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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Page 1 of about 270,501 results (0.463 seconds)

Sep 11 2020 (SC)

National Co-Operative Development Corporation Vs. Commissioner of Inco ...

Court : Supreme Court of India

..... number of disputes. this finally resulted in a scheme of advance ruling being brought into effect in 1993, with the introduction of a new chapter in the income tax act, 1961 (hereinafter referred to as the it act ). a quasi-judicial tribunal was established as the authority for advance rulings (for short aar ) to provide certainty and avoid litigation related to taxation of transactions involving ..... resulted in the acquisition of capital assets, but not by the appellant-corporation itself. thus, a conclusion was reached that, in terms of section 37 of the income tax act, 1961 (hereinafter referred to as the it act ) as it stood for the relevant assessment year, any expenditure (except of the prohibited type) laid out or expended wholly and exclusively for the purpose of the ..... profits and gains of business or profession under head d of section 14 of the it act. in terms of section 28 of the it act such profits and gains of any business or profession under the head d of section 14 of the it act would be chargeable to income tax if the income is relatable to profits and gains of business or profession carried out by the ..... include both residents and non-residents, who can seek the same for issues having a substantial tax impact. chapter xix-b of the it act deals with advance rulings and it has been defined in section 245n(a) of the 43 it act. these rulings are binding both on the income tax department and the applicant, and while there is no statutory right to appeal, the supreme .....

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Sep 08 2020 (SC)

M/S. Bangalore Club Vs. The Commissioner of Wealth Tax

Court : Supreme Court of India

..... wording between the various provisions of the wealth tax act and corresponding provisions of the indian income tax act, 1922. but in the case of the charging section 3 of the wealth tax act, the phraseology of the charging section 3 of the indian income tax act, 1922 has not been adopted. unlike section 3 of the income tax act, section 19 3 of the wealth tax act does not mention a firm or an ..... the three widows of balkrishna purushottam purani in the status of an association of persons is legal and valid in law?. 15. after referring to the amendments made in the income tax act speaking of association of persons and association of individuals , this court went on to hold: 8 in the absence of any definition as to what constitutes an association of persons ..... the expression association of persons which occurs in section 21aa. in an early judgment of this court where the expression association of persons occurred in the income tax act, 1922 a cognate tax statute, 10 this court in cit v. indira balkrishna (supra) posed question no.3 as follows: (3) whether on the facts and in the circumstances of the case the tribunal was right ..... the members are not restricted only to user or possession, but definitely as persons to whom the assets of the club belong. after referring to section 167a, inserted into the income tax act, 1961, and after referring to rule 35 of the club rules, the assessing officer concluded that the number of members and the date of dissolution are all uncertain and variable .....

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Sep 01 2020 (SC)

m/s.l.r.brothers,indo Flora Ltd. Through Its Director Vs. Comissioner ...

Court : Supreme Court of India

..... of the same to evade payment of duty. hon ble supreme court in the case of gujarat travancore agency vs. commissioner of income tax 1989 (42) elt350(sc), has held that the penalty under section 271(1)(a) of the income tax act is a civil obligation and unless there is something in language of the statute indicating the need to establish element of mensrea ..... was issued to address this anomaly and to harmonise the central excise and customs notifications. the appellant placed reliance on the constitution bench decision of this court in commissioner of income tax (central) i, new delhi vs. vatika township private limited11, wherein it had been observed that whenever the legislator intends to confer benefit upon a person, it must be presumed to ..... is to be regarded as import, then the duty has to be charged under section 12 of the customs act, read with section 3 of the customs tariff act. the revenue, it seems is confusing the measure of the tax with the nature of the tax. the nature of the duty levied on the goods from 100% e.o.u. is excise duty and ..... nothing else, whereas for determining the quantum of duty the measure adopted is duty leviable under customs act as held by the supreme court in many cases referred to above. the method adopted by the law makers in recovering the tax cannot alter its character. once it is held that the duty paid by the 100% e.o.u. in .....

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Aug 28 2020 (SC)

Union of India Vs. Ashok Kumar Sharma

Court : Supreme Court of India

..... curiae also voices the apprehension that if power to arrest is conferred on the police officer, under section 41, then, in every special enactment, such as the food adulteration act, income-tax act, food safety and standards act, customs act, etc., the police will arrest under section 41 of the crpc, 127 register a case and file a final report. the special provisions of those ..... (1) shall exercise the like powers which are conferred on income-tax authorities under the income-tax act, 1961 (43 of 1961) and shall exercise such powers, subject to such limitations laid down under that act. 120. the provision for arrest is contained in the second schedule to the income-tax act as a mode of recovery of tax.121. a perusal of section 104(4) of the customs ..... act, as it stood when this court decided deepak mahajan (supra), would show that while an ..... of crimes. as the powers and duties of the state have increased and are increasing manifold, various acts dealing with customs, excise, forest, taxes etc. have come to be passed and consequently the prevention, detention and investigation of offences as prescribed under those acts have come to be entrusted to officers with different nomenclatures appropriate to the subject with reference to .....

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Aug 25 2020 (SC)

Raj Pal Singh Vs. Commissioner of Income Tax Haryana

Court : Supreme Court of India

..... in favour of the revenue while holding, inter alia, as under:- 13 ..it is clear from section 45(1) of the income tax act that the capital gains are chargeable to income-tax arising from the transfer of capital assets effected in the previous year in which the transfer took place. on a conjoint reading of ..... any reason in the assessment order why the capital gain on the acquisition of the land is not taxable. moreover, powers conferred on me under the income-tax act does not preclude me from considering this issue at the appellate stage.10. there is no doubt that the notifications were published much earlier that the date ..... be taken as 29.09.1970 i.e. the date of award on which date the land vested in state.14. under the income tax act, an income is chargeable to tax only when it accrues or is deemed to accrue or arise in the year of assessment. the deeming provision can have no relevance unless the ..... vesting in the government took place on 29.09.1970, the date of award. the high court further held that under the income-tax act, 1961, an income was chargeable to tax only when it had accrued or was deemed to have accrued in the year of assessment; and in the present case, if any ..... -a of 1991 whereby the high court, while answering the reference under the then existing section 256(1) of the income-tax act, 19612, disapproved the order dated 29.06.1990 passed by the income tax appellate tribunal, chandigarh bench3 in ita no.739/chandi/89 for the assessment year 1971-1972; and held that the .....

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Aug 18 2020 (SC)

Centre for Public Interest Litigation Vs. Union of India

Court : Supreme Court of India

..... stated above. donations to pm cares fund would qualify for 80g benefits for 100% exemption under the income tax act, 1961. donations to pm cares fund will also qualify to be counted as corporate social responsibility (csr) expenditure under the companies act, 2013 pm cares fund has also got exemption under the fcra and a separate account for receiving ..... of disaster including the biological and public health emergencies, it will not be possible for the governments to immediately respond and contain an epidemic.39. the disaster management act, 2005 contain ample powers and measures, which can be taken by the national disaster management authority, national executive committee and central government to prepare further plans, ..... for the parties and the pleadings on record, following questions arise for consideration in this writ petition: - i) whether the union of india under section 11 of act, 2005, is obliged to prepare, notify and implement a national disaster management plan specifically for pandemic covid-19 irrespective of national disaster management plan notified in november, 2019 ..... a proactive prevention, mitigation and preparedness- driven conserving developmental gains and to minimise loss of life, livelihood and property. approach for the policy noticed institutional framework under the act, dealt with financial arrangement, disaster prevention, mitigation and preparedness.6. third u.n. world conference on disaster risk reduction was held in march, 2015 at sendai, japan .....

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Jul 29 2020 (SC)

Shree Choudhary Transport Co. Vs. Income Tax Officer

Court : Supreme Court of India

..... . it was provided that in the case of assessees falling under the first category, no disallowance under section 40(a)(ia) of the income-tax act shall be made if the tax deducted by them during the last month of the previous year has been paid on or before the last day of filing of return in ..... and by paying the same to the credit of the government before the due date of filing of their returns under section 139(1) of the income-tax act. the disability to claim deductions on account of such lately credited sum of tds in assessment of the previous year in which it was deducted, ..... 1966) 60 itr262and the principles were laid down in the following terms (at pp. 264-266 of itr):- now, it is well-settled that the income-tax act, as it stands amended on the first day of april of any financial year must apply to the assessments of that year. any amendments in the ..... second category, amendments have been made in the provisions of section 40(a) (ia) by the finance act, 2010. *** 24. thus, the finance act, 2010 further relaxed the rigors of section 40(a)(ia) of the income-tax act to provide that all tds made during the previous year can be deposited with the government by the due ..... accordance with the provisions of section 139(1) of the income-tax act for the said previous year. in case, the assessees are falling under the second category, no disallowance under section 40(a)(ia) of income-tax act where the tax was deducted before the last month of the previous year and the same was .....

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Jul 22 2020 (SC)

Director of Income Tax -Ii New Delhi Vs. M/S Samsung Heavy Industries ...

Court : Supreme Court of India

..... avoidance 21 agreement with similar provisions. dealing with what was referred to as a fixed place , permanent establishment, this court held: 16. the income tax act, in particular section 90 thereof, does not speak of the concept of a pe. this is a creation only of the dtaa. by virtue of ..... arises in one contracting state on the basis of accrual of income in another contracting state on the basis of residence. thus, if the appellant ..... to which the income of non- resident would be liable to tax in india. section 9 has a direct territorial nexus. relief under a double taxation treaty having regard to the provisions contained in section 90(2) of the income tax act would arise only in the event a taxable income of the assessee ..... in india. resultantly, profits arising from the successful commissioning of the project would also arise only in india. this court s judgment in commissioner of income tax and another v. hyundai heavy industries co. ltd., (2007) 7 scc422 was distinguished by the learned assessing officer stating that, in that case, ..... the scope of taxation under the act, the application of the double taxation treaty would not arise. the double taxation treaty, however, was taken recourse to by the appellant only by way of an alternate submission on income from services and not in relation to the tax of offshore supply of goods. .....

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Jul 22 2020 (SC)

Shiv Raj Gupta Vs. Commissioner of Income-Tax, Delhi Iv

Court : Supreme Court of India

..... their view should be paid to in employee of the assessee. when a claim for allowance under section 10(2)(xv) of the income tax act is made, the income tax authorities have to decide whether the expenditure claimed as an allowance was incurred voluntarily and on grounds of commercial expediency. test of commercial expediency ..... which were earlier under the management and control of the assessee) to swc as terminal benefit and is taxable u/s 28(ii) of the income-tax act or same is exempt as capital receipt being non-competition fee by executing deed of covenant after going through the mou and the deed of covenant ..... a) whether the itat has correctly interpreted the provisions of section 28(ii) of the income tax act, 1961?. b) whether the ld. itat was correct in holding that receipt of rs.6.6 crores by the respondent/assessee as non-competitive fee ..... the appeal stood allowed by a majority of 2:1 in the appellate tribunal.8. the revenue preferred an appeal under section 260-a of the income tax act, 1961 to the high court. in its grounds of appeal, the revenue framed the substantial questions of law that arose in the matter as follows: ..... as a result, non-compete fee payable under the deed of covenant was not taxable under section 28(ii)(a) or any other provision of the income tax act, 1961. the learned judicial member on the other hand substantially agreed with the assessing officer, as a result of which he decided in favour of the .....

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Jul 17 2020 (SC)

M/S Ultratech Cement Ltd Vs. The State of Rajasthan

Court : Supreme Court of India

..... submitted that clause 13 of rips-2003, which confers power on the state government to revise slsc s orders, is identical to section 263 of the income tax act, 1961, which has been interpreted by this court in the manner that if the adjudication order constitutes one of the possible views, then no revision would ..... appeal nos.2506-2509 of 2020 decided on 05.06.2020, while dealing with an incentive provision contained in section 80-o of the income tax act, 196130, this court has taken note of the principles laid down in dilip kumar & co. and has held, inter alia, as under ..... by the appellant in the absence of any supporting material and without making any inquiry. on these facts the conclusion that the order of the income tax officer was erroneous is irresistible. we are, therefore, of the opinion that the high court has rightly held that the exercise of the jurisdiction ..... of the revenue and also referred to the cited decision in the case of malabar industrial co. ltd. v. commissioner of income tax, kerala state : (2000) 2 scc718while pointing out that the phrase prejudicial to the interest of revenue is of wide import and not confined to ..... and capital investment subsidy (wage component) would be subject to a maximum limit of fifty percent of the tax payable and deposited under the rajasthan sales tax act, 1994, the central sales tax act, 1956 and rajasthan value added tax act, 2003 (b) in case of investment made in modernization/ expansion, the amount of capital investment subsidy shall .....

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