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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: supreme court of india Page 1 of about 21,371 results (0.194 seconds)

Oct 24 2019 (SC)

Union of India Vs. Association of Unified Telecom Service Providers of ...

Court : Supreme Court of India

..... so as to be comprised in it. and on this point not only the provisions of the excess profits tax act, 1940, the business profits tax act, 1947, the super profits tax act, 1963 and the companies (profits) surtax act, 1964 but also the various provisions of the income tax act, 1961 referred to by us, clearly indicate that the word computed has been used by the legislature in sub ..... or exclude items which may be regarded as forming part of the capital employed . 181. this court has considered the matter given the provisions contained in section 80j of the income tax act and has observed that capital employed has variable meanings. it has been legislatively recognised both inclusion as well as exclusion of the items, which may otherwise be regarded as forming ..... prescribed manner. how the capital employed shall be computed is left to be prescribed by the central board of revenue by making rule or rules under section 295 of the income tax act, 1961. the process of computation would involve both inclusion and exclusion of items, which may possibly be regarded as falling within the expression "capital employed". the central board of ..... from the subscribers. even if they are used for discount etc. in the bills, they form part of revenue. licensees themselves treat non refundable deposits as income under section 80 ia (2a) of the income tax act. be that as it may. the finding recorded by the tdsat concerning non refundable deposits not being part of the revenue based upon wrong 120 concession .....

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Oct 24 2019 (SC)

Sirdar k.b.ramachandra Raj Urs (Dead) Through Lrs. Vs. Sarah C Urs

Court : Supreme Court of India

..... .1,00,000/ was received on the same day. the defendant no.1 agreed to obtain a clearance certificate under section 230 a of the income tax act as also under the provisions of the urban land ceiling act. the plaintiffs continued to have the possession of suit property in part performance of the agreement dated 24.04.1979 and stopped paying rent.4 ..... accepted. the high court has also referred to the order passed by the income tax appellate tribunal wherein the claim of 2nd plaintiff for exemption of rs.50,000 under the income tax act, paid to 1st defendant towards the remaining sale consideration was allowed in terms of section 54(f) of income tax act. 6 11. the high court has further found that the defendant has taken ..... an inconsistent and contrary stand. the defendant was visiting 2nd plaintiff all along insisting on obtaining income tax clearance certificate, which was postponed by the defendant no.1 on one pretext or the ..... . the defendant no.1 always ensured the plaintiffs to execute the registered sale deed in terms of suit agreement after obtaining a clearance certificate from the income tax department and under the 3 urban land ceiling act. on 1.6.1993, defendant no.1 received the balance sale consideration of rs.50,000/ from 2nd plaintiff and executed a stamped receipt in favour .....

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Oct 18 2019 (SC)

Principal Commissioner of Income Tax. 6 Vs. M/S I Ven Interactive Ltd.

Court : Supreme Court of India

..... return of income without specifically intimating the assessing officer with respect to change of address and without getting the pan database changed, is ..... accompanied with balance sheet and profit and loss account. the return was processed under section 143(1) of the income tax act, 1961 (hereinafter referred to as the 1961 act ). that a notice under section 143(2) of the 1961 act was issued to the respondent assessee on 05.10.2007. the notice was sent at the assessee s address available as per the pan ..... while concurring with the view of the learned tribunal that 11 merely by filing of return of income with the new address, it shall be enough for the assessee to discharge its legal responsibility for observing proper procedural steps as per the companies act and the income tax act is concerned, we are of the opinion that mere mentioning of the new address in the ..... officer vide assessment order dated 24.12.2008 completed the assessment under section 143(3) of the 1961 act by making disallowance of rs. 8,91,17,643/ under section 14a of the 1961 act, read with rule 8 of the income tax rules and computed total income at rs.5,52,45,930/ . 3.2 being aggrieved by the assessment order dated 24.12 .....

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Oct 17 2019 (SC)

Central Bureau of Investigation Vs. Arvind Khanna

Court : Supreme Court of India

..... of the petitioner. { 61. it is pertinent to mention that the income tax authorities vide order dated 11.12.2010 passed by the commissioner of income tax (appeals) in proceedings under section 147 of the income tax act, 1961, that similar income received by the petitioner from the same ci law trust (formerly known ..... standing to the credit of respondent s father, mr. vipin khanna. it was also pleaded that income tax authorities, vide order dated 11.12.2010, in proceedings under section 147 of the income tax act, 1961, accepted the said receipts as gift, and the same is confirmed by order dated 15. ..... 04.2014, passed by the income tax appellate tribunal in ita nos. 1915 to 1917/del of 2010.12. the ..... as west way) had been treated as a gift from the father of the petitioner. the above order stands confirmed by order dated 15.04.2014 passed by the income tax ..... dated 05.07.2011, the additional chief metropolitan magistrate took cognizance of the offence under section 35 read with section 3 of foreign contribution (regulation) act, 2010 (for short fcra, 2010 ) and issued summons to the respondent-petitioner. vide crl. m.c. no.3342 of 2011, the respondent- .....

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Oct 04 2019 (SC)

The State of Arunachal Pradesh Vs. Ramchandra Rabidas @ Ratan Rabidas ...

Court : Supreme Court of India

..... t.s. baliah v. t.s. rangachari 9, wherein the appellant was prosecuted both under section 177 of the ipc, and section 52 of the income tax act, 1922. this court held as follows: 6. we proceed to consider the next question arising in this case viz. whether the appellant can be prosecuted ..... both under section 177 of the indian penal code and section 52 of the 1922 act [income tax act, 1922]. at the same time. it was argued on behalf of the appellant that in view of the provisions of section 26 of the general ..... ), no further proceedings in respect of the offence shall be taken against him nor shall he be liable, notwithstanding anything to the contrary contained in this act, to be disqualified for holding or obtaining a licence by reason of his having pleaded guilty.209. restriction on conviction.-. no person prosecuted for an offence ..... to issue appropriate directions to all subordinate officers to ordinarily register cases against offenders of motor vehicle accidents only under the provisions of the m.v. act subject to the exception under s. 304 ipc. 5 3. the present special leave petitions have been filed by the states of tripura and arunachal ..... the prosecution of offenders under the provisions of the ipc is violative of settled principles of law and contrary to the legislative intent of the m.v. act. [para 37 and 37.1 of the impugned judgment]. the high court directed the states of assam, nagaland, x. meghalaya, manipur, tripura, mizoram and .....

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Oct 04 2019 (SC)

Duncans Industries Ltd. Vs. A.j. Agrochem

Court : Supreme Court of India

..... the purposes specified in the code. 21 4. the code seeks to provide for amendments in the indian partnership act, 1932, the central excise act, 1944, customs act, 1962, the income tax act, 1961, the recovery of debts due to banks and financial institutions act, 1993, the finance act, 1994, the securitisation and reconstruction of financial assets and enforcement of security interest ..... act, 2002, the sick industrial companies (special provisions) repeal act, 2003, the payment and settlement systems act, 2007, the limited liability partnership act, 2008, and the companies act, ..... submitted that, therefore, the process of insolvency resolution under the ibc has not been stopped, but what it requires is an additional permission under the tea act for the purpose of initiation of such insolvency proceeding. it is submitted that this should be logical as the management of the tea gardens is already under the ..... . 4.2 it is further submitted by shri shyam divan, learned senior advocate appearing on behalf of the appellant that the winding up process under the companies act, 1956 includes the insolvency proceedings under the ibc. it is submitted that, therefore, initiation of any proceedings for winding up or liquidation by way of insolvency .....

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Oct 03 2019 (SC)

State of West Bengal Vs. Calcutta Club Limited

Court : Supreme Court of India

..... principles, is premised on the theory that a person cannot make a profit from himself. an amount received from oneself, therefore, cannot be regarded as income and taxable. section 2(24) of the income tax act defines taxable income. the income of a cooperative society from business is taxable under section 2(24)(vii) and will stand excluded from the principle of mutuality. 48. also, section ..... bengal, calcutta (1959) supp. 2 scr641 this court had occasion to construe what is meant by constituted under an instrument of partnership, which words occurred in section 26a of the income tax act, 1922. the court held: the word constituted does not necessarily mean created or set up , though it may mean that also. it also includes the idea of clothing the agreement ..... done away with by sub-clause (e) is also clear when sub-clause (e) is contrasted with certain provisions of the income tax act, 1961. section 2(24) (vii) of the income tax act, 1961, reads as under: 2. definitions.- xxx xxx xxx (24) income includes- xxx xxx xxx (vii) the profits and gains of any business of insurance carried on by a mutual insurance company or ..... . on the other hand, body 47 of persons is used to make it clear beyond doubt that corporate persons are not referred to.36. the definition of person in other acts such as the income tax act, 1961 is also very wide, and includes an association of persons or body of individuals, whether incorporated or not see section 2(31) of the .....

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Sep 25 2019 (SC)

Jignesh Shah Vs. Union of India

Court : Supreme Court of India

..... period would not avail the respondent in that case.24. in allied motors (p) ltd. v. cit, (1997) 3 scc472 this court took the view that the amendment made to section 43-b in the income tax act was retrospective, holding:12. 14. as observed by g.p. singh in his principles of statutory ..... up of the company are two wholly distinct and independent remedies. it is not necessary that every petition under section 433 of the companies act, 1956 ends up in an order of winding up. several essential factors as public interest, justice and convenience enter into the consideration before the ..... the allahabad bank. the bank, in turn, filed a proceeding under section 19 of the recovery of debts due to banks and 17 financial institutions act, 1993 in 2001 before the debt recovery tribunal, calcutta. the civil suit was also transferred to the debt recovery tribunal, calcutta where both proceedings ..... this judgment clinches the issue in favour of the petitioner/appellant. with the introduction of section 238a into the code, the provisions of the limitation act apply to applications made under the code. winding up petitions filed before the code came into force are now converted into petitions filed under the ..... pvt. ltd. (supra) in which section 238a of the code was referred to, which states as follows: 238a. limitation. the provisions of the limitation act, 1963 (36 of 1963) shall, as far as may be, apply to the proceedings or appeals before the adjudicating authority, the national company law appellate .....

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Sep 18 2019 (SC)

Vasant Ganpat Padave(d) by Lrs. Vs. Anant Mahadev Sawant (Dead) Thru ...

Court : Supreme Court of India

..... makes a consistent enactment of the whole statute. 29. in k.p. verghese v. ito (1981) 4 scc173 this court dealt with the correct interpretation of section 52 of the income tax act, 1961. read literally, the moment there is transfer of a capital asset by an amount less than the fair market value, the fair market value is to be taken instead ..... eviction on the ground of bona fide requirement . is also enough indication in support of 33. in c.w.s. (india) limited v. commissioner of income tax (1994) supp. 2 scc296 section 40(c)(iii) of the income tax act, 1961 came up for discussion. the court held: 10. now, it may be noticed that section 40(a)(v) is only an expanded version of ..... considerations which incline us to accept this construction of section 52 sub- section (2). the assessee has actually received a 30. in cit v. j.h. gotla (1985) 4 scc343 the true construction of section 24(2) of the income tax act, 1922 was before the court. following verghese s case (supra), the court held: 44. our attention was also drawn to the decision ..... intended by the legislature, there is little reason to believe that it represents the legislative intent. 28. in commissioner of income tax, central calcutta v. national taj traders (1980) 1 scc370 this court construed section 33-b of 39 the indian income tax act, 1922 in order to avoid a manifestly absurd result as follows: according to the construction contended for by the assessee and .....

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Sep 18 2019 (SC)

M/S. Tecnimont Pvt. Ltd. (Formerly Known as Tecnimont Icb Pvt. Ltd) Vs ...

Court : Supreme Court of India

..... permissible to enact a law that no appeal shall lie against an order relating to an assessment of tax unless the tax had been paid. such a provision was on the statute book in section 30 of the indian income tax act, 1922. the proviso to that section provided that . . . no appeal shall lie against an ..... order under sub-section (1) of section 46 unless the tax had been paid . such conditions merely regulate the exercise of the right of ..... staying proceedings as will prevent the appeal if successful from being rendered nugatory. the high court also referred to the decision of this court in commissioner of income tax v. bansi dhar & sons and others2. finally the high court concluded :- to pass an order of it is, thus, concluded that even when ..... (1) for it may pass such orders as it thinks fit after giving full hearing to both the parties to the appeal. if the income tax officer and the appellate assistant commissioner have made assessments or imposed penalties raising very large demands and if the appellate tribunal is entirely helpless in ..... the act relating to stay of recovery during the pendency of an appeal it must be held that no such power can be exercised by the tribunal, suffers from a fundamental infirmity inasmuch as it assumes and proceeds on the premise that the statute confers such a power on the income tax officer .....

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