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SC - SC Upholds Taxability of Clubs on FD Interest Income, Affirms 'Mutuality' Principle Limitations.
Secunderabad Club and others Vs C.I.T.-V ETC.
(2023) TaxCorp(LJ) 32160 (SC)
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SC - Supreme Court Reaffirms the 'Real Object' of Settlement and Remands Case to Interim Board.
Nilkanth Developers Vs PRINCIPAL COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 32148 (SC)
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SC - SC Dismisses SLP Against Bombay HC Judgment Favoring Kingfisher Capital on FCCB Shares' Cost.
Kingfisher Capital CLO Ltd Vs COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)
(2023) TaxCorp(LJ) 32106 (SC)
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SC - Supreme Court Dismisses Revenue's Appeals Following Travelport Ruling on Profit Attribution and PE Issue.
Jet Lite (India) Limited Vs THE COMMISSIONER OF INCOME TAX (CENTRAL 1)
(2023) TaxCorp(LJ) 32070 (SC)
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SC - Ansaldo Energia Withdraws Appeal Against Madras HC Judgment on Offshore Supply Taxability.
Ansaldo Energia SPA Vs THE COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 32049 (SC)
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SC - Supreme Court Upholds Taxation of Sikkim-Based Companies under Income Tax Act, Rejects Review Petitions on Residential Status.
Mansarovar Commercial Pvt Ltd Vs Commissioner of Income Tax
(2023) TaxCorp(LJ) 32001 (SC)
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SC - SC Reverses Punjab & Haryana HC Ruling, Allowing 100% 80-IC Deduction in Initial Assessment Year.
Tejpal Chaudhary Vs COMMISSIONER OF INCOME TAX & ANR.
(2023) TaxCorp(LJ) 31921 (SC) · Section 80-IC
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The intent of the legislature behind Section 69A is to subject articles like gold, jewellery and other valuable items, to income tax, where such articles are typically owned with the intention of avoiding income tax.
D. N. Singh Vs COMMISSIONER OF INCOME TAX
(2023) TaxCorp(LJ) 31555 (SC) · Section 69A
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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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