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

vii) of the 1961 Act and such order is what is contemplated under Section 41(4) of that Act. Any amount which is recovered on any such debt is attracted by the provisions of Section 41(4) of the 1961 Act and is, therefore, chargeable to tax in terms of that sub- 22 Page 23 JUDGMENT section to the extent

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

36(1)(vii) of the IT Act, as it stood at the material time. The only object behind RBI insisting on an NBFC to make “Provision for NPA” compulsorily is to enable NBFC to state its profits only after compulsorily creating a “Provision for NPA” because it is the net profit of NBFC which is the base to determine

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

36 rise to taxable business profits under Section 28 of the I.T. Act. That enquiry is not concluded merely by characterising the event as a “transfer”. It requires a deeper examination of whether the substitution of shares results in real commercial profits, having accrued or arisen in the course of business, so as to be chargeable as business income under

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

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

VII RESULT 133 I. INTRODUCTION 4. The power of an independent Republic to levy and collect tax forms part of its inherent sovereign functions, and such power is circumscribed only by the requirement of being within the authority of law. Article 265 of the Constitution of India envisages the same. In a world where nations must necessarily engage 4 with

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

gains of business or profession" and Section 29 mandates that income referred to in Section 28 shall be computed in accordance with the provisions contained in Sections 30 to 43A. That being the law, Income- tax Officer was bound to allow depreciation whether the assessee chooses to claim the same or not. To arrive at the profit, depreciation

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

ISHIKAWAJMA-HARIMA HEAVY INDUSTRIES LTD. vs. DIRECTOR OF INCOME TAX, MUMBAI

The appeal is allowed in part and to

36,795,623 IHI, BNI & TEIL D-2.0 Total (D-2.1 to D- 2.5) (See Note 9 7,602,796,324 151,044,192 Treaty : Double Taxation Avoidance Agreement (DTAA) : Article 5 of the Double Taxation Avoidance Agreement (DTAA) between India and Japan, inter alia, provides as under : "1. For the purposes of this Convention, the term "permanent establishment" means

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

vii) above, the Appellant was assessed at a loss of Rs. 11,02,255.00 (Rs. 69,15,757.00) \026 Rs. 80,18,012.00 = - Rs. 11,02,255.00) In this manner, the carry-forward loss of Rs. 15,53,487.72 originally claimed by the appellant was reduced to Rs. 11,02,225.00. By order dated nil September, 2002, the Deputy Commissioner

ENGINEERING ANALYSIS CENTRE OF EXCELLENCE PRIVATE LIMITED vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

VII, 2020 SCC Online SC 426 [“PILCOM”], which dealt with section 194E of the Income Tax Act, for the proposition that tax has to be deducted at source irrespective of whether tax is otherwise payable by the non-resident assessee. He then relied upon CBDT Circular No. 588 dated 02.01.1991,12 which clarified that tax concessions were not available

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

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

VII, Noida and two silver bars found at premises of M/s Lunia & Co Delhi and in Civil Appeal Nos. 7689-90 of 2022 Page 5 of 27 sustaining addition of Rs.3,06,36,909/- being unexplained investment in the hands of the assessee under Section 69A of the Act? (ii) If the answer to the above question is in affirmative

SEDCO FOREX INTERNATIONAL INC. THR. ITS CONSTITUTED ATTORNEY MR. NAVIN SARDA vs. COMMISSIONER OF INCOME TAX MEERUT

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

vii) of the Act and considered the question of imposition of tax on income arising from a business connection of the assessee. Holding that income is not taxable in India, 34 the Court premised the conclusion, inter alia, on the ground that as per clause (a) of Explanation 1 to Section 9(1)(i) of the Act, only such part

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

SHRIMAND PADMARAJA R. KADAMBANDA, DHULIA vs. THE COMMNR. OF INCOME TAX, PUNE

vii). The view taken in England in B.C. Fir and Cedar Lumber Co v. The King [1932] A.C. 441 and Commissioners of Inland Revenue v. William’s Executors, [1944] 26 Tax Cas.23, pre- ferred The remarks of the Judicial Committee in Commissioner of Income Tax v. Shaw Wallace & Co., [1932] 59 I.A. 206 with regard to the meaning

DIRECTOR OF INCOME TAX (IT)-I, MUMBAI vs. M/S. AMERICAN EXPRESS BANK LTD

Bench: HON'BLE MR. JUSTICE J.B. PARDIWALA

VII, Mumbai. The Commissioner vide Order dated 26.09.2000 affirmed the decision of the Assessing Officer. 8. Thereafter, the respondent filed an appeal before the Income Tax Appellate Tribunal, Mumbai. The Income Tax Appellate Tribunal, Mumbai, vide Order dated 08.08.2012, allowed the appeal of the respondent by relying upon the Bombay High Court’s decision in Commissioner of Income

NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION vs. COMMISSIONER OF INCOME TAX-V, DELHI

Bench: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

vii. The expenditure incurred by the appellant-Corporation cannot be capital expenditure as neither any enduring advantage or benefit has accrued to it, nor had any asset come into existence which belonged to or was owned by the appellant-Corporation. 16. A reference was made to the judgment of this Court in Commissioner of Income Tax, Bombay v. Associated Cements

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

Bench: HON'BLE THE CHIEF JUSTICE

36 1996. All the trade bodies60 as well Bureau of Indian Standards are members of its governing council. 54. It was submitted that the revenue had granted exemptions to the assessee society under Section 12A and Section 10(23C)(iv) while issuing various certificates from time to time (from AY 1996-1997 to 2007-2008); therefore, it had accepted that

COMMNR.,CENTRAL EXCISE & CUSTOMS, KERALA vs. M/S. LARSEN & TOUBRO LTD

Appeals are disposed of

36) 5. This is the historical setting within which the present controversy arises. 6. Service tax was introduced by the Finance Act, 1994 and various services were set out in Section 65 thereof as being amenable to tax. The legislative competence of such tax is to be found in Article 248 read with Entry 97 of List