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SC - Supreme Court Affirms Standalone Applicability of Section 158BFA Interest in Block Assessment Chapter.
K.L. Swamy & Others Vs The Commissioner of Income Tax & Anr.
(2023) TaxCorp(LJ) 30792 (SC) · Section 158BFA
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SC - Supreme Court Grants Disposal of SLP Challenging Reassessment Proceedings, Highlights Need for In-depth Analysis.
Red Chilli International Sales Vs INCOME TAX OFFICER & ANR.
(2023) TaxCorp(LJ) 30784 (SC)
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The assessee has no role to play and is not the author of the assessment order and hence the manner and contents of the assessment order as framed is not determinative whether or not it is a case of change of opinion.
Cognizant Technology Solutions India Pvt. Ltd Vs JOINT COMMISSIONER OF INCOME TAX & ANR.
(2023) TaxCorp(LJ) 30767 (SC)
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The hirer has an option to return the vehicle or the goods taken on hire. It is not a simple transaction of giving a loan or advance on which interest is payable. The transaction(s) in commercial and legal sense are far more complex with corresponding rights of the parties.
Muthoot Leasing And Finance Limited And Another Vs COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 30716 (SC)
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The Education cess paid by the respondent-assessee would not be allowed as an expenditure under Section 37 read with 40 (a) (ii) of the Income Tax Act, 1961.
Chambal Fertilisers & Chemicals Limited Vs JOINT COMMISSIONER OF INCOME TAX-2
(2022) TaxCorp(LJ) 30623 (SC) · Section 40(a)(ii)
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In the absence of any specific withdrawal of the proceedings under Section 154, the proceedings can be said to pending, thus, it was not permissible on the part of the Revenue to initiate the reassessment proceedings.
S.M. Overseas (P) Ltd Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30605 (SC)
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Under Section 220(2), the levy of simple interest on non-payment of the tax is mandatory.
Pioneer Overseas Corporation USA (India Branch) Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30490 (SC)
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Credit of revalued assets to partner’s capital account shall be construed as ‘transfer’, covered within in the ambit of ‘otherwise’ under Section 45(4).
Mansukh Dyeing and Printing Mills Vs The Commissioner of Income Tax
(2022) TaxCorp(LJ) 30483 (SC) · Section 45(4)
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Fresh issue of notice was not warranted, since Section 129 permits continuation with the earlier proceedings in case of change of the AO from the stage at which the proceedings were before the earlier AO.
Mastech Technologies Pvt. Ltd. (Now Avaids Technovators Pvt. Ltd.) Vs DY. COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30475 (SC) · Section 129
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The two Vice Presidents meet the eligibility requirements for holding the office to which they have been appointed in Jan'20.
Aniruthan Vs UNION OF INDIA & ORS.
(2022) TaxCorp(LJ) 30446 (SC)
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The lack of control that the airlines have over the Actual Fare charged by the travel agents over and above the Net Fare, cannot form the legal basis for the Assessees to avoid their liability.
Singapore Airlines Ltd Vs C.I.T., Delhi
(2022) TaxCorp(LJ) 30428 (SC)
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The judgment, has to be understood in the context, which is that they apply for the assessment years in question, which were before this court and were decided.
Ahmedabad Urban Development Authority Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30347 (SC)
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No error has been committed by the ITAT or HC in deciding the chargeability of TDS where value of non-convertible debentures and fixed deposit was less than Rs.5,000.
Jai Prakash Associates Ltd Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30326 (SC)
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Despite advancing general public utility, the Trust cannot benefit from exemption offered to entities covered by Section 2(15) where records reveal that income received from advertisements, constituted business or commercial receipts.
Ahmedabad Urban Development Authority Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30283 (SC)
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Having carefully gone through the Review Petition, the order under challenge and the papers annexed therewith, we are satisfied that there is no error apparent on the face of the record, warranting reconsideration of the order impugned.
Wipro Limited Vs THE PRINCIPAL COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30282 (SC) · Section 10B
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The education institutions shall solely engage in education or educational activities, and not engage in any activity of profit, means that such institutions cannot have objects which are unrelated to education.
NEW NOBLE EDUCATIONAL SOCIETY Vs THE CHIEF COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 30280 (SC)
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Section 148A(d) order and reiterated that it was not necessary for the Revenue to have some fresh tangible material to form a belief that income had escaped assessment where the Assessee’s return was only processed under Section 143(1).
Ernst And Young U. S. LLP Vs ASSISTANT COMMISSIONER OF INCOME TAX & ANR
(2022) TaxCorp(LJ) 30277 (SC)
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We cannot apply a hybrid method of valuation and valuation of unquoted shares has to be valued as per Rule 11 on standalone basis.
BPL Limited Vs DEPUTY COMMISSIONER OF GIFT TAX
(2022) TaxCorp(LJ) 30269 (SC)
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Order passed by the Calcutta HC is without any notice or opportunity to the Union of India and others, therefore is in violation of the principles of natural justice.
G.M. Foods & Ors Vs UNION OF INDIA
(2022) TaxCorp(LJ) 30248 (SC)
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Deposit of employees' PF and ESI contribution specified under Section 36(1)(va) on or before the due date stipulated in the respective statutes to be an essential condition for claiming deduction.
Checkmate Services P. Ltd Vs COMMISSIONER OF INCOME TAX-1
(2022) TaxCorp(LJ) 30240 (SC)
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