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S. 80-IA contains substantive and procedural provisions for computation of special deduction. Any device adopted to reduce or inflate the profits of eligible business has to be rejected. The claim for 100% deduction, without taking into consideration depreciation, is anathema to the scheme u/s 80-IA of the Act which is linked to profits. If the contention of the assessees is accepted, it would allow them to inflate the profits linked incentives provided u/s 80-IA of the Act which cannot be permitted
Plastiblends India Limited vs. ACIT
(2017) TaxCorp(LJ) 13698 (SC) · Section. 80-IA
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SC - Assessee should mandatorily consider depreciation deduction while computing incentive deduction u/s. 80-IA. Mahendra Mills ruling cannot be applied while interpreting Section 80-IA of the Act.
Plasticbends India Ltd. Vs. Addl. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13681 (SC)
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S. 153A search assessment: Supreme Court stays operation of the judgement of the Delhi High Court in Dayawanti Gupta vs. CIT 390 ITR 496 (Del). The High Court dealt with the issue whether an assessment u/s 153A can be made even if no incriminating material has been found during s. 132 search proceedings
Dayawanti vs. CIT
(2017) TaxCorp(LJ) 13678 (SC) · Section. 153A
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S. 2(47)/ 45: Entire law on whether a joint development agreement entered into by an owner of land with a developer constitutes a "transfer" u/s 2(47) and whether the same gives rise to capital gains chargeable to tax u/s 45 and 48 of the Income-tax Act explained in the context of the provisions of the Transfer of Property Act, Registration Act and real income theory
CIT. vs. Balbir Singh Maini
(2014) TaxCorp(LJ) 13671 (SC) · Sections. 2(47), 45
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SC - JDA - There can be no capital gains addition in the hands of members of co-operative societies without registration of Joint Development Agreement between the co-operative societies and developers.
CIT. vs. Balbir Singh Maini
(2017) TaxCorp(LJ) 13667 (SC)
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SC - SLP Dismissed - Trust can be registered u/s 12A/12AA even though there is no formal deed.
Tsurphu Labrang vs. CIT
(2017) TaxCorp(LJ) 13633 (SC) · Sections.12A, 12AA
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S. 45(5): Enhanced compensation and interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter are liable to be assessed for income tax in the year in which it has been received
CIT. vs. Chet Ram (HUF)
(2017) TaxCorp(LJ) 13629 (SC) · Section. 45(5)
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S. 132: The plea that the search proceedings initiated u/s 132 are invalid and that the block assessment proceedings are without jurisdiction cannot be entertained because s. 132A provides that the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal as recorded by Income Tax Authority u/s 132 or 132A
M/s N. K. Jewellers vs. CIT
(2017) TaxCorp(LJ) 13628 (SC) · Section. 132
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SC - The person who has received enhanced compensation and interest thereon even by an interim order passed by the Court would be assessed to tax for that enhanced compensation.
Commissioner of Income Tax Versus Chet Ram (HUF)
(2017) TaxCorp(LJ) 13627 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=70011&Category=Judgment&CategoryType=Zip
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SC - Receipt of enhanced compensation and interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter, would be assessed to tax for that enhanced compensation.
Commissioner of Income Tax Versus Chet Ram (HUF)
(2017) TaxCorp(LJ) 13618 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=70011&Category=Judgment&CategoryType=Zip
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SC - As per Finance Act, 2017 amendment to Sec. 132A, the Income Tax Authority shall not disclose the 'reason to believe' or 'reason to suspect', as recorded u/s. 132/132A, to any person or any authority. Block assessment upheld.
N. K. Jewellers vs. CIT
(2017) TaxCorp(LJ) 13612 (SC)
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SC - Enhanced compensation alongwith interest received by assessee-HUF pursuant to HC’s interim order in pending appeals, is taxable in the year of receipt.
Chet Ram (HUF) vs. CIT
(2017) TaxCorp(LJ) 13609 (SC)
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S. 115-O Dividend Distribution Tax: Entire law on the constitutional validity of Dividend Distribution Tax (DDT) under Article 246 of the Constitution read with Entry 82 of List I and Entry 46 of List II in the Seventh Schedule and whether tea companies are liable for the tax on only 40% of the dividend income explained
UOI. vs. Tata Tea Co. Ltd.
(2017) TaxCorp(LJ) 13607 (SC) · Section. 115-O
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SC - Constitutional validity of dividend distribution levy (DDT- Sec. 115 O) on Tea Companies affirmed.
Tata Tea Co. Ltd. & Anr. vs. Union Of India & Ors
(2017) TaxCorp(LJ) 13597 (SC)
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S. 37(1): in order to decide whether disputed lease rent is deductible in the year of fixation or in the year the dispute attains finality, the nature of fixation of rent, its payment, recovery etc. and whether it is statutory or contractual, have bearing. The Tribunal is required to bring the facts on record
CIT vs. Travancore Cochin Udyoga Mandal
(2017) TaxCorp(LJ) 13513 (SC) · Section 37(1)
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S. 260A/27A: Meaning of "substantial question of law" explained. The High Court cannot proceed to hear a second appeal without formulating the substantial question of law involved in the appeal and if it does so it acts illegally and in abnegation or abdication of the duty case on Court
Maharaja Amrinder Singh vs. CWT
(2017) TaxCorp(LJ) 13512 (SC) · Sections 260A, 27A
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HUF Law: It is a settled principle of Hindu law that there lies a legal presumption that every Hindu family is joint in food, worship and estate and in the absence of any proof of division, such legal presumption continues to operate in the family. The burden lies upon the member who after admitting the existence of jointness in the family properties asserts his claim that some properties out of entire lot of ancestral properties are his self-acquired property
Adiveppa vs. Bhimappa
(2017) TaxCorp(LJ) 13511 (SC)
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S. 119: The CBDT has no jurisdiction to issue a Circular to amend the legislative provisions set out in the Act. Such action is ultra vires and liable to be quashed
CIT vs. S. V. Gopala Rao
(2017) TaxCorp(LJ) 13506 (SC) · Section 119
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S. 153A/ 153C: The seized incriminating material have to pertain to the AY in question and have co-relation, document-wise, with the AY. This requirement u/s 153C is essential and becomes a jurisdictional fact. It is an essential condition precedent that any money, bullion or jewellery or other valuable articles or thing or books of accounts or documents seized or requisitioned should belong to a person other than the person referred to in S. 153A. Kamleshbhai Dharamshibhai Patel 31 TM.com 50 (Guj) approved. SSP Aviation 20 TM.com 214 (Del) distinguished
CIT vs. Sinhgad Technical Education Society
(2017) TaxCorp(LJ) 13473 (SC) · Sections 153A, 153C
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CCTV cameras are culture of the day and promotes good governance. All Tribunals including the ITAT should have CCTVs with audio recording. The footage of the CCTV Camera will not be available under the RTI and will not be supplied to anyone without permission of the concerned High Court
Pradyuman Bisht vs. UOI
(2017) TaxCorp(LJ) 13437 (SC)
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