Income Tax Act, 1961

Supreme Court clarifies total turnover under Section 10A of IT Act: Commissioner of Income Tax vs. HCL Technologies Ltd. (24 April 2018)

/ Export Turnover, Income Tax Act, 1961, Income Tax Act, 1961 with Section 10A, Judges, R. Banumathi, R.K. Agrawal, Total Turnover

Supreme Court clarifies total turnover under Section 10A of IT Act: Commissioner of Income Tax vs. HCL Technologies Ltd. (2018) LEGAL ISSUE: Whether software development charges should be excluded while calculating deductions under Section 10A of the Income Tax Act, 1961. CASE TYPE: Income Tax Case Name: Commissioner of Income Tax, Central-III vs. HCL Technologies […]

Supreme Court clarifies total turnover under Section 10A of IT Act: Commissioner of Income Tax vs. HCL Technologies Ltd. (24 April 2018) Read Post »

Supreme Court Clarifies Taxability of Stock Appreciation Rights (SARs) in Income Tax Act: Addl. Commissioner of Income Tax vs. Bharat V. Patel (24 April 2018)

/ Abhay Manohar Sapre, Income Tax Act, 1961, Income Tax Act, 1961 with Section 17(2), Income Tax Act, 1961 with Section 28(iv), Judges, Perquisites, R.K. Agrawal

Supreme Court Clarifies Taxability of Stock Appreciation Rights (SARs) in Income Tax Act: Addl. Commissioner of Income Tax vs. Bharat V. Patel (2018) LEGAL ISSUE: Whether the amount received on redemption of Stock Appreciation Rights (SARs) is taxable as a perquisite or as capital gains under the Income Tax Act, 1961. CASE TYPE: Income Tax

Supreme Court Clarifies Taxability of Stock Appreciation Rights (SARs) in Income Tax Act: Addl. Commissioner of Income Tax vs. Bharat V. Patel (24 April 2018) Read Post »

Supreme Court settles deduction of lease equalization charges in income tax: Commissioner of Income Tax vs. Virtual Soft Systems Ltd. (24 April 2018)

/ Abhay Manohar Sapre, Companies Act, 1956, Companies Act, 1956 with Section 211, Deductions Under Income Tax Act, 1961, Income Tax Act, 1961, Income Tax Act, 1961 with Section 145, Judges, R.K. Agrawal

Supreme Court Allows Lease Equalization Charges Deduction: Commissioner of Income Tax vs. Virtual Soft Systems Ltd. (2018) LEGAL ISSUE: Whether lease equalization charges can be deducted from lease rental income under the Income Tax Act, 1961, based on a Guidance Note issued by the Institute of Chartered Accountants of India (ICAI). CASE TYPE: Income Tax

Supreme Court settles deduction of lease equalization charges in income tax: Commissioner of Income Tax vs. Virtual Soft Systems Ltd. (24 April 2018) Read Post »

Supreme Court settles retrospective applicability of Section 40(a)(ia) of the Income Tax Act in Tax Deduction Cases (24 April 2018)

/ Abhay Manohar Sapre, Income Tax Act, 1961, Income Tax Act, 1961 with Section 139, Income Tax Act, 1961 with Section 40(a)(ia), Judges, R.K. Agrawal, Tax Deducted at Source (TDS)

Supreme Court Clarifies Retrospective Application of Section 40(a)(ia) of the Income Tax Act in Tax Deduction Cases LEGAL ISSUE: Whether the amendment to Section 40(a)(ia) of the Income Tax Act, 1961, by the Finance Act, 2010, has retrospective application. CASE TYPE: Income Tax Law Case Name: Commissioner of Income Tax Kolkata XII vs. M/s Calcutta

Supreme Court settles retrospective applicability of Section 40(a)(ia) of the Income Tax Act in Tax Deduction Cases (24 April 2018) Read Post »

Supreme Court clarifies taxability of Sikkim lottery income under Income Tax Act: Mahaveer Kumar Jain vs. Commissioner of Income Tax, Jaipur (2018)

/ Abhay Manohar Sapre, Constitutional Law, Constitutional Law with Article 371F, Double Taxation, Income Tax Act, 1961, Income Tax Act, 1961 with Section 5, Income Tax Act, 1961 with Section 80TT, Judges, R.K. Agrawal

Supreme Court on Double Taxation: Sikkim Lottery Income Tax Exemption LEGAL ISSUE: Whether income from Sikkim State Lottery is taxable under the Income Tax Act, 1961, when it has already been taxed under the Sikkim State Income Tax Rules, 1948. CASE TYPE: Income Tax Law. Case Name: Mahaveer Kumar Jain vs. Commissioner of Income Tax,

Supreme Court clarifies taxability of Sikkim lottery income under Income Tax Act: Mahaveer Kumar Jain vs. Commissioner of Income Tax, Jaipur (2018) Read Post »

Supreme Court Upholds Tax Deduction on Commission Payments to Advertising Agencies: Prasar Bharati vs. Commissioner of Income Tax (2018)

/ Abhay Manohar Sapre, Commission, Income Tax Act, 1961, Income Tax Act, 1961 with Section 194H, Income Tax Act, 1961 with Section 201, Judges, R.K. Agrawal

Supreme Court Upholds Tax Deduction on Commission Payments to Advertising Agencies: Prasar Bharati vs. Commissioner of Income Tax (2018) Date of the Judgment: April 03, 2018 Citation: (2018) INSC 258 Judges: R.K. Agrawal, J. and Abhay Manohar Sapre, J. Can payments made by a television channel to advertising agencies be considered as “commission,” thus requiring

Supreme Court Upholds Tax Deduction on Commission Payments to Advertising Agencies: Prasar Bharati vs. Commissioner of Income Tax (2018) Read Post »

Supreme Court Clarifies Expenditure Disallowance Under Section 14A of Income Tax Act: Maxopp Investment Ltd. vs. Commissioner of Income Tax (2018)

/ A.K. Sikri, Ashok Bhushan, Income Tax Act, 1961, Income Tax Act, 1961 with Section 10(34), Income Tax Act, 1961 with Section 14A, Income Tax Act, 1961 with Section 36(1)(iii), Judges

Supreme Court Clarifies Expenditure Disallowance Under Section 14A of Income Tax Act: Maxopp Investment Ltd. vs. Commissioner of Income Tax (2018) LEGAL ISSUE: Interpretation of Section 14A of the Income Tax Act, 1961, regarding disallowance of expenditure related to exempt income. CASE TYPE: Income Tax Law. Case Name: Maxopp Investment Ltd. vs. Commissioner of Income

Supreme Court Clarifies Expenditure Disallowance Under Section 14A of Income Tax Act: Maxopp Investment Ltd. vs. Commissioner of Income Tax (2018) Read Post »

Supreme Court Interprets “Beneficial Owner” under Section 2(22)(e) of the Income Tax Act: National Travel Services vs. Commissioner of Income Tax (18 January 2018)

/ Beneficial Owner, Deemed Dividend, Income Tax Act, 1961, Income Tax Act, 1961 with Section 2(22)(e), Judges, Navin Sinha, R.F. Nariman

Supreme Court Interprets Section 2(22)(e) of the Income Tax Act: National Travel Services vs. Commissioner of Income Tax LEGAL ISSUE: Interpretation of “shareholder” and “beneficial owner” under Section 2(22)(e) of the Income Tax Act, 1961. CASE TYPE: Income Tax Law. Case Name: National Travel Services vs. Commissioner of Income Tax, Delhi, VIII Judgment Date: 18

Supreme Court Interprets “Beneficial Owner” under Section 2(22)(e) of the Income Tax Act: National Travel Services vs. Commissioner of Income Tax (18 January 2018) Read Post »

Aadhaar Linking Deadline Extended: Supreme Court Grants Relief in Justice K.S. Puttaswamy (Retd.) vs. Union of India (15 December 2017)

/ A. K. Sikri, A.M. Khanwilkar, Aadhaar Act, 2016, Aadhaar Act, 2016 with Section 139AA, Ashok Bhushan, D Y Chandrachud, Dipak Misra, Income Tax Act, 1961, Income Tax Act, 1961 with Section 139AA, Judges

LEGAL ISSUE: Extension of deadlines for Aadhaar linking to various services and schemes. CASE TYPE: Public Interest Litigation Case Name: Justice K.S. Puttaswamy (Retd.) vs. Union of India Judgment Date: 15 December 2017 Date of the Judgment: 15 December 2017 Citation: (2017) INSC 1104 Judges: Dipak Misra, CJI, A. K. Sikri, J, A.M. Khanwilkar, J,

Aadhaar Linking Deadline Extended: Supreme Court Grants Relief in Justice K.S. Puttaswamy (Retd.) vs. Union of India (15 December 2017) Read Post »

Supreme Court Clarifies Applicability of Tax Circulars: Revenue Appeals Dismissed (23 November 2017)

/ Income Tax Act, 1961, Income Tax Act, 1961 with Section 268A, Judges, National Litigation Policy, Rohinton Fali Nariman, Sanjay Kishan Kaul, Tax Appeals

Date of the Judgment: 23 November 2017 Citation: 2017 INSC 1041 Judges: Rohinton Fali Nariman, J., Sanjay Kishan Kaul, J. Can the Income Tax Department apply new circulars about tax limits to old cases? The Supreme Court of India addressed this important question in a judgment. The court clarified that circulars issued by the Income

Supreme Court Clarifies Applicability of Tax Circulars: Revenue Appeals Dismissed (23 November 2017) Read Post »

Supreme Court Clarifies Tax on Mobilization Fees for Mineral Oil Exploration: Sedco Forex International Inc. vs. Commissioner of Income Tax (2017)

/ A.K. Sikri, Ashok Bhushan, Income Tax Act, 1961, Income Tax Act, 1961 with Section 44BB, Income Tax Act, 1961 with Section 5, Income Tax Act, 1961 with Section 9, Judges

LEGAL ISSUE: Whether mobilization fees paid to non-resident companies for transporting drilling rigs to India are taxable under Section 44BB of the Income Tax Act, 1961. CASE TYPE: Income Tax Law Case Name: Sedco Forex International Inc. vs. Commissioner of Income Tax, Meerut & Anr. Judgment Date: 30 October 2017 Date of the Judgment: 30

Supreme Court Clarifies Tax on Mobilization Fees for Mineral Oil Exploration: Sedco Forex International Inc. vs. Commissioner of Income Tax (2017) Read Post »

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