Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Page 5 of about 263,910 results (0.808 seconds)

Apr 24 2018 (SC)

Commissioner of Income Tax Kolkata Xii Vs. M/S Calcutta Export Company

Court : Supreme Court of India

..... , in allied motors (p) limited (supra), this court while dealing with a similar question with regard to the retrospective effect of the amendment made in section 43-b of the income tax act,1961 has held that the new proviso to section 43b should be given retrospective effect from the inception on the ground that the proviso was added to remedy unintended consequences ..... the assessment year 2005-06 for rs. 4,18,17,910/-. the case was selected for scrutiny and the assessment under section 143(3) of the income tax act, 1961 (in short the it act ) was completed on 28.12.2007. the assessing officer, vide order dated 12.10.2009, disallowed the export commission charges paid by the assessee to m/s. steel crackers pvt ..... sub-section (1) of section 139, such sum shall be allowed as a deducted in computing the income of the previous year in which such tax has been paid. 24) thus, the finance act, 2010 further relaxed the rigors of section 40(a)(ia) of the it act to provide that all tds made during the previous year can be deposited with the government by ..... said previous year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. 19) the above amendments made by the finance act, 2008 thus provided that no disallowance under section 40 (a) (ia) of the it act shall be made in respect of the expenditure incurred in the month of march if .....

Tag this Judgment!

Apr 24 2018 (SC)

Income Tax Officer Ward No.16(2) Vs. M/S Techspan India Private Ltd.(f ...

Court : Supreme Court of India

..... , while allowing the petition filed by the respondent herein, quashed the notice dated 10.02.2005 issued under section 148 of the income tax act, 1961 (hereinafter referred to as the it act ) and the order dated 17.08.2005 passed by the income tax officer.2) brief facts:- 1 (a) m/s techspan india private ltd.-the respondent is a private limited company incorporated under ..... the companies act, 1956 and is engaged in the business of development and export of computer softwares and human resource services. it is also relevant to mention here that ..... the parties, it would be appropriate to refer to sections 147 and 148 of the it act. for ready reference, relevant portion of sections 147 and 148 of the act are reproduced below:- 147. income escaping assessment:-- if the assessing officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of ..... sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which .....

Tag this Judgment!

Apr 24 2018 (SC)

b.l. Passi Vs. Commissioner of Income Tax (Xi)

Court : Supreme Court of India

..... rs. 57,40,360/- for the assessment year (ay) 1997-98 while claiming deduction of rs. 58,87,045/- under section 80-o of the income tax act, 1961 (in short the it act ) on a gross foreign exchange receipt of rs. 1,17,74,090/- received from sumitomo corporation, japan. sumitomo corporation was interested in supplying dies for manufacturing of body parts to ..... shall include services rendered from india but shall not include services rendered in india. 12) provisions similar to section 80-o of the act were originally in the former section 85-c of the income tax act, 1961 which was substituted by finance (no.2) act, 1971. section 80-o was inserted in place of section 85c which was deleted by the finance (no.2 ..... ) act, 1967. while moving the bill relevant to the finance act no.2 of 1967, the then finance minister highlighted the fact that fiscal encouragement needs ..... manufacturers of automobiles and also technical assistance as required by the corporation. 2 (b) the case of the appellant was selected for scrutiny by the income tax department, delhi and in response to notice under section 143(2) of the it act, the appellant along with others attended the assessment proceedings from time to time justifying the claim under section 80-o of the .....

Tag this Judgment!

Apr 24 2018 (SC)

The Commissioner Vs. Mahindra and Mahindra Ltd. Through m.d.

Court : Supreme Court of India

..... preferred an appeal before the commissioner of income tax (appeals) being no.cit(a) v/cciv/it/261/79-80. after perusal of the matter, learned cit (appeals), vide order dated 23.03.1981, dismissed the appeal and upheld the ..... corporation. after perusal of the return, the income tax officer (ito) concluded that with the waiver of the loan amount, the credit represented income and not a liability. accordingly, the ito, vide order dated 03.09.1979, held that the sum of rs 57,74,064/- was taxable under section 28 of the income tax act, 1961 (for brevity the it act ). (f) being dissatisfied, the respondent ..... , we deem it apposite to mention the gist of the facts. the appellant herein is the department of income tax (for brevity the revenue), on the other hand, respondent herein is mahindra & mahindra ltd. (for brevity the respondent ) - a company registered under the companies act, 1956. (b) the respondent, way back, decided to expand its jeep product line by including fc-150 ..... ) the first issue is the applicability of section 28 (iv) of the it act in the present case. before moving further, we deem it apposite to reproduce the relevant provision herein below:- 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 profession ,-- x x x (iv) the value .....

Tag this Judgment!

Apr 24 2018 (SC)

c.i.t., Central-Iii, n.delhi Vs. Hcl Technologies Ltd.

Court : Supreme Court of India

..... rs. 91,16,99,060/- was filed by the respondent which was selected for scrutiny under section 143 of the income tax act, 1961 (in short the it act ). (c) the assessing officer, vide order dated 28.12.2006, held that the software development charges, as claimed by the respondent, are ..... the tune of rs. 21,81,90,239/-. (d) being aggrieved, the respondent preferred an appeal being no.331/06-07 before the commissioner of income tax (appeals). learned cit (appeals), vide order dated 09.05.2007, partly allowed the appeal while estimating 10% as software development charge incurred for technical services provided outside india as ..... aim of the courts and a construction which avoids inconsistency or repugnancy between the various sections or parts of the statue should be adopted.16) in commissioner of income tax vs. j.h. gotla, (1985) 23 taxman 14j (sc) this court has held as under: 46. where the plain literal interpretation of a ..... 2009 whereby the division bench of the high court had dismissed the appeals filed by the revenue the appellant herein while upholding the order passed by the income tax appellate tribunal (in short the tribunal ) dated 30.03.2007. since the moot question is same in all the appeals connected with the main matter ..... in the supreme court of india civil appellate jurisdiction reportable civil appeal nos. 8489-8490 of2013commissioner of income tax, central-iii ..appellant(s) versus hcl technologies ltd. . respondent(s) civil appeal no.8535 of 2013 with civil appeal no.8555- .....

Tag this Judgment!

Apr 24 2018 (SC)

Commissioner of Income Tax, Delhi-I Vs. M/S. Container Corporation of ...

Court : Supreme Court of India

..... tribunal (in short the tribunal ) holding that the respondent herein is entitled to claim the benefit of section 80-ia of the income tax act,1961(in short the it act ). 43) brief facts: (a) m/s container corporation of india ltd. (concor)-the respondent herein is a government company ..... icds. (d) being aggrieved by the order dated 27.02.2009, the respondent herein challenged the same before the high court by filing three income tax appeals being nos. 967 of 2011, 1411 of 2009 and 968 of 2011. the division bench of the high court, vide judgment and order ..... , filed an appeal being no.325/05-06 to the commissioner of income tax (appeals)-vi, new delhi. learned cit (appeals), vide order dated 29.05.2007, partly allowed the appeal while rejecting the deduction claimed under section 80-ia of the it act. being aggrieved, the respondent herein further preferred ita nos. 2851 & 3680 ..... r eportable in the supreme court of india civil appellate jurisdiction civil appeal no.8900 of2012commissioner of income tax, delhi-1 ..appellant(s) versus m/s container corporation of india ltd. ..respondent(s) with civil appeal no. ..... it act talks about deduction in respect of profits and gains from industrial undertaking or enterprises engaged in the infrastructure development etc. the said 10 amendment for the first time brought a provision under which a percentage of profits derived from the operation of infrastructure facility was allowed a deduction while computing the income of the assessee. a ten years tax .....

Tag this Judgment!

Apr 19 2018 (SC)

Mahaveer Kumar Jain Vs. Commnr. Of Income Tax

Court : Supreme Court of India

..... .b.i.t. reference no.40 of 1995 whereby the division bench of the high court answered the questions referred to under section 256(1) of the income tax act, 1961 (in short the i.t. act ) in favour of the revenue and against the appellant-assessee.2) before proceeding further, it is pertinent to set out the facts in a summarized way to ..... reference which are as under: 1. whether on the facts and in the circumstance of the case, the hon ble tribunal was justified in holding that income from sikkim state lottery is taxable under the income tax act, 1961?.2. whether in the facts and circumstances of the case the tribunal was justified in holding that deduction u/s 80tt is applicable on the ..... the appellant.10) the result, therefore, is that, while section 5 of the it act would not be applicable, the existing sikkim state income tax rules, 1948 would be applicable. thus, on the income, it 11 would appear that income-tax would be payable, under sikkim state income tax rules, 1948 and not under the it act. since sikkim is a part of india for the accounting year, there would appear ..... other part of india. the question that arises is whether the provisions of the it act are applicable to such income and whether the same can be subjected to tax under the said act especially in light of the fact that the income has already been subjected to tax under the sikkim state income tax rules, 1948. 98) the case of the assessee is that irrespective of the place .....

Tag this Judgment!

Apr 03 2018 (SC)

The Dir. Prasar Bharati Vs. Commissioner of Income Tax, Thiruvananth

Court : Supreme Court of India

..... the above provision that the advertising agency clearly understood the agreement as an agency arrangement and the commission payable by the respondent to such agency is subject to tax deduction at source under the income tax act and so much so the provision in the agreement was for the agent after retaining 15% to give cheque or demand draft for tds amount which was ..... are other clauses also in the agreement but they are not relevant for the purpose of disposal of these appeals.10. the appellant is an assessee under the income tax act (hereinafter referred to as the act ). in the assessment year 2002-2003(01.06.2001 to 31.03.2002) and 2003-2004 (01.04.2002 to 31.03.2003), the appellant paid a ..... be deductible at source on payment of trade discount. in the said circumstances, the kerala high court held that section 194h of the income tax act was applicable. in the present case, there is no agreement between the petitioner and the advertising agency and the advertising agency has never been appointed as agent of the petitioner. ..... rs.11,15,944/- and a sum of rs.1,54,050/- towards interest for delayed payment under section 201(1-a) of the act.14. the appellant felt aggrieved and filed appeals before the commissioner of income tax (appeals)-ii, thiruvanathapuram. by order dated 04.03.2005, the commissioner concurred with the reasoning and conclusion arrived at by ao and accordingly dismissed .....

Tag this Judgment!

Mar 15 2018 (SC)

Board of Control for Cricket in India Vs. Kochi Cricket Pvt Ltd and Et ...

Court : Supreme Court of India

..... this question which might have arisen under the ordinance now ceases to exist. in kalawati devi harlalka v. cit (1967) 3 scr833 a repeal and savings provision contained in section 297 of the income tax act, 1961 was held to evidence an 46 intention to the contrary under section 6 of the general clauses ..... act as follows: 14. the learned counsel for the appellant submits that parliament had section 6 of the general clauses act in view, and therefore no express ..... kabra [25 itr5 while interpreting section 13 of the finance act, 1950, already extracted above, this court observed at p. 68: nor can section 6 of the general clauses act, 1897, serve to keep alive the liability to pay tax on the income of the year 1949-50 assuming it to have accrued under ..... the repealed state law, for a different intention clearly appears in sections 2 and 13 of the finance act read together as indicated above. ..... appeal hence, conclusions 1 and 2 are to be read together which unambiguously reiterate that once the arbitral proceedings have started under the old act, the old act would apply for the award becoming a decree and also for appeal arising thereunder. arising thereunder.14. conclusion 3 only reiterates what is .....

Tag this Judgment!

Mar 12 2018 (SC)

Income Tax Officer,mumbai Vs. Venkatesh Premises coop.sty.ltd.

Court : Supreme Court of India

..... 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 co operative society from business is taxable 12 under section 2(24)(vii) and will stand excluded from the principle of mutuality. the ..... . the proceedings in the present appeals relate to different assessment years based on information gathered by the assessing officer pursuant to notice under section 133(6) of the income tax act. transfer charges are payable by the outgoing member. if for convenience, part of it is paid by the transferee, it would not partake the nature of profit or commerciality ..... rs.7/ per sq.ft./p.m. as non occupancy charges from others, the society was acting commercially to earn profit. reliance was placed on commissioner of income tax, madras vs. kumbakonam mutual benefit fund ltd., air 1965 sc 96 = (1964) 8 scr204 chelmsford club vs. commissioner of income tax, (2000) 3 scc 214. 5. sri radhakrishnan, sought to invoke article 43b of the ..... participate without receiving a financial benefit from the surrender of their membership 18. in the commissioner of income tax vs. common effluent treatment plant, (thane belapur) association, (2010) 328 itr 362 (bom), the assessee, an incorporated association under section 25 of the companies act, 1956 comprising of industries operating in the thane belapur region, was set up with a view to .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //