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

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

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

2,587.10 lakhs in the shares of the subsidiary company M/S Ceylon Glass Company Ltd., Sri Lanka. At the same time, he found that there were interest bearing borrowings of Rs. 3267.41 crores and interest of 38.22 crores was debited to the profit and loss account. This claim of deduction of the assessee under Section

M/S. I.C.D.S. LTD. vs. COMMISSIONER OF INCOME TAX

The appeals are allowed; the impugned

Section 32 of the 1 Page 2 JUDGMENT Income Tax Act, 1961 (for short “the Act”). The assessment years involved are 1991-1992 to 1996-1997. 2. The assessee is a public limited company, classified by the Reserve Bank of India (RBI) as a non-banking finance company. It is engaged in the business of hire purchase, leasing and real

COMMNR.,CENTRAL EXCISE, MADRAS vs. M/S. ADISON & CO. LTD

Bench: Us Because Of An Order Dated 16.07.2008, By Which There Was A Reference To A Larger Bench In View Of The Importance Of The Questions Involved. 2. Civil Appeal No. 7906 Of 2002 Arises From The Judgment Dated 23.11.2000 Passed By The Madras High Court In R.C. No. 01 Of 1999. Civil Appeal No. 14689 Of 2015 Was Filed By The Revenue Against The Judgment Dated 26.11.2014 In Central Excise Appeal No. 21 Of 2009. Special Leave Petition (C) Nos. 18426 Of 2015, 18423 Of 2015, 18425 Of 2015, 23722 Of 2015, 12282 Of 2016, 16142 Of 2016 & 16141 Of 2016 Are Filed Against The Judgment Of The Andhra Pradesh High Court In Central Excise Appeal Nos. 21 Of 2005, 9 Of 2005, 51 Of 2004, 10 Of 2005, 44 Of 2004, 38 Of 2004 & 18 Of 2005 Respectively. 3. Civil Appeal No. 8488 Of 2009 Is Filed Against The Judgment Dated 20.08.2008 Passed By The Bombay High 2

disallowed only because they are not payable at the time of each invoice or deducted from the invoice price. It is the submission of the Assessee that the turnover discount is known to the dealer even at the time of clearance which has also been upheld by this Court. It is clear from the above that the Assessee is entitled

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

32 tax, its validity would not be open to challenge on the ground that it is extra- territorial in operation. In that case, the question which arose for determination before the Federal Court was whether Section 42(1) of the 1922 Act, which brought within the scope of the charging section “interest” earned out of money lent outside British India

CATHOLIC SYRIAN BANK LTD. vs. COMMISSIONER OF INCOME TAX, THRISSUR

disallowed. This amount was added back to the taxable income of the assessee, for which a demand notice and challan was accordingly issued. This order of the assessing officer dated 24th January, 2005, was challenged in appeal by the assessee on various grounds. 2. The Commissioner of Income Tax (Appeals) [hereafter referred to as ‘the CIT(A)’], vide its order

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

Bench: HON'BLE THE CHIEF JUSTICE

disallowances. In terms of this scheme, Section 40 (which too starts with a non- obstante clause overriding Sections 30-38), deals with what cannot be deducted in computing income under the head “Profits and Gains of Business and Profession”. Likewise, Section 40A(2) opens with a non-obstante clause and spells out what expenses and payments are not deductible

SHREE CHOUDHARY TRANSPORT CO. vs. INCOME TAX OFFICER

Bench: HON'BLE MR. JUSTICE DINESH MAHESHWARI

disallowed from deduction while computing the total income of the assessee-appellant? Relevant Provisions 22 13. For determination of the questions aforesaid, we need to closely look at the statutory provisions in the Act of 1961 which have material bearing on this case. 13.1. It is noticed that elaborate provisions have been made in Chapter XVII

COMMISSIONER OF AGRICULTURAL INCOME TAX, TRIVANDRUM vs. SMT. LUCY KOCHUVAREED

The appeals are allowed, but in the circumstances of the case we make no

disallowance of Rs. 2500/- for 1959-60 and Rs. 3500/- for 1960-61 towards upkeep and maintenance of immature area is irregular as it is not based on any rational method. The orders of assessment for these years are therefore set aside and the cases are remanded to the Agricultural Income-tax Officer, Trichur, for fresh disposal according

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

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

32 of 59 Section 153A of the Act is linked with search and requisition under Sections 132 and 132A of the Act wherein the object of the section is to bring to tax the undisclosed income which is found during the course of or pursuant to the search or requisition, the expression “total income” for the purpose of first proviso

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

disallowed in the subsequent year, in the case of the then transferee company. The decision of the Delhi High Court, in Spice (supra), after discussing the decision in Saraswati Syndicate, went on to explain why assessing an amalgamating company, without framing the order in the name of the transferee company is fatal: “10. Section 481 of the Companies Act provides

THE CITIZEN COOPERATIVE SOCIETY LTD., REP. BY MANAGING DIRECTOR G.RANGA RAO. HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX

The appeal is dismissed in terms of the signed reportable

32,920/- 6) It may be pointed out that in the appeal before Commissioner of Income Tax (Appeals) {CIT(A)}, the order of the Assessing Officer making disallowance under Section 68 of the Act was reversed and that addition was deleted. Therefore, we are not concerned with that aspect of the mater which has attained finality. 7) Insofar as disallowance

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

disallowance of the deduction under section 40(a)(ia) of the Income Tax Act, end up paying tax of a huge amount, way beyond the commission, resulting in extreme financial hardship. Thus, if section 195 of the Income Tax Act could be construed in a manner so as to avoid such a result, this must be done. Further, he relied

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

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

Section 10(2)(xii). The Madras High Court in Senthikumara Nadar & Sons v. Commissioner of Income-tax (1957) 32 ITR 138] held that payments of penalty for an infraction of the law fell outside the scope of permissible deductions under s. 10(2)(xv). In that case the assessee had to pay liquidated damages which was akin to penalty incurred

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

32 being absorbed into another [See: Religare Finvest Ltd. v. State (NCT of Delhi27]. 16.1. Notably, the Companies Act, 2013 contains no express definition of amalgamation. Instead, Sections 230 – 232 prescribe the procedure and spell out the legal effect, namely, the extinguishment of the transferor’s corporate identity and the vesting of its assets, rights, and obligations in the transferee

UDAIPUR SAHKARI UPBOKTA THOK BHANDER LD. vs. COMMR.OF INCOME TAX

disallowed the claim on the ground that the appellant-society is a wholesaler of foodgrains and it is not a mere stockist as claimed and consequently it was not entitled to deduction under Section 80P(2)(e) of the 1961 Act. This order was applied for assessment years in question. Aggrieved by the assessment order(s), appellant filed appeals before

BRITANNIA INDUSTRIES LTD. vs. COMMNR. OF INCOME TAX

32 deal with the amounts which are allowable in respect of repairs and insurance of machinery, plant and furniture http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 2 of 9 used for the purposes of the business or profession and in respect of depreciation of buildings, machinery, plant or furniture, being tangible assets along with other intangible assets. The facts involved