-
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)
-
SC - SLP dismissed - HC had held that Sec 80IA deduction is available without setting-off earlier-years’ depreciation/losses.
Velayudhaswamy Spinning Mills Vs. Assistant Commr. Of I.T.
(2016) TaxCorp(LJ) 11457 (SC) · Section. 80IA
-
SC - The only condition prescribed u/s 127 was to give the assessee a reasonable opportunity of being heard and the CIT had “unfettered” power under the machinery provision of transfer. Sec. 127 did not require the CIT to provide reasons for transfer.
Noorul Islam Educational Trust vs. CIT
(2016) TaxCorp(LJ) 11402 (SC) · Section. 127
-
SC - The appellants as erstwhile partners are liable to pay capital gain on the amount received by them towards the value of their share in the net assets of the firm. Liable for capital gains u/s 45.
Vatsala Shenoy Versus Joint Commissioner of Income Tax (Assessment), Mysore
(2016) TaxCorp(LJ) 11350 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66582&Category=Judgment&CategoryType=Zip
-
S. 50B: Important law explained on what constitutes a "slump sale" and whether capital gains on liquidation of a firm are chargeable to tax
Vatsala Shenoy vs. JCIT
(2016) TaxCorp(LJ) 11340 (SC) · Section 50B
-
SC - Interest on debentures, upfront fees and interest on deposits given to other corporations by a company, are not chargeable to tax under erstwhile Interest Tax Act, 1974.
CIT. vs. Gujarat Industrial Investment Corp.
(2016) TaxCorp(LJ) 11238 (SC)
-
SC - Sec. 54E exemption available to assessee-company for AY 1989-90 in respect of capital gains arising on transfer of a depreciable asset held for more than 36 months.
CIT. vs. V. S. Dempo Company Ltd.
(2016) TaxCorp(LJ) 11205 (SC) · Section. 54E
-
SC - Expenditure incurred on issue of shares is eligible to be amortized u/s 35D since the very same provisions benefit is allowed for the first two Assessment Years.
M/s. SHASUN CHEMICALS AND DRUGS LTD. Versus COMMISSIONER OF INCOME TAX-II, CHENNAI
(2016) TaxCorp(LJ) 11195 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66395&Category=Judgment&CategoryType=Zip
-
SC - Deduction u/s 36(1)(ii) is available to assessee-company for payment of bonus to employees through a Trust. Sec 40A(9) not applicable to payment of bonus as sub-clause (ii) of Sec 36(1) not covered therein.
Shasun Chemicals and Drugs Ltd. vs. CIT
(2016) TaxCorp(LJ) 11193 (SC) · Sections. 36(1)(ii), 40A(9)
-
SC - SLP Dismissed - HC had held that if the transfer was conditional and if the assessee fails to comply with conditions and therefore, the shares could not be transferred in his name, then, applicability of Section 28(iv) is ruled out.
COMMISSIONER OF INCOME TAX Versus SHRI ASHISH P. DEORA
(2016) TaxCorp(LJ) 11185 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66376&Category=Judgment&CategoryType=Zip
-
SC - SLP Dismissed - HC had held that “initial assessment year” u/s 80IA would mean the first AY opted by assessee to claim 80IA benefit and not the year of commencement of eligible business.
CIT. vs. P. S. Velusamy
(2016) TaxCorp(LJ) 11153 (SC) · Section. 80IA
-
SC - Section 44AD not applicable to assessee engaged in civil contracts businesss as the gross receipts exceed the eligible limit of Rs 40 lakhs prescribed under proviso to Sec 44AD(2)
Awasthi Traders vs. CIT
(2016) TaxCorp(LJ) 11152 (SC) · Section. 44AD
-
Refundable deposits received by a housing company for allotment of flats and future maintenance is business income. However, share capital received for allotment of flats is a capital receipt and not income. The principles of mutuality does not apply to such transactions
G. S. Homes & Hotels P. Ltd vs. CIT
(2016) TaxCorp(LJ) 11129 (SC)
-
SC- Even though Share capital was received towards allotment of flats/units, same not taxable as business income.
G. S. HOMES & HOTELS P. LTD. vs. DCIT
(2016) TaxCorp(LJ) 11124 (SC)
-
The fact that the Finance Minster announced a concession in Parliament does not entitle the assessee to relief if the same is not set out in the Finance Act
Amin Merchant vs. Chairman CBEC
(2016) TaxCorp(LJ) 11047 (SC)
-
Prosecution: Important law relating to the territorial jurisdiction and competence of the Deputy Director of Income-tax to lodge a complaint for evasion of tax explained
Babita Lila vs. UOI
(2016) TaxCorp(LJ) 11039 (SC)
-
SC - SLP Dismissed - There is no reasonable scientific method adopted by the Assessees to estimate the transit breakages so as to justify creating of provision for such breakages.
SEAGRAM DISTILLERIES (P) LTD. (NOW PERNOD RICARD INDIA PVT. LTD.) Versus COMMISSIONER OF INCOME TAX-III, NEW DELHI
(2016) TaxCorp(LJ) 10994 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66162&Category=Judgment&CategoryType=Zip
-
S. 68: When the facts show that the loan applications of 37 alleged trade creditors were processed and handled by the assessee and that the loan amounts were not reflected in the returns of the alleged creditors, the High Court erred in remanding the matter to the AO on the ground that the AO ought to given notice to the alleged trade creditors
CIT vs. Karnataka Planters Coffee Curing Work (P) Ltd
(2016) TaxCorp(LJ) 10947 (SC) · Section 68
-
S. 275: Penalty proceedings for contravention of Sections 269SS & 269T are not related to the assessment proceeding but are independent of it. Therefore, the completion of appellate proceedings arising out of the assessment proceedings has no relevance. Consequently, the limitation prescribed by s. 275(1)(a) does not apply. The limitation period prescribed in s. 275(1)(c) applies to such penalty proceedings
CIT vs. Hissaria Brothers
(2016) TaxCorp(LJ) 10946 (SC) · Section 275
-
S. 28: Income from letting of property on rent by an assessee engaged in the business of letting is assessable as "business profits" u/s 28 and not as "Income from house property" u/s 22
Rayala Corporation Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 10878 (SC) · Sections 22, 28
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.