M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I

11 of 17 In Indo-Gulf Fertilizers and Chemicals Corporation Ltd. v. Union of India, 195 ITR 485 (All.), it was held as under: - "The language of the provision quoted above itself shows that where "the total income" after making adjustments under clause (a) of sub-section (1) of section 143 of the Act exceeds the total income declared

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

11 salaries paid by any other person, which is not on account of or on behalf of such employer, notwithstanding that such salaries may have nexus with the service of the employee with that employer and may be assessable to tax in India in the hands of the recipient employee. According to the learned counsel, on facts, the payment

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

11,42,973/- in the year 1991-1992. The appellant claimed exemption under Section 54G of the Income Tax Act on the entire capital gain earned from the sale proceeds of its erstwhile industrial undertaking situate in Thane in view of the advances so made being more than the capital gain made by it. 2. By an order dated

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

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

c) the amount of income of the nature referred to in clause (i) to (ix) of sub-section (1) of Section 80L, if any does not, in the aggregate, exceed the maximum amount allowable as deduction in his case under that section; and (d) the tax deductible at source under section 192 from the income chargeable http://JUDIS.NIC.IN SUPREME COURT

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

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

Capital account). According to the learned counsel, the essence of deductibility under Section 37 is that the increase in liability due to foreign exchange fluctuations must fulfill the twin requirements of “expenditure” and the factum of such expenditure having been “laid out or expended”. According to the learned counsel, the expression “expenditure” is “what is paid out” and “something which

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

capital gains, once this Court has recognized that amalgamation entails a transfer, that conclusion cannot be ignored while considering the ambit of Section 28. 16.4. The real question, therefore, is whether an amalgamation – though, in company law, it operates as a statutory substitution of rights – nonetheless gives 36 rise to taxable business profits under Section

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

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

11 (2007) 4 SCC 476 12 (1979) 1 SCC 568 13 (2011) 331 ITR 192 40 14.8. He further submits that the right acquired by the payer on payment of non-compete fee does not fall in this category. It is a negative covenant that imposes an obligation on the recipient of the fee to desist from doing something

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

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

GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

capital gain is totally exempt, entire transaction used to escape the tax net. Thus to plug this loop hole in the statute, Section 115QA is introduced to provide that where shares are bought back at a price higher than the price at which those shares were issued then, balance amount will be treated as distribution of income to shareholder

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

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 1970-71 had been completed

PRINCIPAL DIRECTOR OF INCOME TAX (INVESTIGATION) vs. LALJIBHAI KANJIBHAI MANDALIA

The appeal is allowed and the order passed by the High

Bench: HON'BLE MR. JUSTICE HEMANT GUPTA

capital. The allegation against the company is in relation to cash deposits of total 6 Rs.13,79,10,500/- soon after demonetization on 08.11.2016. The satisfaction note prepared by DDIT (Investigation), Unit-1, Jalpaiguri was approved by Additional Director of Income Tax (Investigation) Unit- 5, Kolkata and further approved by DGIT (Investigation), Kolkata on 07.08.2018. The High Court also quoted