K. vs. . A. L. M. RAMANATHAN CHETTIAR BY L.RS. VS COMMISSIONER OF INCOME-TAX, MADRAS

In the result the appeals are allowed with costs here and in

dividend’. Sec- tion 4(1)(b) enumerates various other sources of income. One of the components which makes up the total income is the income that has accrued or arisen to a resident in India in the previous year, outside the taxable territory. We shall now see what s. 49-D says. It is not necessary to quote the entire

COMMISSIONER OF INCOME TAX 5 MUMBAI vs. M/S. ESSAR TELEHOLDINGS LTD. THROUGH ITS MANAGER

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

dividend   on investment exempt under Section 10(23G) was considered by the A.O.   for   the   purpose   of   disallowance   U/S.14A.     Hence, 4 proportionate   interest   relating   to   investment   on   which exemption   u/s.10(23G)   is   available   as   per   the   working amounting   to   Rs.26   crores   was   disallowed   U/S.14A   r.w.s. 10(23G) of the I.T. Act.    5. The assessee filed an appeal, which was partly

THE BANK OF RAJASTHAN LTD. vs. COMMISSIONER OF INCOME TAX

Appeals are dismissed

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

deemed   to   include   any   income, profits or gains from: (1) Investments in (a) securities of the nature  referred  to   in  Section  8  of  the Indian Income Tax Act; or (b) property of the  nature   referred   to  in   Section   9  of that Act; (2) dividends, or      Civil Appeal No.3291­3294 of 2009, etc. Page 31 of 45 (3)   the   ‘other   sources

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

Bench: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

dividends or other realisations on investments made from the Fund. (2) The moneys in the Fund shall be applied for— (a) advancing loans and granting subsidies to State Governments on such terms and conditions as the Corporation may deem fit for the purpose of enabling State Governments to subscribe to the share capital of co-operative societies or for otherwise

PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) 2 vs. M/S MAHAGUN REALTORS (P) LTD

The appeal is allowed, in the above terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

dividend income accruing to the estate of a deceased, this court held that as Parliament did not make “any provision generally for assessment of income receivable by the estate of the deceased person, the expression "any tax which would have been payable by him under this Act if he had not died" cannot be deemed to have supplied the machinery

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

disallowed i.e. Rs. 10,28,462.00, Rs. 57,51,520.00 and Rs. 1,15,000.00. He concluded that by adding these figures the total amount of Rs. 68,94,982.00 was the income in respect of which inaccurate particulars had been furnished. The tax was computed at Rs. 31,71,692.00. It was held that the tax sought

JT.COMMR.OF INCOME TAX,SURAT vs. SAHELI LEASING & INDUSTRIES LTD

Appeals stand allowed as mentioned hereinabove but with

disallowed out of depreciation. Penalty proceedings under Section 271 (1) (c) of the Act were initiated. In response to the show cause notice issued by the Revenue, Assessee filed its reply denying the allegations and contending that no penalty can be imposed on it, when returned income was NIL. 15. Penalty was sought to be imposed in respect

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

deemed to accrue or arise in India, thus, making such persons assessees under the Income Tax Act, who are liable to pay tax. There is also no doubt that the “person responsible for paying” spoken of in section 195 of the Income Tax Act is not a non-resident assessee, but a person resident in India, who is liable

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

dividends, interest on securities etc. but the said provisions also apply to gross sums, the whole of which may not be income or profits in the hands of the recipient, such as payment to contractors and sub-contractors. The purpose of TDS provisions in Chapter XVII B is to see that the sum which is chargeable under Section

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

deemed to have included rights of management or control or any other rights whatsoever. Based on such an analogy, rights acquired on payment of non-compete fee are property and hence assumes the character of a capital asset. Such an asset is an intangible asset and thus will be entitled for depreciation. 13.11. Mr. Datar then referred to the word

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

dividends, which, if done, would reduce the total income to Rs.1,32,955, but the Income-tax Officer refused to accede to this contention. The Appellate Assistant Commissioner upheld the order of the Income-tax Officer and the assessee’s appeal to the Appellate Tribunal met with the same fate. The High Court, however, accepted the contention of the assessee

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

disallowed that claim; that view was upheld. This Court stated that : (SCC pp. 679-81, paras 5-6) “5. … In amalgamation two or more companies are fused into one by merger or by taking over by another. Reconstruction or “amalgamation” has no precise legal meaning. The amalgamation is a blending of two or more existing undertakings into one undertaking

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

Bench: HON'BLE THE CHIEF JUSTICE

dividend to the extent of the accumulated profits held by the company. The provision was challenged. It was noticed that while introducing the amendment, the Finance Minister assured that outstanding loans and advances – otherwise liable to taxation as dividends in AY 1955-56, would not be subjected to tax if it were shown that they had been genuinely refunded

PRINCIPAL COMMISSIONER INCOME TAX 4 BENGALURU 2 vs. M/S JUPITER CAPITAL PRIVATE LIMITED

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

disallowance of capital loss claimed by the assessee of Rs.164,48,55,840/- by holding that there is extinguishment of rights of 153340900 shares when no such extinguishment of rights is made out by Digitally signed by VISHAL ANAND Date: 2025.01.08 11:04:03 IST Reason: Signature Not Verified 2 the assessee as required under section

COMMNR. OF INCOME TAX, CHENNAI vs. M/S. BILAHARI INVESTMENT P. LTD

Appeals are dismissed

dividend received exceeded the sum total of discounts suffered which is debited to P & L account. According to the assessees, the Department has all along been accepting the completed contract method and, therefore, there was no justification in law or in facts for deviating from the accepted practice. According to the assessees, a chit transaction has been treated

NATIONAL PETROLEUM CONSTRUCTION COMPANY vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 2(2) INTERNATIONAL TAXATION NEW DELHI

Appeal is hereby allowed to the extent

Bench: HON'BLE MS. JUSTICE INDIRA BANERJEE

deemed to be received   by   him   in   India.   The   aforesaid   provision   has   been brought with an intent to check the double taxation. Thus, from above for clarity, it is reiterated that any income outside India to a non­resident would not be taxable in India even if it is specified in the balance sheet prepared in India. 7. By a judgment

JEYAR CONSULTANT & INVESTMENT PVT. LTD. vs. COMMISSIONER OF INCOME TAX,MADRAS

dividend, interest etc. which, in no case, be described as “turnover” and be part of “total turnover”. He referred to the same document viz. “Provisions Relating to Direct Taxes” where following clarification also appears: “It is, therefore, proposed to clarify that “profits of the business” for the purpose of Section 80HHC Civil Appeal No. 8912 of 2003 Page

THE MAVILAYI SERVICE COOPERATIVE BANK LTD. vs. COMMISSIONER OF INCOME TAX CALICUT

Bench: Us, The Assessing Officer Denied Their Claims For Deduction, Relying Upon Section 80P(4) Of The It Act, Holding That As Per The Audited Receipt & 2

disallow deductions claimed under section 80P of the IT Act, notwithstanding that mere nomenclature or registration certificates issued under the Kerala Act would show that the assessees are primary agricultural credit societies. These divergent decisions led to a reference order dated 09.07.2018 to a Full Bench of the Kerala High Court. 4 5. The Full Bench of the Kerala High