NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

Section 48(2) of the Act becomes applicable. For that purpose, we annex hereinbelow a chart indicating Computation of Income under the head “Capital gains”, as projected by the assessee on the one hand and as projected by the Assessing Officer on the other hand. ...12/- 12 - COMPUTATION OF INCOME UNDER THE HEAD “CAPITAL GAINS As per assessee

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

The appeal is allowed

3 SCC 207] 49. While considering as to whether the assessee has been able to discharge his burden, the assessing officer should not begin with the presumption that he is guilty. 50. Once the primary burden of proof is discharged, the secondary burden of proof would shift on the assessee because the proceeding under Section

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

Bench: HON'BLE THE CHIEF JUSTICE

70, Bureau of Indian Standards v. DGIT(E)71 and GS1 India v. DGIT(E)72. 66. Mr. Ajay Vohra, learned senior counsel, appearing for the Apparel Export Promotion Council (AEPC) urged that it is a non-profit organization set up with approval of the Central Government, for promotion of exports of garments from India (i.e., promotion of trade

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

COMMISSIONER OF INCOME TAX, COIMBATORE vs. M/S. LAKSHMI MACHINE WORKS

Capital gains 9,94,680 20,000 Gross total income 10,14,680 Less: Deduction Under section 80HHC [see Note] http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 12 of 18 Under section 80-I [i.e., 25% of Rs.9,94,680] Net income (rounded off) 5,48,355 2,48,670 2,17,660 Note: Computation of deduction under section 80HHC

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

3,00,000.00 was outstanding from a director of the assessee company and an amount of Rs. 346.43 lakhs was due from companies where directors of the assessee were interested as directors. After considering the explanation of the assessee, the Assessing Officer made disallowance of an amount of Rs.99,49,264.00. Assessing Officer held that assessee’s claim for deduction

MANSAROVAR COMMERCIAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX DELHI

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

capital gains in a particular case may tantamount to a failure in raising a substantial question of law in terms of Section 260A of the Act. However, the same may not apply on interest as the interest is automatic and mandatory. 4.14 Making above submissions and relying upon the aforesaid decisions, it is prayed that the present appeals be dismissed

M.M. AQUA TECHNOLOGIES LTD. vs. COMMISSIONER OF INCOME TAX, DELHI - III

Appeals are allowed in the aforesaid terms

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

3 was not discussed.” 10. On 22nd July, 2016, the High Court dismissed the Review Petition filed by the assessee stating as follows: “8. … The clear purport of the statute i.e. Section 43-B (d) is that any amount payable towards interest liability would 8 qualify for deduction; however Explanation 3C acts to insist on a rider: “Explanation

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

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

capital gains as required under section 71. Be that as it may, I have no hesitation in saying that if it were a pure question of law capable of being adjudged on the material on record, the Tribunal was under a statutory obligation to entertain and decide the same. I, however, think that, on the admitted facts, the petitioner

M/S. SARAF EXPORTS vs. COMMISSIONER OF INCOME TAX, JAIPUR - III

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

70,197/- on account of DEPB and of Rs. 76,27,636/- on account of receipts under the Duty Drawback. 2.2 The assessee credited the receipts of the aforesaid amounts into the Profit & Loss Account and claimed the same as “Profit / gains of business / profession” under Sections 28(iiic) and 28(iiib) of the Act, 1961. The assessee was issued

KILLICK NIXON LTD., MUMBAI vs. DEPUTY COMNR. OF INCOME TAX,MUMBAI

In the result, we allow the appeal, set aside the judgment of the High

70,50,000-27,14,756) Rs. 43,35,244.00 2. Disallowance under Rule 6B (p. 17) Rs. 1,25,279.00 3. Foreign travel expenses (p. 21) Rs. 53,740.00 4. Depn. Allowed on motor car, fan & furniture (p. 23) Rs. 67,746.00 Totaling Rs. 45,82,009.00 Finally, he further deducts the relief allowed on account of set-aside

COMMISSIONER OF INCOME TAX, KOCHI vs. TRANS ASIAN SHIPPING SERVICES (P) LTD

Capital Gains and (v) Income from Other Sources. Thereafter, manner of computation of the income under the aforesaid heads is stipulated in various sections falling under Chapter IV. As far as Income from Profits and Gains of Business or Profession is concerned, Sections 28 to 44DB of the Act contain the procedure for computation of income under this head. Therefore

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

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

70 “6. BACKUP COPY- After installation of one copy of the SOFTWARE PRODUCT pursuant to this EULA, you may keep the original media on which the SOFTWARE PRODUCT was provided by Microsoft solely for backup or archival purposes. If the original media is required to use the SOFTWARE PRODUCT on the COMPUTER, you may make one copy of the SOFTWARE

PR. COMMISSIONER OF INCOME TAX vs. MARUTI SUZUKI INDIA LIMITED

Bench: HON'BLE THE CHIEF JUSTICE

70 per cent and 30 per cent. The assessee was known upon incorporation as Suzuki Metal India Limited. Subsequently, with effect from 8 June 2005, its name was changed to SPIL. 6 On 28 November 2012, the assessee filed its return of income declaring an income of Rs. 212,51,51,156/-. The return of income was filed

COMMNR. OF INCOME TAX, MUMBAI vs. M/S. GENERAL INSURANCE CORPN.OF INDIA

Section 81 of the Indian Companies Act, - "When a company prospers and accumulates a large surplus it converts this surplus into capital and divides the capital among its members in proportion to their rights. This is done by issuing fully paid shares representing the increased capital. The shareholders to whom the shares are allotted have to pay nothing. The purpose

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

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

capital expenditure or personal expenditure, shall be allowed as a deduction in computing the income chargeable under the head “Profits and gains from business or profession”. Therefore, it is clear that there is no restriction under Section 37(1) of the Act that, for an expenditure to be deductible under it, it must be incurred in India. b) This position

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL) CIRCLE 1(2) vs. M/S M.R. SHAH LOGISTICS PVT. LTD

Appeal is allowed in these terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

3 disclosed the statements made by Garg Logistics under Section 132 of the Act, about the declaration by Garg Logistics P Ltd, under the Income Declaration Scheme (IDS). 5. The AO, in the reasons to believe, compared the investments made by Pravin Chandra Aggarwal, i.e. the assessee company’s Chairman with form no.2 of the assessee company and the records