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SC dismisses SLP – Disallowance of reimbursement of expenses to agents U/s. 40(a)(ia)
COMMISSIONER OF INCOME TAX vs. GUJARAT NARMADA VALLEY FERTILIZERS CO LTD
(2014) TaxCorp(LJ) 2593 (SC)
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Development agreements are NOT joint ventures - The words `joint venture' or `collaboration' in the title of an agreement or even in the body of the agreement will not make the transaction a joint venture, if there are no provisions for shared control of interest or enterprise and shared liability for losses.
Faqir Chand Gulati vs Uppal Agencies Pvt. Ltd. & Anr
(2014) TaxCorp(LJ) 2592 (SC)
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SC sets aside Delhi HC judgment in SIN Oceanic and NetApp BV, wherein HC held that AAR applications inadmissible once tax return filed; SC calls for fresh ruling in accordance with law.
SIN OCEANIC SHIPPING ASA NORWAY vs AAR
(2014) TaxCorp(LJ) 2586 (SC)
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SC dismisses Revenue's appeal against Chattisgarh HC judgment reported in (2014) TaxCorp(LJ) 2597 (HC-CHHATTISGARH).Honable high court held that there was no “concealment” for imposition of Sec 271(1)(c) penalty, as there was neither detection nor possession of information by Revenue, besides assessee's surrender. Amount relating to share application money was added to income u/s 68 during assessment only based on assessee's surrender.
CIT vs AGRAWAL ROUND ROLLING MILLS LTD
(2014) TaxCorp(LJ) 2572 (SC) · Income Tax Section 271(1)(c), 68
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S. 276CC SC allows initiation of prosecution against Jayalalithaa for non filing of I.T. Return
Sasi Enterprises Versus Assistant Commissioner of Income Tax
(2014) TaxCorp(LJ) 2564 (SC)
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Prosecution for offence u/s 276CC for failure to file ROI can be initiated during the pendency of assessment proceedings. The statement in the individual returns of the partners that the firm has not filed a ROI as its’ accounts are not finalized does not absolve the firm of prosecution for non-filing of ROI
Sasi Enterprises vs ACIT
(2014) TaxCorp(LJ) 2562 (SC)
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Income Tax - Kerala Building Tax Act, 1975, ss. 3(1), 9(2) and 9(4) - Building used for providing free medical aid must be exempted from paying building tax.
SH MEDICAL CENTRE HOSPITAL vs STATE OF KERALA & ORS.
(2014) TaxCorp(LJ) 2557 (SC)
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Parking spaces cannot be sold by the builder
Nahalchand Laloochand Pvt. Ltd. Versus Panchali Co-operative Housing Society Ltd.
(2014) TaxCorp(LJ) 2545 (SC)
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Foreign Exchange – Penalty set aside - In the impugned orders of the Original Authority, as well as the Tribunal and the Division Bench, the sale effected by the Appellants on a rate higher than the rate prevailing in the market was not the basis for the alleged violation of paragraph 3 of the FLM read with Sections 6(4), 6(5) and 7 of FERA. We are convinced that the impugned orders by which the Appellants were found guilty of the violation of paragraph 3 of FLM read with Sections 6(4), 6(5) and 7 of FERA and the consequential imposition of penalty of Rs.50,000/- was wholly unjustified….. If the Appellants have parted with the penalty amount imposed under the impugned orders, the Respondent is directed to refund the same to the Appellants along with simple interest at the rate of 6% per annum.
Tulip Star Hotels Ltd vs Special Director of Enforcement
(2014) TaxCorp(LJ) 2541 (SC)
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Banking & Finance - Income Tax & Direct Taxes - Practice & Procedure - Income-tax Act, 1961, s. 29 - Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Income Tax (Certificate Proceedings) Rules, 1962, rr. 11, 11(2) - Loan - Recovery - Right of purchaser - Auction of property - Legality - Held, HC ought not to have interfered with in matter agitated by respondent in exercise of its writ jurisdiction - Single Judge rightfully dismissed petition filed by respondent - Respondent lost interest in property and remained silent spectator to various orders which came to be passed from time to time - Respondent had, no equitable right in his favor to assail auction-purchase made by appellant.
Sadashiv Prasad Singh vs Harendar Singh & Ors
(2014) TaxCorp(LJ) 2536 (SC)
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AO empowered to launch fishing and roving enquiry with a view to detect tax evasion
Kathiroor Service Cooperative Bank vs CIT(CIB) & Ors
(2014) TaxCorp(LJ) 2529 (SC) · Income Tax Section 133(6)
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Receipt basis or receipt basis - SC dismissed SLP filed by revenue against High court judgment reported in (2012) 6 TaxCorp (DT) 50352 (DELHI), however question of law is kept open.
CIT vs INDIAN SUGAR & GEN.INDUS.EXP.IMP.COR.LTD
(2014) TaxCorp(LJ) 2507 (SC)
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Central Excise – MODVAT – Interest - The issue involved in all these appeals is with regard to the liability to pay interest under the provisions of Section 112 of the Finance Act, 2000, which pertains to liability of the assessee to pay interest under the Central Excise Rules, 1944. There was no issue with regard to any adjudication because the respondents had availed MODVAT credit on the HSD oil used as an input though it was not permissible. Once it is certain that the MODVAT credit had been wrongly availed by the respondents, in our opinion, the Revenue cannot be blamed, if the amount wrongly availed by way of MODVAT credit by the respondents is recovered with interest thereon. It is also pertinent to note that the Revenue had given 30 days’ time to return the said amount to the respondents who had wrongly availed MODVAT credit on the HSD oil used as an input. If anyone who had repaid the amount wrongly availed within 30 days from the date on which Section 112 of the 2000 Act got the President’s assent, that assessee had not to pay any interest on the amount of duty availed by him wrongly.
Union of India & Ors vs Maharaja Shree Umaid Mills
(2013) TaxCorp(LJ) 2470 (SC)
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S. 260A(4) - High Court has power to hear the appeal on questions not formulated at the stage of admission of the appeal
CIT vs MASTEK LTD.
(2013) TaxCorp(LJ) 2436 (SC) · Income Tax Section 260A(4)
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Superannuation benefit - Removal of Retiral Benefit - No doubt that such of the employees who are otherwise eligible for superannuation benefit are removed from service in terms of clause 6(b) of the Bipartite Settlement shall be entitled to superannuation benefits. This is the only construction which would harmonise the two provisions. It is well settled rule of construction that in case of apparent conflict between the two provisions, they should be so interpreted that the effect is given to both. Hence, we are of the opinion that such of the employees who are otherwise entitled to superannuation benefits under the Regulation if visited with the penalty of removal from service with superannuation benefits shall be entitled for those benefits and such of the employees though visited with the same penalty but are not eligible for superannuation benefits under the Regulation shall not be entitled to that. Accordingly, we hold that the employee’s heirs are entitled to superannuation benefits. The entire amount that the respondent is found entitled to along with interest at the rate of 6% per annum should be disbursed within 6 weeks from the date of receipt/communication of this Order.
BANK OF BARODA vs S.K. KOOL(D)THROUGH LRS AND ANR
(2013) TaxCorp(LJ) 2425 (SC)
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In case of Joint account only drawer of cheque liable for prosecution U/s. of N.I. Act : SC
Mrs. Aparna A. Shah Versus M/s Sheth Developers Pvt. Ltd. & Anr.
(2013) TaxCorp(LJ) 2407 (SC)
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Refund of seized money - Interest - Assessee is entitled to interest on cash appropriated during search even if refund is directed in appeal proceedings
CHIRONJILAL SHARMA HUF vs UNION OF INDIA AND OTHERS
(2013) TaxCorp(LJ) 2371 (SC) · Income Tax Section 132B(4)(b), 240, 244A
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Assessee eligible for interest on cash appropriated during search
CHIRONJILAL SHARMA HUF Versus UNION OF INDIA AND OTHERS
(2013) TaxCorp(LJ) 2366 (SC)
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S. 244A Department not obliged to pay interest on interest as same is not provided in the law
Commissioner of Income Tax, Gujarat Versus Gujarat Fluoro Chemicals
(2013) TaxCorp(LJ) 2362 (SC)
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All government decisions can’t be seen with suspicion: SC
Pathan Mohammed, Suleman Rehmatkhan Versus State of Gujarat & Ors.
(2013) TaxCorp(LJ) 2347 (SC)
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