Capital gain computation - rights emanating from the JDA, legal effect of non registration of JDA, its alleged repudiation etc. - pro-rata transfer of land - Transfer exigible to tax by reference to Section 2(47)(v) read with Section 53-A of the Transfer of Property Act, 1882 - HC has held 2017 (5) TMI 847 - PUNJAB AND HARYANA HIGH COURT that no infirmity in the order of the learned CIT (Appeals) in directing the Assessing Officer to recompute th....... + More
2017 (11) TMI 1047 - SUPREME COURT OF INDIA
Principal Commissioner of Income-Tax Versus Rangsons Electronics Pvt. Ltd.
Deduction u/s 10A - Held that - In the nature of the order we propose to pass, it is not necessary to issue notice to the respondent, since this court has rendered its judgment in the relied upon matter CIT v. Yokogawa India Limited 2016 (12) TMI 881 - SUPREME COURT - Therefore, this appeal is disposed of in terms of the said judgment. Since, notice is not issued to the respondent before this court, we make it clear that the Assessing Officer wil....... + More
2017 (11) TMI 969 - SUPREME COURT
Income Tax Officer-TDS 2, Rajkot Versus Muktanandgiri Maheshgiri
TDS on enhanced compensation - TDS on the amount of compensation and interest received pursuant to judgment and award of the Land Acquisition Reference - whether the compensation is paid for property other than agricultural land or otherwise and whether deduction of tax at source was permissible under any provision of law? - as decided by HC 2016 (12) TMI 1084 - GUJARAT HIGH COURT the land of the petitioner was acquired for public purpose and he ....... + More
2017 (11) TMI 923 - SUPREME COURT
UNION OF INDIA AND ORS. Versus HARI SINGH AND ORS.
TDS on enhanced compensation - whether the compensation is paid for property other than agricultural land or otherwise and whether deduction of tax at source was permissible under any provision of law. - the Land Acquisition Collector had deducted the tax at source and deposited the same with the Income Tax Department. - Held that - Since the Land Acquisition Collector had already deducted tax at source and deposited with the Income Tax Departmen....... + More
2017 (11) TMI 922 - SUPREME COURT
Pr. Commissioner of Income Tax Versus Ranjit Kaur C/o Basra Nursing Home
Validity of reopening of assessment - addition on account of long term capital gains taxable in the hands of the assessee - JDA - transfer within the meaning of sub sections (ii) and (vi) of Section 2(47) - Held that - The special leave petition is dismissed. HC order hereby confirmed 2017 (5) TMI 260 - PUNJAB AND HARYANA HIGH COURT - HC has held that the possession delivered, if at all, was as a licencee for the development of the property and n....... + More
2017 (11) TMI 808 - SUPREME COURT
Carlton Hotel Pvt. Ltd. Versus Commissioner of Income Tax I Lucknow
Capital gain computation - consideration paid for free-hold - Assessee transfers his land by way of capital contribution and becomes a partner in the firm, does it result in transfer in terms of Section 2 (47) of Act, 1961 or the term transfer has to be construed in the light of Act, 1882 - Whether Tribunal has erred in law in holding that full value of consideration shall be determined as per Section 45 (3) and not under Section 50C of Act, 1961....... + More
2017 (11) TMI 591 - SUPREME COURT
Sanjay Kundu Versus Commissioner of Income Tax
Revision u/s 264 in favor assessee - CIT rejected the application - non furnishing books of account and other relevant material - GP determination - Held that - SLP dismissed - HC order confirmed 2017 (11) TMI 518 - PUNJAB & HARYANA HIGH COURT . - HC has held more than sufficient opportunity was provided to the assessee to explain his case of furnishing books of account and other relevant material. The assessee failed to avail the opportunity....... + More
2017 (11) TMI 590 - SUPREME COURT
The Director of Income Tax (International Taxation) Versus M/s Set Satellite (Singapore) Pte. Ltd.
Payment of interest on refund u/s 244A - refund of excess tax deposited u/s 195(2) - responsibility of revenue u/s 244A for payment of interest on the refund of tax made to the resident/deductor u/s 240 - Whether the resident/deductor is also entitled to interest on refund of excess deduction or erroneous deduction of tax at source u/s195 of the Act Held that - It is clear that the appeal of the department deserves to be dismissed as the matter i....... + More
2017 (11) TMI 589 - SUPREME COURT
M/s. K. Lakshmanya And Company Versus Commissioner of Income Tax & Another
Entitlement to interest u/s 244 (A) - refund arose on account of interest that was partially waived by an order of the Settlement Commission - powers of settlement commission - Held that - Commission cannot either waive or reduce interest which is statutorily payable unless there is express power to do so in that behalf. However, while so saying, the Court went on to clarify that the circulars issued pursuant to the powers under Section 119 of th....... + More
2017 (11) TMI 523 - SUPREME COURT
Commissioner of Income Tax -2 Versus M/s. Aroni Commercial Ltd
Validity of reopening of assessment - mere change of opinion - Held that - pecial Leave Petition is dismissed both the ground of delay as well as on merits. HC order confirmed 2017 (1) TMI 816 - BOMBAY HIGH COURT - HC has stated that this is a case where the Assessing Officer did apply his mind as evidenced by the query raised to the very issue which is now sought to be raised as the basis for reopening the notice and the Assessing Officer was sa....... + More