Supreme Court of India

Anis Ahmad and Sons Versus Commissioner of Income Tax (Appeals),Kanpur & Anr. (Supreme Court)

M/s Anis Ahmad and Sons Vs Commissioner of Income Tax (Appeals), Kanpur & Anr. (Supreme Court of India)

For non appearance of those traders, no adverse inference ought to have been drawn by the authorities below and the appellant-assessee has led satisfactory evidence that its business is only that of the Commission Agent and not ‘a Trader’ dealing in the goods. (Para 12) Commissioner of Income Tax is right in holding the appellant_asse...

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"Surcharge in block will be leviable even before the insertion of provisio" SC

Commissioner of Income Central Vs Suresh N. Gupta (Supreme Court of India)

Commissioner of Income Central vs Suresh N. Gupta On 17.1.2001 a search under Section 132 of the 1961 Act was carried out at the premises of the respondent-assessee , an individual. The search unearthed an unexplained investment of Rs. 65,000/- being the value of household valuables and Rs. 97,427/- on account of unexplained marriage expe...

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Union of India Versus Anil Chanana and Another (Supreme Court)

Union of India Vs Anil Chanana & Another (Supreme Court of India)

Applications for compounding ought to be disallowed if there are such contradictions, inconsistencies or incompleteness. The reason is obvious. If the applicant is trying to hoodwink the Authority such applications would not be maintainable. That aspect is required to be kept in mind by the Compounding Authority. The test is as follow...

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Infosys case – SC rules every benefit is not taxable as income;

Commissioner Of Income Tax, Vs Infosys Technologies Ltd (Supreme Court of India)

IN a remarkably interesting ruling, involving the IT giant Infosys Technologies, the Apex Court has held that every benefit received by a person is not taxable as income unless the Legislature makes the same taxable. For period prior to 2000, there were no provisions in the Income Tax Act to tax ESOPs. As regards the TDS, it noted that ES...

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Retrospective Amendment subsequent to Assessment Order will not attract Section 263

Commissioner Of Income-Tax. Vs. Max India Limited (Supreme Court of India)

The problem with Section 80HHC is that it has been amended eleven times. Different views existed on the day when the Commissioner passed the above order. Moreover, the mechanics of the section have become so complicated over the years that two views were inherently possible. Therefore, subsequent amendment in 2005 even though retrospectiv...

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Excise, sales tax will not form part of total turnover Sec. 80HHC

Commissioner of Income-tax Vs Catapharma (India) (P.) Ltd. (Supreme Court of India)

Commissioner of Income-tax v. Catapharma (India) (P.) Ltd.- Section 80HHC of the Income-tax Act, 1961 - Deductions - Exporters - Assessment year 1997-98 - Whether excise duty and sales tax form part of total turnover while computing deduction under section 80HHC - Held, no....

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SC JUDGEMENT-Recovery of Debts Due to Banks and Financial Institutions

Greater Bombay Co-operative Bank Ltd. Vs United Yarn Tex. (P.) Ltd. (Supreme Court of India)

Section 1 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Applicability of Act - Whether co-operative banks established under Maharashtra Co-operative Societies Act, 1960, Andhra Pradesh Co-operative Societies Act, 1964 and Multi-State Co-operative Societies Act, 2002, transacting business of banking, do not f...

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Supreme Court on 194-A

Commissioner Of Income-Tax, Bangalore Vs Century Building Industries (P.) Ltd (Supreme Court of India)

1. These appeals under Section 260A of the Income Tax Act, 1961 ("the Act" hereinafter referred to as), are filed against the common order dated December 31, 2001, passed by the Income Tax Appellate Tribunal, Bangalore Bench, in three batches of appeals relating to orders under Sections 201(1), 201(1A) and 271C relating to the assessment ...

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CIT v. Thayaballi Mulla Jeevaji Kapasi [1967] 66 ITR 147 (SC)

Commissioner of Income-tax Vs Thayaballi Mulla Jeevaji Kapasi (Supreme Court of India)

Thayaballi Mulla Jeevaji—hereinafter called the respondent—was a trader in Malabar produce, cloth, pepper and other commodities. For the assessment year 1945-46, the respondent submitted a return disclosing a net business loss of Rs. 7,960. The Income-tax Officer, Kozhikode, District Malabar, completed the assessment on March 29, 1946...

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Interest paid on borrowed capital allowable if used for commercial expediency

S.A. Builders Ltd Vs. CIT (Appeals) Chandigarh & Anr. (Supreme Court)

S.A. Builders Ltd Vs. CIT (Appeals) Chandigarh & Anr. (Supreme Court) Interest paid on borrowed capital is an allowable expenditure u/s 36(1)(iii) even if not used for own business but used for commercial expediency . The observations of the Hon’ble SC on the allow ability of interest u/s 36(1)(iii) given to bank if advances are [&h...

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August 2022