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.

11. Shri Sidharth Luthra, learned Additional Solicitor General of India, appearing for the Revenue, on the other hand, submitted that Section 139 of the Act placed a statutory mandate on every person to file an income tax return in the prescribed form and in the prescribed manner before the due date i.e. 31st August of the relevant assessment year. Learned

M/S FIBRE BOARDS (P) LTD BANGALOARE vs. CIT BANGALORE

capital gain shall be exempt to the extent such gain has been utilized for the aforesaid purposes. Explanation to sub-section (1) defines “urban area” on the lines of the definition in section 280Y.” 11

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

11 first apportioned among the assessees in the ratio in which they had received the said amount. Thereafter, this amount is divided into long term capital gains and short term capital gains. Two components of long term capital gains are taken into consideration, namely goodwill and sale of land. Likewise, short term capital gain is arrived at in respect

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

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

11. The dispute in this batch of civil appeals centers around the year(s) in which deduction would be admissible for the increased liability under Section 37(1). 12. We quote hereinbelow Section 28(i), Section 29 Section 37(1) and Section 145 of the 1961 Act, which read as follows: Profits and gains of business or profession: Section

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

11 For short, “CBDT” 17 investments made before 01.04.2017 were grandfathered and not subject to capital gains tax in India. Thus, even under the amended DTAA between India and Mauritius, what was not taxable was capital gains arising from the sale of shares of a company resident in India. 6.7. Therefore, the AAR found that exemption from capital gains

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

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

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

gains of business or profession’ subject to fulfillment of the following conditions: (i) if the expenditure does not fall within the ambit of Sections 30 to 36 of the Act; (ii) if the expenditure has been incurred in the accounting year relevant to the assessment year under consideration; 22 (iii) it should be expended wholly and exclusively for the purpose

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

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

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

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

11. It is pointed out that Section 17(5)(c) carves out an exception only for works contracts, assuming that this is the only category of service where there is no breakage in the chain of taxable supplies. It is submitted that while Section 17(5)(c) allows ITC on works contracts for contractors, ITC has been blocked for other

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

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

N. BAGAVATHY AMMAL vs. COMNR. OF INCOME TAX, MADURAI

1 to 5 and respondents 9 to 11 do get leased portions as shown in the plans, signed by liquidator Mr. K.M.Boothalingam Pillai and handed over to the appellant this day." The appellants thereby received 479.89 acres of the agricultural lands prior to the end of the relevant accounting year that was 31.3.70 . The assessment in respect of the year

DEPUTY COMMISSIONER OF INCOME TAX vs. M/S. CORE HEALTH CARE LTD

capital which the assessee has borrowed. Further, the words "actual cost" do not find place in Section 36(1)(iii) of the 1961 Act which otherwise find place in Sections 32, 32A etc of the 1961 Act. The expression "actual cost" is defined in Section 43(1) of the 1961 Act which is essentially a definition section which is subject

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

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

1)(b) of the Act, it is further stipulated that where the capital gain arises from the transfer of a long-term capital asset, then, in addition to the expenditure incurred in connection with the transfer and the cost of acquisition of the asset, a further deduction, as specified in Section 48(2) of the Act, which is similar