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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 2015 Page 1 of about 2,608 results (0.091 seconds)

Dec 29 2015 (SC)

Lic of India Vs. Insure Policy Plus Services Pvt.Ltd. andors

Court : Supreme Court of India

Decided on : Dec-29-2015

..... interpretation of the law, it does not state that all assignments must be accepted regardless that they are in bad faith. the fact that the government provides tax deductions under section 80c of the income tax act, 1961, that life insurance is not liable to be attached and sold in execution of a decree under section 60 of the civil procedure code, and that life insurance ..... is guaranteed by the central government under section 37 of the lic act indicates that it is a measure of social security, so the power to refuse bad ..... & research centre (1995) 5 scc482has held that insurance is a social security measure, as was also reflected in the statement of objects and reasons of the life insurance corporation act, 1956 (lic act), the high court held that consequent to private entry into the business of life insurance it is no longer possible to contend that life insurance remained a measure of ..... appellant. the second respondent is the director and shareholder of the first respondent. the third respondent is a statutory authority established under section 3 of the insurance regulatory & development authority act, 1999, and is hereinafter referred to as irda. the business of the first respondent is to acquire life insurance policies from policy holders by paying them consideration. the assigned .....

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Dec 23 2015 (HC)

Bausch and Lomb Eyecare (India) Pvt. Ltd. and Another Vs. The Addition ...

Court : Delhi

Decided on : Dec-23-2015

..... expenditure should not come in the way of an expenditure being allowed by way of a deduction under section 10 (2) (xv) of the act (indian income tax act, 1922) if it satisfies otherwise the tests laid down by the law ?. 66. on the issue of the intra group services, the assessee ..... 92b of the income tax act, 1961? (iii) whether under chapter x of the income tax act, 1961, a transfer pricing adjustment can be made by the transfer pricing officer/ assessing officer in respect of expenditure treated ..... law as no specific reference was made by the assessing officer, having regard to retrospective amendment to section 92ca of the income tax act, 1961 by finance act, 2012. (ii) whether amp expenses incurred by the assessee in india can be treated and categorized as an international transaction under section ..... muralidhar, j. introduction 1. these are seven appeals, five by the assessee and two by the revenue, under section 260a of the income tax act, 1961 ( act'). the assessment years ( ays') involved are 2006-07 to 2010-11. 2. the assessee's appeals, ita nos. 643 of 2014 ..... by the appellant as a result of an arrangement or understanding with the associated enterprises so as to constitute an 'international transaction' under the act or income tax rules, 1962 ('the rules')? (f) whether the amp expense incurred by the appellant wholly and exclusively for the purpose of its business .....

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Dec 23 2015 (HC)

Honda Siel Power Products Limited Vs. Deputy Commissioner of Income Ta ...

Court : Delhi

Decided on : Dec-23-2015

..... being allowed by way of a deduction under section 10 (2) (xv) of the act (indian income tax act, 1922) if it satisfies otherwise the tests laid down by the law." 39. the oecd transfer pricing guidelines, para 7.13 emphasises that there should not be any automatic ..... ?. thirdly, the court noted: it is also uncontested that the controlled international transactions can be made subject-matter of the transfer pricing adjustment in terms of chapter x of the income tax act, 1961 ?. 27. the court further explained the features particular to three of the said assessees i.e sony mobile communications india pvt. ltd., reebok india company and canon india pvt ..... . (ii) whether amp expenses incurred by the assessee in india can be treated and categorized as an international transaction under section 92b of the income tax act, 1961? (iii) whether under chapter x of the income tax act, 1961, a transfer pricing adjustment can be made by the transfer pricing officer/ assessing officer in respect of expenditure treated as amp expenses and if so in which ..... ) 118 itr 26 (sc). the supreme court in the said decision emphasised that the expression 'wholly and exclusively' used in section 10 (2) (xv) of the act (indian income tax act, 1922) did not mean 'necessarily'. it said: "the fact that somebody other than the assessee is also benefitted by the expenditure should not come in the way of an expenditure .....

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Dec 23 2015 (HC)

Union of India and Another Vs. M/s. Mahalaxmi Saw Mills P. Ltd.

Court : Delhi

Decided on : Dec-23-2015

..... transfer of assets from firm to newly constituted company but it is not a transfer within the meaning of section 45 of the income tax act, 1961 attracting capital gains tax. 24. however the said judgments proceed on the interpretation of income tax act and in any case also do not hold there to be no transfer. moreover, the lease deed aforesaid is a government grant and ..... between erstwhile partners as a consequence of dissolution does not amount to transfer of assets within the meaning of section 34(3)(b) read with section 2(47) of the income tax act; (ii) k.g. electronics pvt. ltd. and human care medical charitable trust supra were cases of change of shareholders / directors of a company and trustees / members respectively of the company ..... qua which not only is it statutorily provided in the government grants act, 1895 but otherwise is the settled proposition of law that the grant has to be interpreted ..... either. 6. per contra, the counsel for the respondent company while supporting the judgment of the learned single judge has additionally relied on (a) malabar fisheries co. vs. commissioner of income tax, kerala (1979) 4 scc 766 to contend that upon the partners converting the partnership into a private limited company, the vesting of property in the company, is a legal consequence .....

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Dec 22 2015 (HC)

The Commissioner of Income Tax-LTU and Another Vs. Whirlpool of India ...

Court : Delhi

Decided on : Dec-22-2015

..... assessee is also benefitted by the expenditure should not come in the way of an expenditure being allowed by way of a deduction under section 10 (2) (xv) of the act (indian income tax act, 1922) if it satisfies otherwise the tests laid down by the law ?. conclusion 47. for the aforementioned reasons, the court is of the view that as far as the ..... income tax act, 1961? (iii) whether under chapter x of the income tax act, 1961, a transfer pricing adjustment can be made by the transfer pricing officer/ assessing officer in respect of expenditure treated as amp expenses and if so in which ..... dr. s. muralidhar, j. 1. these two appeals, one by the revenue and the other by the assessee, under section 260 a of the income tax act 1961 ('act') are directed against the common order dated 13th january 2014 passed by the income tax appellate tribunal ( itat') in ita no. 426/del/2013 for the assessment year ( ay') 2008-09. the issue 2. these appeals concern the ..... expenses' for short) was beyond jurisdiction and bad in law as no specific reference was made by the assessing officer, having regard to retrospective amendment to section 92ca of the income tax act, 1961 by finance act, 2012. (ii) whether amp expenses incurred by the assessee in india can be treated and categorized as an international transaction under section 92b of the .....

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Dec 22 2015 (HC)

Commissioner of Income-tax, Delhi Vs. Sharda Sinha

Court : Delhi

Decided on : Dec-22-2015

..... law in holding that the compensation of rs. 53,82,000/- received by the assessee from the german publisher was a capital receipt not chargeable to tax under income tax act?" 10. it is urged by mr. rohit madan, learned standing counsel for the revenue, that since the assessee was free to work for other magazines ..... spiegel, nor it was anticipated by him." 7. the assessee then filed an appeal before the commissioner of income tax (appeals) [cit(a)], who by order dated 4th july, 1997 held in favour of the assessee. the cit(a) observed inter alia as under: "3.1 the appellant was working exclusively for der spiegel in terms ..... , contribute articles and be remunerated therefor, the amount received from the der spiegel, consequent upon the termination of the contract, could only be treated as revenue income. ..... dr. s. muralidhar, j. 1. this appeal is directed against the order dated 5th march 2003 passed by the income tax appellate tribunal ('itat') in ita no. 5140/del/1997 for the assessment year ('ay') 1994-95. 2. the respondent is the ..... nature. the compensation of rs. 53,82,000/- is therefore directed to be excluded from the appellant's total income." 8. by the impugned order dated 5th march, 2003, itat confirmed the order of cit(a). 9. this court has heard the learned counsel for the parties. while admitting the appeal on 23rd february .....

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Dec 22 2015 (HC)

Arjan Singh and Others Vs. State of Punjab and Others

Court : Punjab and Haryana

Decided on : Dec-22-2015

..... ., naraina industrial area, phase i, new delhi v. commissioner of income tax (haryana), rohtak, itr nos. 40 and 41 of 1991, decided on december 3, 2004, examined the provisions of section 254(2a) of the income tax act, 1961, which contemplated that the appellate tribunal may hear and decide ..... of us (hemant gupta, j.) was a member, considered the provisions of section 14b(7)(ii) and (iii) of punjab general sales tax act, 1948 providing that the proceedings shall be decided within a period of 14 days. the court held that such provision is more by way ..... the appeal within a period of four years from the end of the financial year in which such appeal is filed. this court held to the following effect:- "we may also notice sub-section (2a) of section 254, which was inserted by the finance act ..... doctrine of substantial compliance seeks to preserve the need to comply strictly with the conditions or requirements that are important to invoke a tax or duty exemption and to forgive non-compliance for either unimportant and tangential requirements or requirements that are so confusingly or incorrectly ..... the micro level planning is after considering the objections when the scheme is published before publication of a notification under section 42 of the act. such requirement has been complied with. to appreciate the argument raised, certain statutory provisions need to be extracted:- "section 24. development and .....

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Dec 21 2015 (HC)

Commissioner of Income Tax, Chennai Vs. M/s. Kalaignar TV Private Limi ...

Court : Chennai

Decided on : Dec-21-2015

..... in s.p.no.345/mds/2015 in i.t.a. no.1245/mds/2015. t.c.a.no.1179 of 2015: tax case (appeal) filed under section 260 a of the income tax act, 1961 against the order of the income tax appellate tribunal 'c' bench, chennai, dated 8.10.2015 in s.p.no.346/mds/2015 in i.t.a. no ..... .1246/mds/2015.) common judgment: (m. jaichandren, j.) 1. the tax case (appeal) no.1178 of 2015 has been filed against the order of the income tax appellate tribunal 'c' ..... also brought to the notice of this court that the main appeals, in i.t.a.nos.1245 and 1246/mds/2015, pending before the income tax appellate tribunal 'c' bench, chennai, are being proceeded with, on a day-to-day basis. 6. in such circumstances, we are of the view that the present appeals, ..... this court that subsequent stay petitions, in s.p.nos.417 and 418/mds/2015, in i.t.a.nos.1245 and 1246/mds/2015, had been filed before the income tax appellate tribunal 'c' bench, chennai, and orders had been passed, on 27.11.2015, granting extension of stay of demand, till 31.12.2015. 5. it is ..... t.a. no.1246/mds/2015. 3. on hearing the submissions made by the learned counsels appearing for the parties concerned, it is found that the orders passed by the income tax appellate tribunal 'c' bench, chennai, dated 8.10.2015, in s.p.no.345/mds/2015, in i.t.a. no.1245/mds/2015 and s.p.no .....

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Dec 21 2015 (HC)

Raj Dulari Bhasin Vs. Commissioner of Income-tax

Court : Delhi

Decided on : Dec-21-2015

..... 1. this appeal under section 260a(1) of the income tax act, 1961 ('act') is directed against the impugned order dated 12th may 2013 passed by the income tax appellate tribunal ('itat') in ita no. 2183/del/2000 for the assessment year ('ay') 1990-91. 2. while admitting this appeal ..... assessee against the order of the cit (a), the itat held in the impugned order as under: "24. it is quite ..... sum of rs. 4 lakhs = rs. 9,32,855/- was treated as the income of the assessee under the head profit and gains of business. 13. the appeal filed by the assessee before the commissioner of income tax (appeals) ['cit (a)'] was dismissed on 8th march 2000. while dismissing the appeal filed by the ..... of rs. 4 lakhs under the head 'long term gain' and claimed deduction of rs. 3,75,000 under section 54b of the act. the assessee also declared net taxable income of rs. 7,500 under the head 'capital gains'. 9. the said return of the assessee was accepted by the revenue under section ..... the court by its order dated 18th may 2004 framed the following question of law for consideration: "whether the income tax .....

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Dec 21 2015 (HC)

The Commissioner of Income Tax Vs. HCL Infosystems Ltd.

Court : Delhi

Decided on : Dec-21-2015

..... other energy, boarding and lodging. ? 38. the explanatory notes to the above amendment read as under: it is proposed to insert a new clause (vii) in section 28 of the income tax act vide clause 13 of the bill so as to provide that any sum whether received or receivable in cash or kind, under an agreement for not carrying out any activity ..... capital right to manufacture is for consideration it will fall under section 55. the assessee is, therefore, covered by the provision of section 45 read with section 55 of the income tax act, 1961. the intent of the legislative on this issue is very clear. section 55(2)(1i) has been amended w.e.f. 1.4. 98 in order to ensure payments ..... the head profits and gains of business or profession', clause (vii) was introduced with effect from 1st april 2003 and read as under: 13. in section 28 of the income tax act, after clause (vi), the following shall be inserted with effect from 1st day of april 2003, namely (vii) any sum, whether received or receivable in cash or kind, under an ..... dr. s. muralidhar, j. 1. this is an appeal by the revenue under section 260a of the income tax act, 1961 ( act') against the impugned order dated 3rd october 2002 passed by the income tax appellate tribunal ( itat') in ita no. 1280/del/2002 for the assessment year ( ay') 1998-99. question of law 2. while admitting this appeal on 1st february 2006 the court .....

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