Supreme Court Clarifies Deduction Under Section 80HHC of Income Tax Act: Shah Originals vs. Commissioner of Income Tax (2023) INSC 1014 Date of the Judgment: November 21, 2023 Citation: 2023 INSC 1014 Judges: B.V. Nagarathna, J. and S.V.N. Bhatti, J. Can gains from foreign exchange fluctuations in an Exchange Earners Foreign Currency (EEFC) account be […]
Supreme Court Clarifies Most Favored Nation Clause in Tax Treaties: Assessing Officer vs. Nestle SA (2023) LEGAL ISSUE: Interpretation of the Most Favored Nation (MFN) clause in Double Taxation Avoidance Agreements (DTAAs). CASE TYPE: International Taxation Law Case Name: Assessing Officer Circle (International Taxation) 2(2)(2) New Delhi vs. M/s Nestle SA Judgment Date: 19 October
Supreme Court Clarifies Treatment of Telecom License Fees as Capital Expenditure: CIT vs. Bharti Hexacom Ltd. (2023) LEGAL ISSUE: Whether variable license fees paid by telecom operators are revenue or capital expenditure. CASE TYPE: Income Tax, Civil Appellate Jurisdiction. Case Name: C.I.T., Delhi vs. Bharti Hexacom Ltd. [Judgment Date]: 16 October 2023 Introduction Date of
Supreme Court Clarifies Tax on Tinted Glass: Triveni Glass vs. Commissioner of Trade Tax (2023) LEGAL ISSUE: Whether tinted glass sheets are taxable as “goods or wares made of glass” or as unclassified items. CASE TYPE: Tax Law Case Name: M/S TRIVENI GLASS LIMITED vs. COMMISSIONER OF TRADE TAX, U.P. Judgment Date: 09 October 2023
Supreme Court Clarifies Assessment Period for Third Parties in Search Cases LEGAL ISSUE: Determination of the relevant date for calculating the assessment period for third parties whose documents are seized during a search of another entity, under Section 153C of the Income Tax Act, 1961. CASE TYPE: Income Tax Law Case Name: Commissioner of Income
Supreme Court Clarifies “Other Valuable Articles” Under Section 69A of Income Tax Act: M/s. D.N. Singh vs. Commissioner of Income Tax (2023) LEGAL ISSUE: Whether bitumen can be classified as “other valuable articles” under Section 69A of the Income Tax Act, 1961, and whether a carrier of goods can be considered the owner of those
Supreme Court Clarifies “Other Valuable Articles” Under Section 69A of Income Tax Act: M/s. D.N. Singh vs. Commissioner of Income Tax (2023) LEGAL ISSUE: Interpretation of “other valuable articles” under Section 69A of the Income Tax Act, 1961, and determination of ownership in the context of a carrier. CASE TYPE: Income Tax Law Case Name:
Supreme Court Refuses Clarification on Income Tax Reassessment: Principal Commissioner of Income Tax vs. Abhisar Buildwell P. Ltd. (2023) LEGAL ISSUE: Whether the Supreme Court should clarify the applicability of Section 150(2) of the Income Tax Act, 1961 regarding the waiver of limitation for reassessment notices under Section 148, especially in cases related to assessments
Supreme Court Refuses Clarification on Reassessment Notices: Principal Commissioner of Income Tax vs. Abhisar Buildwell P. Ltd. (2023) Date of the Judgment: 12 May 2023 The Supreme Court of India, in this case, declined to entertain a miscellaneous application filed by the Revenue seeking clarification on the waiver of limitation for reassessment notices under Section
Supreme Court Remands Income Tax Case: Glowshine Builders & Developers Pvt. Ltd. (2023) LEGAL ISSUE: Whether the sale of development rights by a real estate developer should be treated as business income or capital gains under the Income Tax Act, 1961. CASE TYPE: Income Tax Law Case Name: Commissioner of Income Tax 8 Mumbai vs.
Supreme Court Clarifies Income Tax on Development Rights Transfer: Commissioner of Income Tax vs. Glowshine Builders (2023) Date of the Judgment: 04 May 2023 Citation: 2023 INSC 492 Judges: M.R. Shah, J. and B.V. Nagarathna, J. When is the sale of development rights considered a business transaction, and when is it a capital gain? The
Supreme Court disallows business loss claim on confiscated silver: CIT vs. Prakash Chand Lunia (2023) LEGAL ISSUE: Whether a business can claim a loss for confiscated goods when the confiscation resulted from an illegal activity, even if the business is otherwise legitimate. CASE TYPE: Income Tax Law. Case Name: The Commissioner of Income Tax Jaipur
