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Section 153A/153C proceedings are invalid in completed or unabated assessments where no incriminating material is found during search.
Abhisar Buildwell P. Ltd Vs PRINCIPAL COMMISSONER OF INCOME TAX
(2023) TaxCorp(LJ) 31526 (SC)
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Credit of revalued assets to partner’s capital account shall be construed as transfer, covered within the ambit of otherwise under Section 45(4).
Mansukh Dyeing and Printing Mills Vs THE COMMISSIONER OF INCOME TAX 23
(2023) TaxCorp(LJ) 31518 (SC)
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In a situation where deductee is not required to pay any tax on its income, there is no reason to hold the deductor in default under Section 201(1) and 201(1A) of the Act, as deductee is not required to pay any tax on its income, which is, in fact, a loss.
IJM Corporation Berhad Vs COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31507 (SC) · Section 201(1A)
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The consideration paid to the Assessee was brought in by three incoming partners, thus, the amount received by the Assessee is exigible to tax as capital gains under Section 45.
R. F Nangrani HUF Vs THE PR. COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31500 (SC)
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The Assessee was maintaining the books of accounts outside the regular books, which was not at all considered by the HC in the impugned order.
Kantilal Exports Vs ASSISTANT COMMR.OF I.T
(2023) TaxCorp(LJ) 31499 (SC) · Section 69C
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Primary agricultural credit societies cannot be termed as Co-operative Banks under the Banking Regulation Act, thus, the they are be entitled to exemption under Section 80(P)(2).
Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Limited Vs THE PR. COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31498 (SC) · Section 80P
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Merely on the basis of recording of the inventory in the books of accounts, the transaction in question would not become stock in trade.
Glowshine Builders & Developers Pvt. Ltd Vs Commissioner of Income Tax
(2023) TaxCorp(LJ) 31480 (SC)
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In the absence of any incriminating material found during the search, the notices under Section 153C were rightly set aside by Delhi HC.
U.K. Paints (Overseas) Ltd Vs DY. COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31479 (SC) · Section 153
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In the light of New Noble Education Society's ruling, the HC judgment in unsustainable.
Baba Banda Singh Bahadur Education Trust Vs UNION OF INDIA & ORS.
(2023) TaxCorp(LJ) 31464 (SC)
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CIT/AO may take such action as appropriate in respect of the matters, not placed before it as per the provisions of Section 245F(4).
Jagdish Transport Corporation & Ors Vs UNION OF INDIA AND ORS.
(2023) TaxCorp(LJ) 31445 (SC)
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Only income reasonably attributable to operations carried out in India can be taken as income deemed to accrue/arise in India.
Travelport Inc Vs DIRECTOR OF INCOME TAX
(2023) TaxCorp(LJ) 31444 (SC)
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If the revised return is a valid return and the assessee has withdrawn the claim of depreciation it cannot be granted relying on the original return when the assessment is based on the revised return.
G.E.Lighting (I) P.Ltd Vs A.C.I.T
(2023) TaxCorp(LJ) 31437 (SC)
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An expenditure/loss incurred for any purpose which is an offence shall not be deemed to have been incurred for the purpose of business or profession or incidental to it, and hence, no deduction can be made.
Prakash Chand Lunia (D) Thr.Lrs. & Anr Vs The Commissioner of Income Tax
(2023) TaxCorp(LJ) 31413 (SC)
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An incriminating material is a prerequisite for the Revenue to assume jurisdiction to assess or reassess the total income for the entire six years block assessment period even in case of completed/unabated assessments.
Abhisar Buildwell P. Ltd. & Others Vs Principal Commissioner of Income Tax
(2023) TaxCorp(LJ) 31411 (SC) · Sections 153A, 153C
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The interest income is not to be treated as business income for computation of the deduction under Section 80-HHC(3)(b).
Magnum International Trading Company (P) Ltd Vs COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31378 (SC) · Section 80HHC
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We are not inclined to interfere with the impugned order under the extraordinary jurisdiction of Article 136 of the Constitution of India.
Siemens Nixdorf Information Systemse GMBH Vs COMMISSIONER OF INCOME TAX (IT 4)
(2023) TaxCorp(LJ) 31371 (SC)
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The case pertained to allegation of escaped income of more than Rs.50 Lacs which satisfied the provisions of the amended Section 149(1)(b).
Salil Gulati Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31327 (SC)
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Receipts from DEPB and duty drawback schemes are not eligible for deduction under Section 80-IB.
Saraf Exports Vs Commissioner of Income Tax
(2023) TaxCorp(LJ) 31318 (SC) · Section 80-IB
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On mere belated remitting the TDS after deducting the same by the concerned person, no penalty shall be leviable under Section 271C.
US Technologies International Pvt. Ltd. & Others Vs The Commissioner of Income Tax
(2023) TaxCorp(LJ) 31317 (SC) · Section 271C(1)(a)
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In the present case, AO erred in allowing deduction and caused loss of tax to the Revenue, thus, HC committed a very serious error in setting aside the revisionary order.
Paville Project Pvt. Ltd Vs The Commissioner of Income Tax 7
(2023) TaxCorp(LJ) 31292 (SC)
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