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.

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

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

3) of section 200.” Penalty for Failure to Deduct Tax at Source: “Section 271C: (1) If any person fails to – (a) Deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B; or (b) Pay the whole or any part of the tax as required by or under, - (i) Sub-section

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

3 JUDGMENT advance does not amount to utilization of capital gains. The assessee is required to acquire the plant and machinery within the time frame spelt out in sub-section (1

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

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

1) of the 1961 Act. From the scheme of Section 45, it is clear that capital gains is not an income which accrues from day-to-day during a specific period but it arises at a fixed point of time, namely, on the date of the transfer. In short, Section 45 defines “capital gains”, it makes them chargeable

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

gains arising to the assessees from the transfer may not be deemed to accrue / arise in India in light of Section 9 of the ITA. According to the learned Senior Counsel, a plain reading of Section 90 establishes that the only requirement that needs to be satisfied in respect of treaty eligibility under Section 90(2) is the satisfaction

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

GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

3) The principal officer of the domestic company and the company shall be liable to pay the tax to the credit of the Central Government within fourteen days from the date of payment of any consideration to the shareholder on buy- back of shares referred to in sub-section (1). (4) The tax on the distributed income by the company

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

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

3 revenue items. In such category, we are concerned with the assessee(s) incurring loss on revenue account. In that category, we are concerned with the provisions of Sections 28, 29, 37(1) and 145 of the Income-tax Act, 1961 (“1961 Act”). In the second category of cases, we are concerned with exchange differences arising on repayment of liabilities

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

The appeal is allowed

capital gain was determined to be Rs.3,09,78,478 by taking the valuation of the 1/4th undivided share of the Appellant as Rs.1,44,92,907 as on 01.04.1981. In view of the said order of assessment, a show cause notice under Section 274 read with Section 271 of the Act was served to which a reply was filed

R & B FALCON (A) PTY LTD. vs. COMMISSIONER OF INCOME TAX

Appeal is allowed to the above extent

gains) incurred any expense on, or made any payment for, the following purposes, namely:- (A) entertainment; xxx xxx xxx (F) conveyance; xxx xxx xxx (Q) tour and travel (including foreign travel).; (3) For the purposes of sub-section (1), the privilege, service, facility or amenity does not include perquisites in respect of which tax is paid http://JUDIS.NIC.IN SUPREME COURT

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

3 to Section 32 defines the term ‘assets’ and clause(b) of the Explanation defining ‘intangible assets’ is in similar terms as is referred to in Section 32(1)(ii) of the Act. He then refers to the definition of ‘block of assets’ as provided in Section 2(11) of the Act, clearly bifurcating assets into tangible assets and intangible

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 vs. MAHENDRA MILLS

The appeal is dismissed

3 of 21 force, of the management of any property or business; (iii) income derived by a trade, professional or similar association from specific services performed for its members; (iv) the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession. "Income from profits and gains of business

SHAH ORIGINALS vs. COMMISSIONER OF INCOME TAX 24 MUMBAI

Bench: HON'BLE MR. JUSTICE S.V.N. BHATTI

1) and (3) of Section 80 HHC would bring the gain from foreign exchange within the fold of profits from the business of exports outside India. The said sub-section (3) provides that profits derived from export shall be the amount which bears to the business's profit, the same proportion as the export turnover with the total business turnover

NECTAR BEVERAGES PVT. LTD. vs. DEPUTY COMMNR. OF INCOME TAX

3 We also quote hereinbelow Section 41(1), which reads as follows: “Profits chargeable to tax. 41.(1) Where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee, and subsequently during any previous year the assessee has obtained, whether in cash

IPCA LABORATORY LTD. vs. DY. COMMNR. OF INCOME TAX, MUMBAI

1) and (3). It was next submitted that even when the profits are to be reduced by the losses in cases where an export house has disclaimed its turn over in favour of a supporting manufacturer, the turn over of the exporter gets reduced to the extent disclaimed. It is submitted that as the turnover, which is disclaimed, is reduced