COMMR.OF INCOME TAX,NEW DELHI vs. M/S ELI LILLY & COMPANY (INDIA) P.LTD

10 the learned counsel, the chosen employer, in such circumstances, would be liable to deduct tax on the total income taxable under the head “salaries”. In the absence of exercise of option under Section 192(2), the obligation of each employer, according to the learned counsel, is confined to the amounts of salary actually paid and there is no statutory

SASI ENTERPRISES vs. ASSISTANT COMMISSIONER OF INCOME TAX

Bench: The Additional Chief Metropolitan Magistrate (Egmore), Chennai, For The Willful & Deliberate Failure To File Returns For The Assessment Years 1991-92, 1992-93 & Hence Committing Offences Punishable Under Section 276 Cc Of The Income Tax Act, 1961 (For Short “The Act”). Complaints Were Filed On 21.8.1997 After Getting The Sanction From The Commissioner Of Income Tax, Central Ii, Chennai Under Section 279(1) Of The Income Tax Act. Appellants Filed Two Discharge Petitions Under Section 245(2) Cr.P.C., Which Were Dismissed By The Chief Metropolitan Magistrate Vide Order Dated 14.6.2006. Appellants Preferred Crl. R.C. Nos.781 To 786 Of 2006 Before The High Court Of Madras Which Were Dismissed By The High Court Vide Its Common Order Dated 2.12.2006, Which Are The Subject Matters Of These Appeals.

10. Shri Shekhar Naphade, learned senior counsel appearing for the appellants, submitted that the High Court did not appreciate the scope of Section 276CC of the Act. Learned senior counsel pointed out that once it is established that on the date of the complaint i.e. on 21.08.1997 the assessment had not attained finality, the complaint became pre-mature

NEW OKHLA INDUSTRIAL DEVELOPMENT AUTHORITY vs. CHIEF COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ASHOK BHUSHAN

Section 10(20) as amended by the Finance Act, 2002, the High Court held that the appellant authority could not have claimed benefit under the provisions after 01.04.2003. In paragraphs 6 and 7 following was held: “6. It would thus be seen that the income of a local authority chargeable under the head “Income from house property”, “Capital gains

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

10,000 was treated as representing goodwill of the ₹ firm which was taxed as long term gain. This mode of arriving at short term and long term capital gain and taxing it accordingly by the Assessing Officer has received the stamp of approval by the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal, as well

PRAKASH NATH KHANNA vs. COMMNR OF INCOME TAX

Capital gains" and claims that the loss or any part thereof should be carried forward under sub-section (1) of Section 72, or sub-section (2) of Section 73, or sub-section (1) or sub- section (3) of Section 74, or sub- section (3) of Section 74A, he may furnish within the time allowed under sub-section (1

THE COMMISSIONER OF INCOME TAX JAIPUR vs. PRAKASH CHAND LUNIA (D) THR LRS

Bench: HON'BLE MR. JUSTICE M.R. SHAH

Section 10(2) enumerates various items which are admissible as deductions, but it is well settled that they are not exhaustive of all allowances which could be made in ascertaining profits taxable under s. 10(1). In Income Tax Commissioner v. Chitnavis [(1932) LR 59 IA 290, 296, 297] the point for decision was whether a bad debt could

THE INCOME TAX OFFICER, vs. URBAN IMPROVEMENT TRUST

The appeals are allowed

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

Capital gains" or "Income from other sources" or from a trade or busi- ness carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own ju- risdictional area or from the supply of water or electricity within or outside its own ju- risdictional area. Explanation

COMMISSIONER OF INCOME TAX, DELHI vs. M/S WOODWARD GOVERNOR INDIA P. LTD

10,28,190.00. That return was processed under Section 143(1)(a) on 23.3.1999. On 16.8.1999 a notice under Section 143(2) was issued to the assessee stating that in the course of assessment proceedings under Section 143 it was noticed by the Department that the assessee had debited to its Profit & Loss Account

THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) vs. TIGER GLOBAL INTERNATIONAL II HOLDINGS

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

10; and (ii) residence for capital gains taxation under Article 13(4). The relevant portion reads as under: “CBDT Circular No. 789, Clarification Regarding Taxation of Income from Dividends and Capital Gains Under the Indo-Mauritius Double Tax Avoidance Convention (DTAC) dated 13.04.2000: 1. The provisions of the Indo-Mauritius DTAC of 1983 apply to ‘residents’ of both India

M/S JINDAL EQUIPMENT LEASING CONSULTANCY SERVICES LTD. vs. COMMISSIONER OF INCOME TAX

Appeals stand disposed of in the aforesaid terms

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

1. Whether shares received by the assesses on amalgamation are entitled to the benefit of section 47(vii) without the Tribunal concluding that the said shares were held by the assesses as capital assets? 2. Whether the benefit of Section 47(vii) is limited to determination of capital gains and only in regard to capital assets? 3. Whether income would

DILIP N. SHROFF vs. JOINT COMMNR. OF INCOME TAX, MUMBAI &ANR

The appeal is allowed

capital gains. The amount of tax sought to be evaded is worked out as per clause (a) to Explanation 4 to Sec. 271(1)(c) of the Act at 20% of Rs.3,43,90,478 i.e. Rs.68,78,095. Accordingly, a minimum penalty of Rs.68,78,095 is levied under Section 271(1)(c) of the Act." 12. The Appellant

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

Capital gains. Various sections deal with how income, profits and gains under each http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 8 of 21 head have to be computed. Section 10 deals with the computation of profits and gains of any business carried on by an assessee. Section 10(2) prescribes the allowances which have to be deducted before computing

SHARP BUSINESS SYSTEM THR. FINANCE DIRECTOR MR. YOSHIHISA MIZUNO vs. COMMISSIONER OF INCOME TAX-III N.D

The appeals are hereby disposed of in terms of

Bench: HON'BLE MR. JUSTICE MANOJ MISRA

1) Any expenditure not being expenditure of the nature described in Sections 30 to 36 and not being in the nature of capital expenditure or personal 43 expenses of the assessee laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head ‘profits and gains

CHIEF COMMISSIONER OF CENTRAL GOODS AND SERVICE TAX vs. M/S SAFARI RETREATS PRIVATE LIMITED

Appeals are partly allowed in above terms

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

capital goods and plant and machinery if he claims depreciation on the said tax component under the Income Tax Act. The object is that a registered person does not take advantage of both depreciation and ITC. 29. Now we come to sub-Section (4) of Section 16. Before the amendment made by the Finance Act, 2022, the sub-section read

M/S. SOUTHERN TECHNOLOGIES LTD. vs. JOINT COMMNR. OF INCOME TAX, COIMBATORE

capital gains, etc. which items are all credited to P&L Account, but, which are exempted under the IT Act would become taxable income which is not the intention of Section 45Q of the IT Act. That, the said 1998 Directions cannot be taken as an excuse by the NBFC to compute lower taxable income under

COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD

gains under sub-section (4) or sub-section (5) of section 80- IB; or (vi) the amount of profits derived by an industrial undertaking from the business of developing, maintaining and operating any infrastructure facility as defined as defined in the Explanation to sub-section (4) of section 80-IA and subject to fulfilling the conditions laid down in that

ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. AHMEDABAD URBAN DEVELOPMENT AUTHORITY

Bench: HON'BLE THE CHIEF JUSTICE

Section 12AA(1) of the IT Act, on 18.05.1979 and is engaged in the activity of promotion of the export of all kind of ready-made garments, knitwear, and garments made of leather, jute and hemp. It does not per se engage in any activity for profit, and its mandate is to ensure that Indian apparel manufacturers, are given forums

PR. COMMISSIONER OF INCOME TAX 6 vs. KHYATI REALTORS PVT. LTD

The appeal is allowed, in the above terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

capital in nature, but is laid out or spent exclusively for the purpose of business, under Section 37 of the Act. A similar provision existed under the old Income Tax Act, 1922 as in the case of provision for bad debts, by Section 10(2)11. This aspect was considered 10 [1963] Supp (1) SCR 776. 11 Section 10