Supreme Court of India

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...

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...

Retrospective Amendment subsequent to Assessment Order will not attract Section 263

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

Explore the intricacies of Section 263 under the Income Tax Act with the Supreme Court's perspective in Commissioner Of Income-Tax vs. Max India Limited (2007) 295 ITR 282. The retrospective amendment in 2005, addressing the complexities of Section 80HHC, does not trigger Section 263. The court emphasizes the existence of two plausible vi...

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....

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...

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 ...

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...

Interest paid on borrowed capital allowable if used for commercial expediency

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

Explore the Supreme Court's verdict in S.A. Builders Ltd vs. CIT (Appeals) Chandigarh & Anr. regarding the allowability of interest on borrowed capital under Section 36(1)(iii). Understand the critical considerations for deductions, including the importance of commercial expediency. Learn how the Court's insights impact cases involving ad...

Even in absence of a provision, Beneficial statute may be held to be retrospective in nature

Vijay Vs. State of Maharashtra & others (2006) (Supreme Court of India)

In the case of Vijay v. State of Maharashtra & others (2006) 6 SCC 286 Apex Court held that It is now well-settled that when a literal reading of the provision giving retrospective effect does not produce absurdity or anomaly, the same would not be construed to be only prospective. The negation is not a rigid rule and varies with the inte...

CIT v. Kurban Hussain Ibrahimji Mithiborwala [1971] 82 ITR 821 (SC)

Commissioner of Income-tax Vs Kurban Hussain Ibrahimji Mithiborwala (Supreme Court of India)

"Whether, on the facts and in the circumstances of the case, there was a material irregularity in the notice issued to the assessee under section 34 and dated 28th February, 1958, and if so, whether such irregularity vitiated the proceedings taken under the said notice ?"...

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February 2024