Income Tax Archives | Page 3 of 9

Can Indian revenue authorities go after tax residency certificate issued by other tax jurisdiction and issue a re-assessment notice u/s 147 Income Tax Act? Delhi High Court rules

A clarificatory press release dated 1-03-2013 issued by the Finance Ministry pursuant to the 2013 amendment makes it clear that a Tax Residency Certificate is to be accepted and tax authorities cannot go behind it. Further, based on repeated assurances to foreign investors by way of CBDT Circulars as well as press releases and legislative amendments and decisions of the Courts, the revenue cannot go behind TRC.

Legal RoundUp Supreme Court Roundups

Supreme Court January 2023| Note Ban; Free Speech; Euthanasia; Delhi versus Centre; Haldwani Eviction, Dissents, Did You Know Facts, & more

This roundup revisits the analyses of Supreme Court’s judgments/orders on constitutionality of Demonetisation; Freedom of Speech of Ministers; Guidelines to withhold life support of a terminally ill patients; Tussle between Delhi Government and Centre, and more. It also covers reports on Justice SA Nazeer’s retirement; the career trajectory & important decision of Justice CT Ravikumar; Explainers on important law points; five ‘Did You Know’ facts; Cases Reported in SCC Weekly in the month of January; and a throwback from SCC Archives.

Case Briefs Supreme Court

Sikkimese women can’t be denied tax exemption merely for marrying non-Sikkimese men after April 2008; SC strikes down Proviso to Section 10(26AAA) of Income Tax Act

Noting that there is no disqualification for a Sikkim man, who marries a non-Sikkimese after 01.04.2008, the Supreme Court observed that the discrimination is based on gender.

Case Briefs Supreme Court

They are all Sikkimese! All old settlers entitled to the exemption under Section 10(26AAA) of the Income Tax Act: Supreme Court

While MR Shah, J, has struck down the definition of “Sikkimese” in Section 10(26AAA) of the Income Tax Act, 1961, Nagarathna, J, has called for saving the Explanation to Section 10(26AAA) and has created a stopgap ‘sub-clause (iv)’ till the Union of India makes the requisite amendment to the provision.

Case Briefs High Courts

Transfer of PAN is consequential to the Order of transfer of jurisdiction; Bombay High Court holds PAN follows the jurisdiction not vice versa

Bombay High Court: In the present appeal filed under Section 260-A of the Income Tax Act, 1961 preferred against the

Case Briefs Tribunals/Commissions/Regulatory Bodies

ITAT| Hospitals providing medical facilities on a commercial basis are not charitable organisations; Not exempted from income tax

ITAT upheld the order of the CIT and said that the assessee had only provided treatment to a few patients at concessional rates, which was less than 1% of the revenue of the assessee. Thus, the activities of the assessee cannot be said to be charitable activities and it is not entitled for registration or approval under section 10(23C) or 12A of the Income Tax Act.

Case Briefs Supreme Court

Section 45(4) of Income Tax Act applies not only in case of dissolution but also when subsisting partners transfer assets to retiring partners

The bench of MR Shah and M.M Sundresh, JJ explained the importance of the words “or otherwise” inserted to Section 45(4) of the Income Tax Act, 1961 by the Finance Act, 1987

Case Briefs Supreme Court

Supreme Court |Handing over cash to a public servant would be considered “proceeds of crime” under the Prevention of Money Laundering Act, 2002

Supreme Court: In a case wherein the appeal challenged the final judgment and order passed by the High Court of

Case Briefs Supreme Court

Maintenance of wife and children| Income Tax returns not accurate to determine real income; Family Court must determine husband’s real income: SC

Supreme Court: While deciding a case filed under Section 125 of Code of Criminal Procedure (CrPC), in which the appeal

Case Briefs Supreme Court

Explained| Can GPU Charities involved in trade claim tax exemption? [Section 2(15) of the Income Tax Act, 1961]

Supreme Court: Interpreting the proviso to Section 2(15) of the Income Tax Act, 1961 (IT Act) introduced by amendment w.e.f. 01.04.2009, the

Case Briefs Supreme Court

Profit-oriented Educational Institutions not entitled to tax emption under Section 10(23C) of the Income Tax Act, 1961: Supreme Court

“In a knowledge based, information driven society, true wealth is education – and access to it. Every social order accommodates, and even

Case Briefs Tribunals/Commissions/Regulatory Bodies

Why did ITAT decide to delete the addition of streedhan as ‘unexplained investment’ for the purposes of income assessment? Read to know

Income Tax Appellate Tribunal (ITAT), Jaipur: While deciding the instant appeal revolving around the addition of the assessee’s generational streedhan as unexplained

Legislation Updates Rules & Regulations

New Form ITR-A for successor entities to furnish their return of income, notified vide Income-tax (31st Amendment) Rules, 2022

On 19-09-2022, the Ministry of Finance has notified the Income-tax (31st Amendment) Rules, 2022 in order to amend Income-Tax Rules 1962 which

Case Briefs High Courts

Whether the assessee is entitled to claim the difference between the market price and the allotment price of shares, as an expenditure under Section 37 of IT Act? Delhi High Court analyses

Delhi High Court: On a question of law before the Court that whether the Income Tax Appellate Tribunal (‘ITAT’) erred in law

Case Briefs Supreme Court

Assessee cannot claim deduction by merely stating a bad debt as an irrecoverable write off without appropriate treatment in the accounts and non-compliance with Income Tax Act provisions: SC

Supreme Court: In the case where the Revenue had challenged Bombay High Court’s judgment affirming Income Tax Appellate Tribunal (ITAT)’s order for

Case Briefs Supreme Court

Appropriate High Court for filing an appeal under Section 260A of the Income Tax Act would be the one where the Assessing Officer is situated: Supreme Court

“A judicial remedy must be effective, independent and at the same time certain. Certainty of forum would involve unequivocal vesting of jurisdiction to adjudicate and determine the dispute in a named forum.”

Case Briefs Tribunals/Commissions/Regulatory Bodies

Bogus Parties and Dubious Transactions- Read ITAT’s observations on a matter concerning “non-existent lenders”

Income Tax Appellate Tribunal (ITAT), New Delhi: While deciding the instant appeal pertaining to the Assessment Year 2015-16 where the

Legislation Updates Notifications

CBDT exempts non-resident from the purview of S. 206C(1G) of IT Act, 1961

The Central Government has notified that the provisions of section 206-C (IG) of the Income Tax Act, 1961 shall not

Case Briefs High Courts

[Benami Property] Madras High Court | Writ shall not be entertained against a mere show cause notice; Upholds order of Deputy Commissioner, IT

Madras High Court: A Division Bench of R. Mahadevan and Sathya Narayana Prasad, JJ. approved the orders of the Deputy

Case Briefs Tribunals/Commissions/Regulatory Bodies

Whether the interest paid on late payment of TDS after deduction can be claimed as expenditure for determining the taxable income? ITAT examines and elucidates

Income Tax Appellate Tribunal (ITAT): While deciding the instant appeal wherein the relevant question arose that whether the interest paid on late