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

c) of the Income Tax Act, 1961 with effect from 1.4.1976? FACTS (C.A. NO. 7115 OF 2005) For the assessment year 1996-97, the assessee-appellant returned an income of Rs. 1,32,44,507.29 subject to depreciation. The depreciation claimed for the year was Rs.1,47,97,995.01 computed as under:- Depreciation for Assessment year 1996-97 Rs. 1

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

11 salaries paid by any other person, which is not on account of or on behalf of such employer, notwithstanding that such salaries may have nexus with the service of the employee with that employer and may be assessable to tax in India in the hands of the recipient employee. According to the learned counsel, on facts, the payment

VODAFONE IDEA LTD(EARLIER KNOWN AS VODAFONE MOBILE SERVICES LIMITED vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 26 (2)

Bench: HON'BLE THE CHIEF JUSTICE

11. Consequently, the relevant parts of sub-sections (1) to (3) of Section 143 of the Act, as they stand today are as under: “143. Assessment.—(1) Where a return has been made under Section 139, or in response to a notice under sub-section (1) of Section 142, such return shall be processed in the following manner, namely

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

11. It is pointed out that Section 17(5)(c) carves out an exception only for works contracts, assuming that this is the only category of service where there is no breakage in the chain of taxable supplies. It is submitted that while Section 17(5)(c) allows ITC on works contracts for contractors, ITC has been blocked for other

CHECKMATE SERVICES P LTD vs. COMMISSIONER OF INCOME TAX-I

Bench: HON'BLE THE CHIEF JUSTICE

c), clause (d), clause (e) and clause (f) which is consequential in nature. It is also proposed to omit the second proviso to the said section. These amendments will take effect from 1st April, 2004 and will, accordingly, apply in relation to the assessment year 2004-2005 and subsequent years." 42. The rationale for introduction of Section 43B was explained

RAJASTHAN STATE ELECTRICITY BOARD JAIPUR vs. THE DY. COMMISSIONER OF INCOME TAX (ASSESSMENT)

In the result, we allow the appeal, set aside the

Bench: HON'BLE MRS. JUSTICE R. BANUMATHI

11 additional income tax so calculated in the intimation to be sent under sub-clause (i) of clause (a) of sub-section (1) (C) where any refund is due under sub- section (1), reduce the amount of such refund by an amount equivalent to the additional income tax calculated under sub- clause (A) or sub-clause (B), as the case

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

c) Of Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2009 2. DEFINITIONS 2.1 Non performing Assets 29 2.1.1 An asset, including a leased asset, becomes non performing when it ceases to generate income for the bank. 2.1.2 A non performing asset (NPA) is a loan or an advance where; i.interest

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

MODI INDUSTRIES LIMITED, MODINAGAR vs. COMMISSIONER OF INCOME-TAX, DELHI

The appeals are allowed in the above

11 of 39 the Calcutta High Court. A Full Bench of the Bombay High Court considered the question once again in Commissioner of Income Tax v. Carona Sahu Company Ltd. (146 I.T.R.452). Bharucha, J., speaking for the Full Bench, reviewed all the decisions of the High Courts rendered till then and affirmed the following propositions: (a) interest is compensatory

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

11,64,492.00 under Section 115JA of the Act and a loss of Rs. 20,52,26,552.00. Though initially the return was processed under Section 143(1) of the Act, subsequently, assessment proceedings were initiated under Section 143 thereof. 10.3. During the assessment year 1999-2000, assessee had acquired the glass division from Nicholas Piramal India Limited for which

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

disallowed the deduction/debit. This fact is important. It indicates the double standards adopted by the Department. 11. The dispute in this batch of civil appeals centers around the year(s) in which deduction would be admissible for the increased liability under Section 37(1). 12. We quote hereinbelow Section 28(i), Section 29 Section 37(1) and Section

ASSISTANT COMMISSIONER OF INCOME TAX vs. RAJESH JHAVERI STOCK BROKERS PVT.LTD

The appeal is allowed without

11. It is to be noted that substantial changes have been made to section 143(1) with effect from June 1, 1999. Up to March 31, 1989, after a return of income was filed the Assessing Officer could make an assessment under section 143(1) without requiring the presence of the assessee or the production by him of any evidence

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

disallowed the deduction claim of the assessee under Section 80HHC of the Act on the ground that the 'profits of the business computed under Section 80HHC indicated a negative figure'. This view was accepted by all the Courts and affirmed by this Court in the aforesaid judgment. Before this Court, submission of the appellant/assessee was that a reading of Section

PR. COMMISSIONER OF INCOME TAX 6 vs. KHYATI REALTORS PVT. LTD

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

Bench: HON'BLE THE CHIEF JUSTICE

disallowed by Explanation to Section 36(1)(vii), if claimed, has got to be added back to the total income of the assessee because the said Act seeks to tax the “real income” which is income computed according to ordinary commercial principles but subject to the provisions of the IT Act. Under Section 36(1)(vii) read with the Explanation

PR. COMMISSIONER OF INCOME TAX CENTRAL 3 vs. ABHISAR BUILDWELL P. LTD

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

c) issue B for which information available. AO not entitled to reopen entire assessment and undertake Assessmen t u/s 153A could only be done in respect of issue A relating to which incriminatin g material is found during search. On conclusion of assessmen t u/s 153A, Revenue may, basis other information, proceed u/s 147 and/or 263. CA No. 6580/2021

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

11 of 21 the revised return. Income-tax Officer nevertheless allowed depreciation, which was claimed in the original return. The Court noticed from the provisions of section 32(1) of the said Act that the deduction in respect of depreciation on the items mentioned therein shall be allowed subject to the provisions of section 34 of the Act. Under section

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

C) No. 36782/2016. 10 amount of Rs. 1,03,54,784 that it had not deducted as TDS, along with interest under section 201(1A) of the Income Tax Act amounting to Rs. 15,76,567. The appeal before the Commissioner of Income Tax [“CIT”] was dismissed by an order dated 23.01.2004. However, the appeal before the Income Tax Appellate

KOTAK MAHINDRA BANK LIMITED vs. COMMISSIONER OF INCOME TAX BANGALORE

The appeal is allowed

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

11 ii. That the learned Single Judge ought to have appreciated that Section 245C contemplates full and true disclosure of income to be made before the Settlement Commission alone and to that extent the provisions of Section 245C are unambiguous and certain. The application to the Settlement Commission to be filed under Section 245C ought to contain full and true