The Supreme Court examined tax issues in Apollo Tyres Ltd. vs. CIT, including the role of assessing officers under Section 115-J and eligibility of UTI income under Section 32AB.
SC upheld CIT’s revision under Section 263, ruling ₹3,66,649 as taxable income. The assessment was found erroneous and prejudicial to revenue.
Supreme Court upholds P&H HC ruling: Rule 21(8) of Punjab VAT Rules cannot apply retrospectively. ITC rights are protected before statutory amendment.
Supreme Court held that in disciplinary proceedings, the Disciplinary Authority is not required to be recorded detailed reasons in the order imposing punishment if he accepts the findings recorded by the Enquiry Officer.
Supreme Court held that no penalty under section 271AAA(1) of the Income Tax Act when undisclosed income during course of search is admitted and paid tax with interest. Accordingly, penalty u/s. 271AAA(1) set aside.
SC dismisses IT Dept’s plea on excess expenditure set-off by trusts under Section 11 of the Income Tax Act in Subros Educational Society case.
Supreme Court held that State Government while applying amendment of Section 8(5) of the Central Sales Tax Act by the Finance Act, 2002 was not justified in taking away right accrued to assessee without revoking entitlement certificate.
Supreme Court disposes of ITO Vs DXN Herbal case due to low tax effect under Rs. 5 crores. Question of law remains open per Circular dated 17 Sept 2024.
Supreme Court rules on penalty under Section 271E of the Income Tax Act in CIT vs. Jai Laxmi Rice Mills. Find out how assessment order impacts penalty proceedings.
Supreme Court dismissed the tax appeal in PCIT vs. Patanjali Foods, upholding the Bombay High Court’s decision that reassessment notices issued after an approved resolution plan under the IBC are invalid. The HC had quashed reassessment notices and orders, citing the clean slate principle and clarifying the scope of Section 148 of the Income Tax Act.
