- 2021 (5) TMI 624 - SC ORDER
Reopening of assessment - Jurisdiction of AO u/s 127 - whether ITAT possessed jurisdiction to return a finding on whether the AO‟s order was a nullity, and can give the verdict that such adjudication cannot go into the merits of such of the proceedings? High Court [2015 (2) TMI 410 - DELHI HIGH COURT] has decided the issue in favor Revenue. Assessee has withdrawn its appeal from Supreme Court.
- 2021 (3) TMI 1092 - SC ORDER
Carry forward of unabsorbed depreciation - HELD THAT:- In view of the judgments on the interpretation of Section 32(2) of the Income Tax Act delivered by Delhi High Court, Gujarat High Court, Madras High Court and Bombay High Court, upheld by this Court by special leave petitions being dismissed, we do not agree with the learned Additional Solicitor General that the question of law has to be determined in these special leave petitions.
- 2021 (3) TMI 703 - SC ORDER
Unexplained credit u/s 68 - inquiry of source of funds and other relevant factors in relation to the investment in question was carried out - HELD THAT:- SLP dismissed.
- 2021 (3) TMI 702 - SC ORDER
Reopening of assessment - Reasons for reopening of the assessment u/s 147 - EDC paid to HUDA was subject to TDS under Section 194 - AO cannot now review its decision, having failed to perform its statutory duty and therefore the impugned action of reopening is nothing but a change of opinion - HELD THAT:- SLP dismissed.
- 2021 (3) TMI 642 - SC ORDER
Addition u/s.36(i)(ii) - Commission paid to directors - whether in the nature of Dividend - rule of consistency - payment to Directors/shareholders was hit by the provisions of section 36(1)(ii) as the said commission would have been payable to the Directors as dividend and accordingly, disallowed the same - Bogus purchases - Disallowance of insurance expense - Allowable revenue expenditure - HELD THAT:- There is a delay of 452 days in filing this Special Leave Petition and we do not find any justifiable reason to condone this huge delay. The Special Leave Petition is, accordingly, dismissed on the ground of delay.
- 2021 (3) TMI 197 - SC ORDER
TP Adjustment - comparable selection - delay of 359 days in filing the Special Leave Petition - HELD THAT:- The explanation offered in support of the prayer for condonation is far from being satisfactory, we refuse to condone delay. Consequently, the SLP stands dismissed on the ground of delay.
- 2021 (3) TMI 196 - SC ORDER
Undisclosed payment - Addition based on seized material - assessee never provided the details of the transaction either during the course of assessment proceedings or thereafter and the assessee was in the exclusive knowledge - close business relationship between the assessee and PA - Tribunal held that the said amount may be demanded by the assessee but there was no evidence of the same having been paid as confirmed by HC - HELD THAT:- SLP dismissed.
- 2021 (3) TMI 195 - SC ORDER
Penalty levied u/s. 271(1)(c) - defective notice - notices issued had not struck off the portion which were inapplicable - HELD THAT:- SLP dismissed.
- 2021 (3) TMI 194 - SC ORDER
Re-opening of the assessment u/s 147 - level of enquiry at stage of re-opening of assessment and in reopening proceedings - alleged that bribe was paid to the Iraqi officials which required to be added to the income of the Assessee - HELD THAT:- SLP dismissed.
- 2021 (2) TMI 929 - SC ORDER
Exemption u/s 11 - Rejection of application of registration u/s 12AA - Object of Trust charitable or not u/s 2(15) - Receipt of capitation fee for admission of students found during search - HELD THAT:- As appellant seeks leave to withdraw this appeal in view of the fact that the appellant has resolved its dispute under Vivad Se Vishwas Scheme, 2020. The civil appeal is, accordingly, dismissed as withdrawn.
- 2021 (2) TMI 861 - SC ORDER
Exemption under Section 10(22) - whether the Assessee who is entitled to exemption under Section 10(22) can claim the benefit thereof for the purpose of income deemed to be chargeable to tax under Section 68? - HC held se of the word 'income' in sub-section (22) of Section 10 of the Act is wide enough to include deemed income under Section 68 of the Act - HELD THAT:- Civil appeal is dismissed on the ground of low tax effect. Question of law is kept open.
- 2021 (2) TMI 623 - SC ORDER
Validity of reopening of assessment - Reasons for reopening of the assessment u/s 147 - addition u/s 40(a)(ia) - EDC paid to HUDA was subject to TDS under Section 194 - HELD THAT:- SLP dismissed.
- 2021 (2) TMI 622 - SC ORDER
Notice u/s 143(2) - period of limitation - defective return filed u/s 139(1) - petitioner having filed the correct return in response to the notice under section 139(9) - notice under sub-section (2) of section 143 issued much beyond the period of limitation - HELD THAT:- SLP dismissed.
- 2021 (2) TMI 429 - SC ORDER
Settlement Application u/s 245C(1) - assessee disclosed additional income during the course of settlement - fresh and substantial disclosure or not - HELD THAT:- Issue notice, returnable on 12.03.2021 Dasti in addition. In the meanwhile, the effect and operation of the order presently under challenge shall remain stayed.
- 2021 (2) TMI 428 - SC ORDER
Addition u/s 41 or 28 - Disallowance of principal amount of loan waived off by the lender - one time settlement of loan with Mafatlal Finance Company Ltd., holding that the loan was acquired for acquisition/investment of capital assets as such its waiver cannot be termed as revenue receipt - HELD THAT:- Special leave petition is dismissed on the ground of delay.
- 2021 (2) TMI 190 - SC ORDER
Addition u/s 68 - proof of source of the donor - whether amount has received by way of Gift from his brother (relative) through banking channel? - HELD THAT:- There is delay of 1233 days in preferring the Special Leave Petition. The explanation offered in the application seeking condonation thereof is far from being satisfactory. We, therefore, refuse to condone the delay. Consequently, this Special Leave Petition is dismissed on the ground of delay.
- 2021 (2) TMI 77 - SC ORDER
Withholding of refund - Instruction No. 1 of 2015 dated 13th January 2015 issued by the Central Board of Direct Taxes challenged - refunds were declined for the reason that the case was pending scrutiny and that in the light of Section 143(ID) and the Instructions of the CBDT, refund could not be processed for the said AYs - HC held Instruction No.1 of 2015 dated 13th January 2015 issued by the CBDT is unsustainable in law and it is hereby quashed - HELD THAT:- Special leave petitions pertain to pre-assessment stage. We are informed that the assessment is now over. Hence the special leave petitions have become infructuous and are disposed of as such. Question of law is, however, left open.
- 2021 (2) TMI 76 - SC ORDER
Penalty u/s 271D and 271E - Deposit of the cash by the Director into the bank account of the assessee - running account maintained between the promoter/director and the Appellant company in the context of the transactions covered in section 269SS - no genuinity or bonafideness in the transaction done by the assessee and it will not amount to reasonable cause for the purpose of exercise or discretion by the Assessing Officer under Section 273B - HELD THAT:- SLP dismissed.
- 2021 (1) TMI 962 - SC ORDER
Deduction u/s 80IB - Reopening of assessment - material evidence being available, the same had been ignored by the Assessing Officer and the same was taken note of by the CIT(Appeals) to allow the deduction claimed under section 80-IB by the assessee - HELD THAT:- We are of the view that the impugned Judgment does not warrant any interference. However, we make it clear that the observations as to the scope of Section 310(2) of the Income Tax Act, made in the impugned Judgment are qua the State of Karnataka, given the particular local act in that case.
- 2020 (12) TMI 996 - SC ORDER
Condonation of delay - Validity of order of Settlement Commission - full and true disclosure or not - additional income offered during section 245D(4) - HELD THAT:- As there is delay of 214 days in filing the Special Leave Petitions and the explanation offered in support of the prayer for condonation is far from being satisfactory, we refuse to condone delay. Consequently, the SLPs stand dismissed on the ground of delay.