The Income Tax Act, 1961 deals essentially with the imposing of taxes, exemptions and procedure to be followed therewith. The income that is accrued or deemed to accrue on the tax payer is the tax income and the application and diversion of income are two fundamental yet confusing concepts in the Indian Tax law. Also, both of these are court made concepts.
Supreme Court held that advances paid for the purpose of purchase and/or acquisition of the assets would certainly amount to utilization of the capital gains for the purpose of purchasing and/or acquiring the aforesaid assets and accordingly capital gain exemption available.
Supreme Court held that the existence of an alternate remedy by itself cannot exclude the jurisdiction of the High Court under the Constitution.
State of Jharkhand Vs Linde India Limited (Supreme Court of India) Whether oxygen which is used in the production of steel can be said to be a raw material and thus eligible for concessional rate of tax @ 1% instead of normal rate of 3% under the Bihar Finance Act. An interesting issue arose in […]
Supreme Court held that period of limitation prescribed u/s 11B of Central Excise Act, 1944 is to be applied while calculating period of limitation for claiming rebate of duty under rule 18 of the Central Excise Rules, 2002. Rebate claim rejected as filed beyond period of limitation of one year of relevant date
It is the case on behalf of the petitioner that as the dispute was pending for Mutual Agreement Procedure [MAP] resolution which subsequently came to be culminated in the year 2012 and the liability to pay the tax thereafter arose and therefore the petitioner shall be entitled to the waiver of interest under Section 220(2)(A)(ii) of the Act.
We are in agreement with the submission of learned counsel for the petitioner in this behalf that it was not within the domain of judicial review for the learned judge to have himself exercised the power of remission.
Supreme Court held that when the High Court deals with judgments of this Court, which are binding on everyone under Article 141 of the Constitution of India, it is expected that the judgments have to be dealt with due respect.
Supreme Court of India granted reduction of amount towards compounding of offence under section 137 of the Customs Act, 1962 as the impugned foreign currency is already confiscated in the matter.
SC issued notice and stayed proceedings initiated against Radha Soami Satsang Beas on an appeal challenging judgment of Punjab and Haryana HC
