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HC - Where no agreement between two Jurisdictional Commissioners as required u/s 127 for transfer of case was shown by revenue, impugned order of transfer could not be upheld.
Noorul Islam Educational Trust v. Commissioner of Income-tax-I
(2016) TaxCorp(LJ) 11689 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66626&Category=Judgment&CategoryType=Zip
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SC - No interest u/s 234B/C can be levied on employee for employer's TDS default.
Ian Peter Morris vs. ACIT
(2016) TaxCorp(LJ) 11679 (SC) · Section. 234B/C
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SC - Writ Dismissed - Taxpayer’s challenge to IDS-2 scheme (Pradhan Mantri Garib Kalyan Yojna, 2016) dismissed.
Siddharth Mehta Vs. Union Of India And Anr.
(2016) TaxCorp(LJ) 11678 (SC)
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SC - Though Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under Chapter VI.
C.I.T. & Another Versus M/s Yokogawa India Ltd.
(2016) TaxCorp(LJ) 11672 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=67973&Category=Judgment&CategoryType=Zip
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SC - Sec. 10A/10B, after amendment by Finance Act, 2000 w.e.f. April 1, 2001, is a 'deduction provision' and not an 'exemption provision' even though it appears in Chapter III. Therefore, stage of deduction is while computing gross total income of eligible undertaking under Chapter IV of the Income-tax Act and not at the stage of computation of total income under Chapter VI.
Yokogawa India Ltd. Vs. C.I.T. & Anr.
(2016) TaxCorp(LJ) 11671 (SC) · Sections. 10A/10B
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SC - SLP Dismissed - HC had held that Sec. 80IB(10) deduction to builder/developer is allowed in respect of real estate developments that were complete on a stand-alone basis even though forming part of a housing project consisting of other housing schemes that were not eligible for deduction.
Pr. CIT. Vs. OMAXE BUILDHOME PVT LTD.
(2016) TaxCorp(LJ) 11669 (SC)
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SC - Writ allowed against re-assessment notice. Without making any observations on merits, judgments dismissing writ against reassessment remitted to the respective HCs to decide the writ petitions on merits.
Jeans Knit Private Ltd. Vs. The Deputy Commissioner Of Income
(2016) TaxCorp(LJ) 11668 (SC)
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SC - Subvention for subsidiary’s losses from holding company is capital in nature.
Siemens Public Communication Networks Ltd
(2016) TaxCorp(LJ) 11636 (SC)
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S. 4: Law laid down in Sahney Steel 228 ITR 253 (SC) and Ponni Sugars 306 ITR 392 (SC) regarding the taxability of subsidies as a revenue receipt does not apply to voluntary subsidies (subvention) paid by a holding company to its loss making subsidiary. The said subsidy is to protect the capital investment of the holding company and is a capital receipt in the hands of the recipient
Siemens Public Communications Network Ltd vs. CIT
(2016) TaxCorp(LJ) 11628 (SC) · Section 4
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SC - Ruler is entitled u/s 10(19A) to claim exemption for the whole of his residential palace and such exemption would not confine only to that portion of the palace which is in his actual occupation as Legislature did not intend to tax portion of the “palace” by splitting it in parts.
Maharao Bhim Singh of Kota Thr. Maharao Brij Raj Singh, Kota Versus Commissioner of Income-tax, Rajasthan-II, Jaipur
(2016) TaxCorp(LJ) 11600 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66910&Category=Judgment&CategoryType=Zip
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SC - Exemption u/s 10(19A) available to erstwhile Ruler on rental income from letting out the portion of palace to the defence-ministry.
Maharao Bhim Singh of Kota Vs. Commissioner of Income-tax
(2016) TaxCorp(LJ) 11593 (SC) · Section. 10(19A)
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S. 10(19A): Though principles of res judicata do not apply, the Dept should not endlessly pursue matters which have attained finality in earlier years. Principles of interpretation of statutes explained. Interplay between s. 10(19A), s. 23 of the Income-tax Act & s. 5(iii) of the Wealth-tax Act explained
Maharao Bhim Singh of Kota vs. CIT
(2016) TaxCorp(LJ) 11589 (SC) · Section 10(19A)
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SC - SLP Dismissed - HC had allowed deduction u/s 37 towards royalty payments calculated on the basis of international price and not on the basis of discounted sale price.
Commissioner Of Income Tax Vs. Oil And Natural Gas Corporation Ltd.
(2016) TaxCorp(LJ) 11575 (SC) · Section. 37
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SC - Comparable sales, if otherwise genuine and proved, cannot be shunted out from the process of consideration of relevant materials for arriving at acquisition cost u/s 55(2).
Ashok Prapann Sharma vs. CIT
(2016) TaxCorp(LJ) 11571 (SC) · Section. 55(2)
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S. 55(2): In determining the cost of acquisition as on 01.04.1974 (or 01.04.1981), the value declared in the wealth-tax return as well as the comparable sales, even if later in point of time, have to be considered. The High Court should not interfere with findings of fact, unless palpably incorrect
Ashok Prapann Sharma vs. CIT
(2016) TaxCorp(LJ) 11564 (SC) · Section 55(2)
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SC - CIT(A) has powers to examine the validity of search operations carried out u/s 132.
Eee Dee Aluminium Ltd. Vs. DDIT
(2016) TaxCorp(LJ) 11520 (SC) · Section. 246A
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SC - SLP Dismissed - HC had held that assessee has adequately discharged its onus u/s 68 with respect to identity, capacity and credit worthiness of lead manager of FCCB and not genuineness of actual subscribers.
CIT. vs. Reliance Communication Ltd.
(2016) TaxCorp(LJ) 11518 (SC)
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SC - SLP Dismissed - HC had held that in case of violation u/s 11(5) and 13(1)(d), exemption granted to the assessee shall not be withdrawn for the entire income but only towards income arising from the investment made in violation of sec. 13.
CIT. vs. Karnataka Industrial Area, Development Board
(2016) TaxCorp(LJ) 11487 (SC) · Sections. 11, 13
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SC - Review petition dismissd - Share capital received by assessee on account of share capital from various shareholders towards allotment of flats is not business income.
M/S G. S. Homes And Hotels Pvt Ltd. Vs. The Deputy Commissioner Of Income Tax
(2016) TaxCorp(LJ) 11465 (SC)
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SC - Income addition upheld for creation of accounts by way of ‘name-lending’.
CIT. vs. Karnataka Planters Coffee Curing Work(P) Ltd.
(2016) TaxCorp(LJ) 11459 (SC)
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