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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

1 All ER 865 (HL)] enunciated the look at test. According to that test, the task of the Revenue is to ascertain the legal nature of the transaction and, while doing so, it has to look at the entire transaction holistically and not to adopt a dissecting approach. 97. One more aspect needs to be reiterated. There is a conceptual

COMMISSIONER OF INCOME TAX, PATIALA vs. PATIALA FLOUR MILLS CO. PVT. LTD., PATIALA

84 by Finance Act, 1967 with effect from 1st April, 1968. The material portions of that section read as under: "80J. (1) Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel, to which this section applies, there shall, in accordance with

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

The appeal is allowed

1) of section 49, and the capital asset became the property of the previous owner before the1st day of April, [1981], means the cost of the capital asset to the previous owner or the fair market value of the asset on the 1st day of http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 24 of 26 April, [1981], at the option

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

84,701/-, in all, totalling Rs. 1,02,03,121/- from which AO allowed deduction of Rs. 20,34,605/- on account of Hire Purchase Finance Charges leaving a balance provision for NPA of Rs. 81,68,516/-. Before the AO, Assessee claimed deduction in respect of Rs. 81,68,516/- under Section 36(1)(vii) being Provision

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

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

1)(c)(iii)? ii. What is meant by the term "total income" in Explanation 4(a)? Both these questions are fully answered by this Court in Commissioner of Income Tax, Bombay City v. Elphinstone Spinning and Weaving Mills Co. Ltd., 40 ITR 142 (SC). Under the Finance Act, 1951, a provision was enacted to discourage the declaration of dividend disproportionate

K.M. SHARMA vs. INCOME TAX OFFICER, WARD 13(7),NEW DELHI

The appeal is allowed

capital gains tax was not leviable but tax was leviable on interest earned on the amount awarded on year to year basis. 4. The appellant through counsel sent a letter dated 17.9.1993 informing the ITO that he had received interest amount of Rs.76,84,829/- and interest accrued from year to year was assessable in each year. Year-wise break

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

1. GRANT OF LICENSE: This EULA grants you the following rights: a. Systems Software - You may install and use one copy of the SOFTWARE PRODUCT on a single computer, including a workstation, terminal, or other digital electronic device (“COMPUTER”). You may permit a maximum of five (5) COMPUTERS to connect to the single COMPUTER running the SOFTWARE PRODUCT solely

METTUR CHEMICAL AND INDUSTRIAL CORPORATION LIMITED vs. COMMISSIONER OF INCOME-TEX, MADRAS-1

Appeal is dismissed,

gains under Section 84(5) of the Act, there must first be a deduction under Section 84(1) of the Act of 6% per annum an the capital

COMMISSIONER OF INCOME TAX vs. M/S JINDAL STEEL THROUGH ITS MANAGING DIRECTOR

Appeals are hereby dismissed

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

capital or revenue receipt. This additional issue has been raised in Civil Appeal No.9917 of 2017 (Assistant Commissioner of Income Tax Vs. M/s Godawari Power and Ispat Pvt. Ltd.) and also in Civil Appeal No.8983 of 2017 (Assistant Commissioner of Income Tax Chhattisgarh Vs. M/s Godawari Power and Ispat Pvt. Ltd.) RECOMPUTATION OF DEDUCTION UNDER SECTION

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

The appeal is allowed in part and to

capital of the appellant company. In the present situation there is no such connection, which can be said to give rise to a business connection between the permanent establishment in India and the transaction that is sought to be taxed. Yet again in Anglo French Textile Co. Ltd. v. CIT Madras [23 ITR 101], in the fact situation obtaining therein

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

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

capital gain; but, in the case of goodwill generated in a new business, it was not possible to determine the date when it came into existence. In view of these observations of the Supreme Court, we are inclined to hold that if any one or more of the base figures forming part of computations under clauses

BAJAJ TEMPO LTD. BOMBAY vs. COMMISSIONER OF INCOME TAX,BOMBAY CITY-IIIBOMBAY

Accordingly succeed and are allowed

gains derived from any industrial undertaking to which this section ap- plies as do not exceed six percent per annum on the capital employed in the undertaking, computed in accordance with such rules as may be made in the behalf by the Central Board of Revenue. (2) This section applies to any industrial under- taking which (i) is not formed

CHALLAPALLI SUGAR LTD. vs. THE COMMISSIONER OF INCOME TAX, A.P. HYDERABAD

1) of section 208 of the Companies Act, 1956, gives statutory recognition to the principle of capitalising the interest in case the interest is paid on money raised to defray expenses of the construction of any work or building or the provision of any plant in contingencies mentioned in that section even though such money constitutes share capital. The same

COMMISSIONER OF INCOME TAX, MADRAS vs. M/S. P.S.S. INVESTMENTS (P) LTD

section 23A of the Income-tax Act :-- on that part of the said dividends which exceeds 6 per cent, but does not exceed 10 per cent of the paid-up capital; at the rate of 10% on that part of the said dividends which exceeds 10 per cent of the paid-up capital; at the rate of 20% http://JUDIS.NIC.IN

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. WILLAMSON FINANCIAL SERVICES

Bench: The 60 : 40 Apportionment Under Rule 8(1) Or From 40% Profits On Sales Taxable As Business Income. 3. Rule 8(1) Of The Said Rule Provides That 40% Of The Composite Income From Sale Of Tea, Grown & Manufactured, Arrived At On Making Of The Apportionment \023Shall Be Deemed To Be Income Liable To Tax\024. 4. Assessees Exported Tea In The Accounting Year. They Were Entitled To Deduction Under Section 80Hhc Of Income-Tax Act, 1961 (For Short, \0211961 Act\024) In Respect Of The Export. They Were In The Business Of Growing & Manufacturing Tea. Since They Earned Composite Income, Their Case Stood Covered By Rule 8(1) Of Income-Tax Rules, 1962 (\0231962 Rule\024 For Short). 5. For The Sake Of Convenience We State The Facts Occurring In Civil Appeal No.3803-3808 Of 2005- Commissioner Of Income Tax V. Willamson Financial Services & Ors. In The Returns, The Assessee Claimed Section 80Hhc Deduction Against The Entire Composite Income Before Application Of Rule 8(1).

84 (SC) which had been approved by the Constitution Bench later on in the case of Distributors (Baroda) Pvt. Ltd. v. Union of India and Ors. \026 (1985) 155 ITR 120 (SC) in which it has been held that though a deduction does not appear in Chapter IV, it has a direct impact upon the computation of income under

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