Income-tax Act, 1961 Archives

Supreme Court Clarifies Deductibility of Fees and Taxes for State-Owned Liquor Corporation: Kerala State Beverages vs. ACIT (2022)

Supreme Court Clarifies Deductibility of Fees and Taxes for State-Owned Liquor Corporation: Kerala State Beverages vs. ACIT (2022) LEGAL ISSUE: Whether certain fees and taxes paid by a state-owned corporation are deductible expenses under Section 40(a)(iib) of the Income-tax Act, 1961. CASE TYPE: Income Tax Law Case Name: Kerala State Beverages Manufacturing & Marketing Corporation […]

Supreme Court Clarifies Deductibility of Fees and Taxes for State-Owned Liquor Corporation: Kerala State Beverages vs. ACIT (2022) Read Post »

Supreme Court clarifies Section 40(a)(iib) of Income Tax Act: Kerala State Beverages vs. ACIT (2022)

January 3, 2022 / Amounts Not Deductible, Constitutional Law, Constitutional Law with Article 289, Hrishikesh Roy, Income-tax Act, 1961, Income-tax Act, 1961 with Section 40, Income-tax Act, 1961 with Section 40(a)(iib), Judges, R. Subhash Reddy

Supreme Court clarifies Section 40(a)(iib) of Income Tax Act: Kerala State Beverages vs. ACIT (2022) Date of the Judgment: January 03, 2022 Citation: 2022 INSC 4 Judges: R. Subhash Reddy, J., Hrishikesh Roy, J. Can a state government undertaking claim deductions for fees paid to the state? The Supreme Court of India recently addressed this

Supreme Court clarifies Section 40(a)(iib) of Income Tax Act: Kerala State Beverages vs. ACIT (2022) Read Post »

Supreme Court Clarifies Deductibility of State Levies Under Section 40(a)(iib) of Income Tax Act: Kerala State Beverages vs. ACIT (2022)

Supreme Court Clarifies Deductibility of State Levies Under Section 40(a)(iib) of Income Tax Act: Kerala State Beverages vs. ACIT (2022) Date of the Judgment: January 03, 2022 Citation: (2022) INSC 1 Judges: R. Subhash Reddy, J., Hrishikesh Roy, J. Can a state-owned corporation deduct payments made to the state government, such as license fees and

Supreme Court Clarifies Deductibility of State Levies Under Section 40(a)(iib) of Income Tax Act: Kerala State Beverages vs. ACIT (2022) Read Post »

Supreme Court clarifies interest liability on advance tax for non-residents: Director of Income Tax vs. Mitsubishi Corporation (2021)

September 17, 2021 / Aniruddha Bose, Income-tax Act, 1961, Income-tax Act, 1961 with Section 195, Income-tax Act, 1961 with Section 209, Income-tax Act, 1961 with Section 234B, Judges, L. Nageswara Rao

Supreme Court clarifies interest liability on advance tax for non-residents: Director of Income Tax vs. Mitsubishi Corporation (2021) LEGAL ISSUE: Whether a non-resident assessee is liable to pay interest on short payment of advance tax when the payer fails to deduct tax at source. CASE TYPE: Income Tax Law Case Name: Director of Income Tax,

Supreme Court clarifies interest liability on advance tax for non-residents: Director of Income Tax vs. Mitsubishi Corporation (2021) Read Post »

Supreme Court Clarifies Deduction for Cooperative Societies Providing Credit Facilities: Mavilayi Service Cooperative Bank Ltd. vs. Commissioner of Income Tax (2021)

January 12, 2021 / Banking Regulation Act, 1949, Banking Regulation Act, 1949 with Section 56, Deductions for Cooperative Societies, Income-tax Act, 1961, Income-Tax Act, 1961 with Section 2(19), Income-Tax Act, 1961 with Section 80P, Judges, K.M. Joseph, Navin Sinha, Primary Agricultural Credit Society, R.F. Nariman

Supreme Court Clarifies Deduction for Cooperative Societies Providing Credit Facilities: Mavilayi Service Cooperative Bank Ltd. vs. Commissioner of Income Tax (2021) LEGAL ISSUE: Whether cooperative societies registered as primary agricultural credit societies are eligible for tax deductions under Section 80P(2)(a)(i) of the Income-Tax Act, 1961, if they provide credit facilities to members, regardless of whether

Supreme Court Clarifies Deduction for Cooperative Societies Providing Credit Facilities: Mavilayi Service Cooperative Bank Ltd. vs. Commissioner of Income Tax (2021) Read Post »

Supreme Court Transfers Chartered Accountants’ Audit Cap Challenge: Institute of Chartered Accountants of India vs. Shaji Poulose (2020)

December 9, 2020 / Ashok Bhushan, Chartered Accountants Act, 1949, Chartered Accountants Act, 1949 with Second Schedule, Constitutional Law, Constitutional Law with Article 139A(1), Constitutional Law with Article 19(1)(g), Fundamental Rights, Income-tax Act, 1961, Income-tax Act, 1961 with Section 44AB, Judges, M.R. Shah, Professional Misconduct, R. Subhash Reddy

Supreme Court Transfers Chartered Accountants’ Audit Cap Challenge: Institute of Chartered Accountants of India vs. Shaji Poulose (2020) LEGAL ISSUE: Whether the Supreme Court should transfer writ petitions from various High Courts to itself, concerning the validity of guidelines limiting the number of tax audit assignments a Chartered Accountant can undertake. CASE TYPE: Regulatory/Professional Conduct

Supreme Court Transfers Chartered Accountants’ Audit Cap Challenge: Institute of Chartered Accountants of India vs. Shaji Poulose (2020) Read Post »

Supreme Court settles the treatment of provision for doubtful debts under Section 115JA of the Income-tax Act in company taxation: Commissioner of Income Tax-IV, Delhi vs. M/s HCL Comnet Systems & Services Ltd. (2008)

September 23, 2008 / B. Sudershan Reddy, Companies Act, 1956, Income-tax Act, 1961, Income-tax Act, 1961 with Section 115JA, Judges, S.H. Kapadia

Introduction Date of the Judgment: September 23, 2008 The Supreme Court of India addressed a key question regarding the Income-tax Act: Can a provision for doubtful debts be added back to a company’s net profit when calculating its tax liability under Section 115JA? This case, Commissioner of Income Tax-IV, Delhi vs. M/s HCL Comnet Systems

Supreme Court settles the treatment of provision for doubtful debts under Section 115JA of the Income-tax Act in company taxation: Commissioner of Income Tax-IV, Delhi vs. M/s HCL Comnet Systems & Services Ltd. (2008) Read Post »