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TDS is adjustable against the tax, if any, ultimately assessed as payable by the Assessee and any excess tax deducted is refundable with interest.
National Petroleum Construction Company Vs DEPUTY COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29784 (SC)
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The sufficiency or inadequacy of the reasons to believe recorded cannot be gone into while considering the validity of an act of authorization to conduct search and seizure.
Laljibhai Kanjibhai Mandalia Vs PRINCIPAL DIRECTOR OF INCOME TAX
(2022) TaxCorp(LJ) 29678 (SC)
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Exemption provisions have to be strictly and literally be complied with.
Wipro Limited Vs Principal Commissioner of Income Tax-III
(2022) TaxCorp(LJ) 29662 (SC) · Section 10B
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The demand shall remain in abeyance till the disposal of the appeal scheduled for hearing on March 31, 2021.
India Power Corporation Limited & Anr Vs THE PRINCIPAL COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29592 (SC)
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Unless the assessee falls within Sec. 2(15), excluding first proviso, the assessee would not be entitled to the benefit of exemption from tax and if in case assessee falls within first proviso the benefit of registration which flow from Section 12A will not be available.
Gujarat Maritime Board Vs THE COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29481 (SC) · Section 2(15)
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ITAT may, u/s 254(1), pass such orders as it thinks fit, nonetheless, the decision must be in respect of the subject matter of the dispute.
Divine Infracon Pvt Ltd Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 29478 (SC)
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Recourse to Sec 144 is not applicable in the present case since books of accounts though maintained by the assessee but not produced, thus, all expenses claimed by the assessee should be added back as income.
Hyundai Heavy Industries Co. Ltd Vs DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION)
(2022) TaxCorp(LJ) 29467 (SC)
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Any order of stay shall stand vacated after the expiry of the period only if the delay in disposing of the appeal is attributable to the assessee.
Pepsi Foods Ltd. (Now Pepsico India Holdings Pvt. Ltd.) Vs DEPUTY COMMISSIONER OF INCOME TAX & ANR.
(2022) TaxCorp(LJ) 29466 (SC)
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RBI Circulars, or even a CBDT Circular issued in general, could not be relied on for deciding whether an asset is a trading asset or an investment asset.
Kotak Mahindra Bank Limited Vs THE COMMISSIONER OF INCOME TAX & ANR.
(2022) TaxCorp(LJ) 29464 (SC)
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Jurisdictional error is distinguishable from an error of law/fact within the jurisdiction and the latter is rectifiable within the statutory framework.
GIAN Castings Private Limited Vs CENTRAL BOARD OF DIRECT TAXES & ORS.
(2022) TaxCorp(LJ) 29432 (SC)
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It is only the business income which has to be taken into account for the purpose of setting-off the deductions u/s 80-IA and 80-IB.
Reliance Energy Ltd. Vs Commissioner of Income Tax-I
(2022) TaxCorp(LJ) 29256 (SC) · Section 80IA
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It would not be expedient in the interests of justice to pursue proceedings under the contempt jurisdiction.
Advocate Association Bengaluru Vs Anoop Kumar Mendiratta and Anr
(2022) TaxCorp(LJ) 29215 (SC)
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SC - Assessee entitled to IDS benefit since all defaulters under IDS were permitted to deposit the amount with 12% interest as per the CBDT Notification No. 103/2019 dt. Dec 13, 2019 which was duly deposited by the Assessee.
Sadhana R. Jain Vs THE CENTRAL BOARD OF DIRECT TAXES & ANR.
(2022) TaxCorp(LJ) 29116 (SC)
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Even if in a case where the registration application under Section 12AA is not decided within six months, there shall not be any deemed registration.
Harshit Foundation Sehmalpur Jalalpur Jaunpur Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28942 (SC) · Section 12AA
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Revenue is directed that any amounts collected pursuant to HC ruling shall be refunded in accordance with law within two months.
M Pranuthi Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28934 (SC)
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Before the ITAT, both the Assessee and the Revenue preferred appeals and the entire penalty of Rs.29.02 lakh was an issue, thus, the subsequent reduction in penalty cannot oust the jurisdiction.
Late Shri Gyan Chand Jain through LR Vs Commissioner of Income Tax-I
(2022) TaxCorp(LJ) 28905 (SC)
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SC - Fresh claim for treating exchange loss on forex loan as revenue expenditure allowed since loan taken for business expansion.
Wipro Finance Ltd Vs COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28847 (SC) · Section 37(1)
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HC's order as a non-speaking and non-reasoned order which cannot be sustained since even the Revenue's submissions was not recorded.
Bajaj Herbals Pvt. Ltd Vs The Principal Commissioner of Income Tax-1
(2022) TaxCorp(LJ) 28786 (SC)
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In facts of this case, the conduct of MRPL right from the date of search and before all forums reflects that it consistently held itself out as the assessee.
Mahagun Realtors (P) Ltd Vs PRINCIPAL COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28770 (SC)
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HC's observations are only confined to the issue as to whether the petitioner was entitled to the benefit of the provisions of the Act and shall not affect the merits of the prosecution.
Reliance Industries Limited Vs CHIEF COMMISSIONER OF INCOME TAX
(2022) TaxCorp(LJ) 28762 (SC)
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