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Income Tax - Supreme Court - Case Laws

Showing 61 to 80 of 3336 Records

  • 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


  • 2017 (8) TMI 963 - SUPREME COURT

    Commissioner of Income Tax Mangaluru & Another Versus The Nagarbail Salt Owners Cooperative Society Limited

    Taxability in hands of society - fund transferred to Distribution Pool Fund Account - respondent 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 - No merit in this special leave petition. It is, accordingly, dismissed. - HC order confirmed 2016 (12) TMI 237 ....... + More


  • 2017 (8) TMI 859 - SUPREME COURT

    Commissioner of Income Tax, Cochin Versus M/s Travancore Cochin Udyoga Mandal

    Claim for deduction of lease rent - allowable in assessment year wherein the dispute relating to lease rent has attained finality OR wherein the lease rent was fixed by the Government - Held that - We are of the view that having regard to the nature of issue involved which is a mixed question of law and fact, it would be just and proper to remand the case to the Tribunal for deciding the issue afresh on merits. - The need to remand the case to th....... + More


  • 2017 (8) TMI 668 - SUPREME COURT

    Rekha Krishnaraj Versus Income Tax Officer

    Unexplained cash credit - HC has decided 2013 (7) TMI 523 - KARNATAKA HIGH COURT that the essence is that the credit should be shown in the account and that would satisfy the requirement of Section 68 of the Act. Once the credit so mentioned in the Section is found to be not supported by any acceptable evidence, then the sum so credited may be charged to income-tax as the income of the assessee of that previous year and Decided in favour of the R....... + More


  • 2017 (8) TMI 667 - SUPREME COURT OF INDIA

    Maneklal Agarwal Versus Deputy Commissioner of Income-tax

    Bogus lease - Determine the annual letting value of the property to the sub-lessee on the basis of the municipal valuation - double taxation - HC allowed the Revenue s appeal and held that the nature of leases executed by the assessee being bogus and structures being raised by the assessee himself and it would be proper to include the net rental value to the income of the assessee - Held that - Going by the nature of transaction, a clear finding ....... + More


  • 2017 (8) TMI 537 - SUPREME COURT OF INDIA

    K. Raveendranathan Nair Versus Commissioner of Income Tax And Anr.

    Court fees for appeal against the orders passed by the Income Tax Appellate Tribunal - scope of amendment - Held that - (i) Wherever assessee is in appeal in the High Court which is filed under Section 260A of the IT Act, if the date of assessment is prior to March 06, 2003, Section 52A of the 1959 Act shall not apply and the court fee payable shall be the one which was payable on the date of such assessment order. - (ii) In those cases where the....... + More


  • 2017 (8) TMI 536 - SUPREME COURT

    The Citizen Co-Operative Society Limited, Through Its Managing Director, Hyderabad Versus Assistant Commissioner of Income Tax

    Benefit of Section 80P - income of co-operative societies under Section 80P - providing credit facilities / financial business - its operation was not confined to its members but outsiders as well - whether the appellant is barred from claiming deduction in view of Section 80P(4) - Held that - The activities of the appellant are in violations of the provisions of the MACSA under which it is formed. The assessee had carved out another category of ....... + More


  • 2017 (8) TMI 197 - SUPREME COURT OF INDIA

    Commissioner of Income Tax 1, Mumbai Versus M/s. Hindustan Petroleum Corporation Ltd.

    Eligibility to benefit of Sections 80HH, 80-I and 80-IA - whether bottling of LPG is an activity which amounts to production or manufacturing for the purposes of the aforesaid provisions of the Act - Held that - No distinction was drawn between manufacture and production and the matter was not looked into from the angle as to whether the aforesaid process would amount to production or not. - Other reason which prevailed with the AO and which was ....... + More


  • 2017 (8) TMI 112 - SUPREME COURT OF INDIA

    Director of Income-Tax (Exemption) Versus Keshav Social And Charitable Foundation

    Donations received by trust - Assessing Officer treating the donations received as income under section 68 - Held that - Full disclosure of income by the assessee and also application of the donations for charitable purposes. It is not in dispute that the objects and activities of the assessee were charitable in nature - Section 68 has no application. See Director of Income-Tax (Exemption) Versus Keshav Social And Charitable Foundation 2005 (9) T....... + More


  • 2017 (8) TMI 43 - SUPREME COURT

    Northern Coal Fields Ltd. Versus Assistant Commissioner of Income Tax & Others

    Adjustment of amount refundable for the Assessment Year 2012-13 against the tax demands - Held that - HC order confirmed 2017 (3) TMI 1336 - MADHYA PRADESH HIGH COURT wherein held Section 245 of the Act infact permits the Revenue to set off any demand from the amount to be refunded but the only condition is of intimation in writing to such person against whom action is proposed to be taken. We find that demand having been raised against the petit....... + More


  • 2017 (7) TMI 1094 - SUPREME COURT

    Commissioner of Income Tax-III Versus M/s Arch Fine Chemical Pvt. Ltd.

    Unabsorbed depreciation - to be dealt with in accordance with the provisions of section 32(2) as Amended by Finance (No.01) Act, 2001 OR by the provisions of section 32(2) as it stood before the said Amendment? - scope of amendment - HC has held 2016 (12) TMI 1638 - BOMBAY HIGH COURT the unabsorbed depreciation for the Assessment Year 1997-98 upto Assessment Year 2001-02 could be allowed to be set off, if it was still unabsorbed on 1st April, 200....... + More


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