ASSTT DIRECTOR OF INCOME TAX I NEW DELHI vs. M/S E FUNDS IT SOLUTION INC

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

deductible expenses, carry- forward and set-off losses, etc. However, deviations are made by DTAA in cases of royalty, interest, etc. Such deviations are also made under the IT Act (for example Sections 44-BB, 44-BBA, etc.). 36. Under the impugned ruling delivered by AAR, remuneration to MSAS was justified by a transfer pricing

M/S. PUROLATOR INDIA LTD. vs. COMMNR. OF CENTRAL EXCISE, DELHI-III

Appeal is disposed of accordingly

transfers, the appellant filed declarations under Rule 173C with the excise department. In these declarations, the appellant claimed deduction towards Sales Tax, Cash Discount and Volume Discount on excise duty payable to arrive at the assessable value under Section 4 of the Central Excise and Salt Act, 1944. 3. Apart from undertaking manufacturing activities, the appellant at times also receives

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

transfer of power by the assessee from its power plants to its industrial units should have been Rs. 2.32 per unit being the price at which power was sold to the State Electricity Board and not Rs. 3.72 being the price charged by the State 14 Electricity Board. Assessing officer therefore recomputed the deduction

COMMISSIONER OF INCOME TAX UDAIPUR vs. M/S CHETAK ENTERPRISES PVT. LTD

The appeal stands dismissed with no order

Bench: HON'BLE MR. JUSTICE A.M. KHANWILKAR

deduction under this section, the   profits   and   gains   of   such   eligible   business   shall   be computed as if the transfer, in either case, had been made at the market value of such goods as on that date: 9 Provided that where, in the opinion of the Assessing Officer, the   computation   of   the   profits   and   gains   of   the   eligible business

COMMNR. OF CENTRAL EXCISE, JAIPUR vs. M/S. SUPER SYNOTEX (INDIA) LTD.

In the result, both sets of appeals stand disposed of

deduction under Section 4 as is equal to the amount legally permissible under the local sales tax laws to be charged/billed from the customer/ buyer.” [Emphasis added] 22. It is evincible from the language employed in the aforesaid circular that set off is to be taken into account for calculating the amount of sales tax permissible for arriving

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

Appeals are dismissed

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

transferred before and (ii) if they are purchased at their cost price or face value. 22. At this stage, we may refer to a decision of this Court in the   case   of  Commissioner   of   Income   Tax   (Central), Calcutta v. Associated Industrial Development Company (P) Ltd., Calcutta10.   In the said decision, this Court held that   whether   a   particular   holding   of   shares

M/S. TATA CHEMICALS LTD. vs. COLLECTOR OF CENTRAL EXCISE

The appeals are dismissed

transfer the title in the packing material to the buyer. The seller retains the property in the packing material. In such circumstances irrespective of the actual return of the packing material by the buyer to the seller, the seller, not having effect the sale of packing material, was not required to include the cost of packing material in the cost

COMMISSIONER OF INCOME-TAX, KERALA, ERNAKULAM vs. TRAVANCORE SUGAR & CHEMICALS LTD

price fixed for the transfer of assets. Under the contract, the company had to engage only the Travancore labour and staff, that it had to take apprentices recommended by the Government and train them and that there was no limitation as to the period the company had to pay the annual sum out of the net profits, nationally computed

THE COMMONWEALTH TRUST LTD., CALICUT, KERALA vs. THE COMMISSIONER OF INCOME TAX, KERALA II, ERNAKULAM

deduction in computation of the business profits (Section 32(1)(iii)) which is termed as "balancing (or terminal) allowance" and where the asset is sold for more than the written down values, the sale price being less than the cost, the excess realised over the written down value is charred as business profits (Section 41(2)) and is termed

EMPIRE JUTE CO. LTD. vs. COMMISSIONER OF INCOME TAX

transferred to him in addition to the working hours per week allowed to him under the working time agreement. The assessee, under this clause purchased loom hours from four different jute manufacturing concerns which were signatories to the working time agreement, for the aggregate sum of Rs. 2,03,255/- during the year 1st August 1958 to 31st July

COMMISSIONER OF INCOME TAX vs. SHIVAKAMI CO. PVT. LTD

deducting the cost price of the aforesaid shares of Rs.81,201 and Rs.1,00,000 respectively from the above said break-up value, he determined the capital gain at Rs.91,599 and Rs.54,000 respectively under the first proviso to section 12-B(2) of the 1922 Act. The Appellate Assistant Commissioner as also the Tribunal rejected the appeals

COMMISSIONER OF INCOME TAX, MADRAS vs. M/S. MADURAI MILLS CO. LIMITED

deducted, leaving a balance of Rs. 95,944.00. The assessee company at first showed the sum of Rs. 95,944.00 as capital gains but subsequently it filed a statement showing a loss of Rs. 59,104 on the basis that the cost of shares distributed by the liquidators should be taken at the figure at which they had been acquired

NEW ERA AGENCIES (PVT.) LTD., BOMBAY vs. COMMISSIONER OF INCOME-TAX, BOMBAY CITY 1,BOMBAY

Deducting the amount of Rs. 10 lakhs from the total consideration of Rs. 45 lakhs, the balance of Rs. 35 lakhs was distributed by Mulraj Kersondas among the 25,000 ordinary shares and 10,000 preference shares. It was pointed out for the appellant that at the material time when the transaction had gone through_the market price for Elphinstone

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

transfer and the cost of acquisition of the asset, a further deduction, as specified in Section 48(2) of the Act, which is similar to standard deduction, becomes necessary. The basic controversy in this batch of civil appeals concerns the stage at which Section 48(2) of the Act becomes applicable. For that purpose, we annex hereinbelow a chart indicating

COMMNR.,INCOME TAX, THIRUVANANTHAPURAM vs. K. RAVINDRANATHAN NAIR

price or an item incidental to the transfer of the goods dealt with by the assessee. According to High Court, the assessee had processed raw cashew nuts belonging to third parties in his factory for which he received the said charges; that, the purpose behind the said formula was to find out the profits attributable to export turnover i.e. profit

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

Transfer Pricing Adjustment, Capitalization of Licence Fees, 3G Spectrum Fees, Asset Restoration Cost Obligation including the effect of amalgamation of group entities which required thorough scrutiny and determination. G] During the pendency of said Writ Petition, a letter was issued by the respondent No.1 on 23.07.2018, the relevant portion of which was as under :- "The assessment years for which request

COMMISSIONER OF INCOME TAX, CALCUTTA vs. KARAM CHAND THAPAR AND OTHERS

The appeals are allowed

price, the deducted commission and other expenses. The balance amount was payable to the vendors on the Monday week following the sale. At the foot of the printed conditions of the contract, it was stated in bold type "No money paid, or remittance sent by post, without a written order". On a number of occasions, the vendors did not immediately

THE COMMISSIONER OF INCOME-TAX, MADRAS vs. SRI MEENAKSHI MILLS LTD. & ORS

transferred to an English company, and that the New York company had only been kept in being to http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 8 of 8 hold the land, since aliens were not allowed to do so under New York law. All but three of the New York company’s shares were held by the English company