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Judgment Search Results Home > Cases Phrase: income tax act Court: us supreme court Year: 2012 Page 1 of about 91 results (0.071 seconds)

May 14 2012 (FN)

Hall Vs. United States

Court : US Supreme Court

Decided on : May-14-2012

..... two closely related chapters, we decline to create one. [ 7 ] iii petitioners and the dissent advance several arguments for why the postpetition income taxes at issue should be considered incurred by the estate, notwithstanding the irc s separate taxable entity rules. but none provides sufficient reason to overcome the ..... claims arising from the sale of farm as- sets ); bankruptcy abuse prevention and consumer protection act of 2005, 705(1)(a), 119stat. 126 (amending 507(a)(8) to clarify that it only covers income tax claims for taxable years that end on or before the date of the filing of the bankruptcy ..... income tax law, 346(a), and vice versa, 346(b). and given that the bankruptcy code instructs that the as- signment of state or local tax liabilities shall turn on the irc s separate taxable entity rules, there is parity in turning to such rules in assigning federal tax liabilities. in the same act ..... the estate, and may not be taxed to such individual. 92stat ..... chapter-specific division of tax liabilities between the estate and the debtor. bankruptcy reform act of 1978, 92stat. 2565. section 346(b)(1) provided that in an individual-debtor chapter 7 or 11 bankruptcy, any income of the estate may be taxed under a state or local law imposing a tax . . . only to .....

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Jun 28 2012 (FN)

National Federation of Independent Business Vs. Sebelius

Court : US Supreme Court

Decided on : Jun-28-2012

..... that the penalty will be paid to the internal revenue service with an individual s taxes, and shall be assessed and collected in the same manner as tax penalties, such as the penalty for claiming too large an income tax refund. 26 u. s. c. 5000a(g)(1). the act, however, bars the irs from using several of its normal enforcement tools, such as criminal ..... (r)(1) (2006 ed., supp. iv), to displays of nutritional content at chain restaurants, see 21 u. s. c. 343(q)(5)(h). the act raises billions of dollars in taxes and fees, including exactions imposed on high-income taxpayers, see aca 9015, 10906; hcera 1402, medical devices, see 26 u. s. c. 4191 (2006 ed., supp. iv), and tanning booths, see 5000b ..... the affordable care act imposes on those without health insurance looks like a tax in many respects. the [s]hared responsibility payment, as the statute entitles it, is paid into the treasury by taxpayer[s] when they file their tax returns. 26 u. s. c. 5000a(b). it does not apply to individuals who do not pay federal income taxes because their household income is less ..... prosecutions and levies. 5000a(g)(2). and some individuals who are subject to the mandate are nonetheless exempt from the penalty for example, those with income below a certain threshold and .....

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Jan 20 2012 (SC)

Vodafone International Holdings B.V. Vs. Union of India and anr.

Court : Supreme Court of India

Decided on : Jan-20-2012

..... and prove such transactions are fraudulent by applying look at principle. overseas companies and fdi 49. overseas companies are companies incorporated outside india and neither the companies act nor the income tax act enacted in india has any control over those companies established overseas and they are governed by the laws in the countries where they are established. from country ..... transfer or divestment or extinguishment of holding company's rights and interests, resulting in transfer of capital asset situated in india. 160. section 9 of the income tax act deals with the incomes which shall be deemed to accrue or arise in india. under the general theory of nexus relevant for examining the territorial operation of the legislation, two ..... spite of being separate legal personalities, if the facts reveal that they indulge in dubious methods for tax evasion. (b) tax avoidance and tax evasion: tax avoidance and tax evasion are two expressions which find no definition either in the indian companies act, 1956 or the income tax act, 1961. but the expressions are being used in different contexts by our courts as well as ..... to the transaction was a transfer of other rights and entitlements which rights and entitlements constituted in themselves capital assets within the meaning of section 2(14) of the income tax act, 1961. according to the high court, vih acquired the cgp share with other rights and entitlements whereas, according to the appellant, whatever vih obtained was through the .....

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Feb 08 2012 (SC)

Acg Associated Capsules P.Ltd. Vs. C.i.T Central-4 Mumbai

Court : Supreme Court of India

Decided on : Feb-08-2012

..... entire amount received by an assessee on sale of the duty entitlement pass book (for short `the depb') represents profit on transfer of depb under section 28(iiid) of the income tax act, 1961 (for short `the act'). we have already decided this issue in favour of the assessee in a separate judgment in m/s topman exports vs. commissioner of ..... of 2006. 2. the facts of this case very briefly are that bharat rasayan limited (for short `the assessee') filed a return of income tax claiming a deduction of rs.72,76,405/- under section 80hhc of the act. in the assessment order, the assessing officer held that ninety per cent of the gross interest has to be excluded from the profits of ..... the domestic company, shall be taken into account for working out the relief under section 80m of the act. he cited the judgment in commissioner of income-tax v. shri ram honda power equip (supra) in which the delhi high court has taken a view that the word `interest' in explanation (baa) to section 80hhc connotes `net interest' ..... income tax, bombay, and other connected matters and we have held that not the entire amount received by the assessee on sale of depb, but the sale value less the face value .....

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Feb 08 2012 (SC)

Ms Topman Exports Vs. Commr of Income Tax,mumbai

Court : Supreme Court of India

Decided on : Feb-08-2012

..... the tribunal is justified in holding that the entire amount received on the sale of the duty entitlement passbook does not represent profits chargeable under section 28(iiid) of the income tax act, 1961 and that the face value of the duty entitlement passbook shall be deducted from the sale proceeds; (b) whether the tribunal is justified in holding that the face ..... amount received by an assessee on sale of the duty entitlement pass book (for short `the depb') represents profit on transfer of depb under section 28(iiid) of the income tax act, 1961 (for short `the act') for the purpose of the computation of deduction in respect of profits retained for export business under section 80hhc of the ..... followed by the tribunal in all the cases in appeal before us. against the judgment and orders of the tribunal, the commissioner of income tax, mumbai filed appeals in all the cases under section 260a of the act before the high court and by the impugned orders the high court disposed of the appeals in terms of the judgment delivered in commissioner ..... depb will fall under clause (iiib) or under clause (iiid) of section 28. the relevant provisions of section 28 of the act are reproduced hereunder: section 28. profits and gains of business or profession.--the following income shall be chargeable to income-tax under the head profits and gains of business or profession,-- ......................................................................... (iiia) profits on sale of a licence granted under the .....

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Sep 27 2012 (SC)

Commissioner of Income Tax-ii Vs. Krishi Utpadan Mandi Samiti

Court : Supreme Court of India

Decided on : Sep-27-2012

..... for determination in this batch of civil appeals, is as follows:whether amounts transferred by the assessee to mandi parishad would constitute application of income for charitable purposes within the meaning of section 11(1)(a) of the income tax act, 1961?m/s. krishi utpadan mandi samiti, respondent-assessee herein, is a market committee incorporated and registered under the uttar pradesh krishi utpadan ..... directed by the state government or the board.it is not in dispute that both, the mandi samiti and the mandi parishad, are duly registered under section 12aa of the income tax act, 1961 [1961 act, for short]. it is also not in dispute that, after the amendment of section 10(20) and section 10(29) by finance ..... of the market committee fund and the surplus, if any, has to be invested in such manner as may be prescribed. this is one circumstance in the 1964 act to indicate application of income. similarly, under section 19-b(2) of 1964 adhiniyam, the assessee is statutorily obliged to apply market development fund for the purposes of development of market area. under ..... ) to the fund(s) of mandi parishad. even the question framed by court/authorities below is whether amounts transferred by the mandi samiti would constitute application of income under section 11(1)(a) of 1961 act. therefore, the question of voluntary contribution under section 11(1)(d) or under section 12(1) does not arise. the question of control may be relevant .....

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Feb 08 2012 (SC)

Vikas Kalra Vs. C.i.T

Court : Supreme Court of India

Decided on : Feb-08-2012

..... in manufacturing and exporting leather garments. for the assessment years 2001-2002 and 2004-2005, the appellant filed returns of income claiming deductions in respect of profits retained for export business under section 80hhc of the income tax act, 1961 (for short `the act'). the assessing officer held in the assessment orders that the entire sale value of duty entitlement pass book (for short ..... `depb') represents profit on transfer of depb under section 28(iiid) of the act and did not allow the amount of deduction claimed by the ..... appellant under section 80hhc. the appellant filed appeals before the commissioner of income tax (appeals) but the commissioner of income tax (appeals) sustained the orders of the assessing officer. the appellant filed appeals before the ..... whether the tribunal was correct in law in ignoring explanation (baa) under section 80hhc of the act which specially excludes profits of depb from total turnover and the high court held that this issue was covered by its judgment in the case of commissioner of income-tax v. shri ram honda power equip [(2007) 289 itr 475 (delhi)]. 5. we have .....

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May 08 2012 (SC)

Narinderjit Singh Vs. North Star Estate Promoters Ltd.

Court : Supreme Court of India

Decided on : May-08-2012

..... his obligation by not extending cooperation in obtaining colonization licence from punjab urban development authority and itc certificate under section 34-a of the income tax act.4. in the joint written statement filed by the appellant and his father, the locus standi of the respondent to file the suit ..... court found that the appellant was dabbling in real estate transaction without means to purchase the property and observed: "section 16(c) of the act envisages that plaintiff must plead and prove that he had performed or has always been ready and willing to perform the essential terms of the contract ..... because the latter failed to get the requisite licence and any violation of the provisions of the act would have amounted to an offence.11. shri dushyant dave, learned senior counsel for the respondent supported the impugned judgment and argued that ..... v. a. ramadas rao (2011) 1 scc429. in the end, shri gupta referred to the provisions of the punjab apartment and property regulation act, 1995 and submitted that the appellant did not hand over possession of the suit property to the respondent for the purpose of development of residential colony ..... appellate court that the trial court was not justified in invoking the provisions of section 20 (2) (c) of the specific relief act, 1963 (for short, 'the act') for the purpose of declining substantive relief to the respondent. the learned single judge relied upon the judgments of this court in k. .....

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Feb 03 2012 (SC)

Zelia M.Xavier Fernandes E. Gonsalves. Vs. Joana Rodrigues and ors.

Court : Supreme Court of India

Decided on : Feb-03-2012

..... concerns money affairs of husband and wife governed by the provisions contained in articles 1098 and 1108 of portuguese civil code, 1860 (`1860 code') and section 5a of the indian income tax act, 1961 (`income tax act'). 15. articles 1098 and 1108 of the 1860 code which is applicable in the state of goa read as under: 1098. - in the absence of any contract, it is ..... custom of the country consists in the communion between the spouses of all their properties, present and future, not excluded by law. 16. section 5a of the income tax act is as follows : 5a. apportionment of income between spouses governed by portuguese civil code. - (1) where the husband and wife are governed by the system of community of property (known under the portugese civil ..... , by operation of law, unless contracted otherwise, becomes 50% shareholder in all their properties, present and future and each spouse is entitled to a one-half income of the other spouse. 18. section 5a(1) of the income tax act provides that where the husband and wife are governed by the system of communiao dos bens in force in the state of goa the ..... wife from all sources, except from salary, shall be apportioned equally between the husband and the wife and the income so apportioned shall be included separately in the total income of the husband and of the wife respectively and the remaining provisions of the income tax act shall apply accordingly. sub-section (2) of section 5a provides that where the husband or the wife governed .....

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Jul 10 2012 (SC)

NitIn Gunwant Shah Vs. Indian Bank and ors.

Court : Supreme Court of India

Decided on : Jul-10-2012

..... the eviction of such persons in an appropriate case where it is found that the person in possession is not legally entitled for the same[8]. the rules under the income tax act which are adopted for the purpose of the recovery of debts due to the financial institution and banks under the 1993act also provide a similar authority of law. the law ..... that any reference under the said provisions and the rules to the "assessee" shall be construed as a reference to the defendant under this act.31. "the second schedule of the income tax act read with the income tax certificate proceedings rules, 1962, for short 'the 1962 rules', prescribe the procedure for recovery of the amounts due pursuant to a certificate issued under section 222 ..... 1993 declares that the provisions of the second and third schedule of income tax act, 1961 apply with necessary modifications for the recovery of the amounts due under the act 51 of 1993.1 "29 application of certain provisions of income-tax act the provisions of the second and third schedules to the income- tax act, 1961 and the income-tax (certificate proceedings) rules, 1962 , as in force from time to ..... of the income tax act. part iii of the second schedule prescribes the procedure for the attachment and sale of immovable property. rule 92 thereof enables the making of the rules. in the purported .....

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