Supreme Court Disallows Business Loss Claim on Confiscated Silver: Commissioner of Income Tax vs. Prakash Chand Lunia (2023) LEGAL ISSUE: Whether a business can claim a loss for confiscated goods when the goods were seized due to an infraction of the law. CASE TYPE: Income Tax Law Case Name: The Commissioner of Income Tax Jaipur […]
Supreme Court Clarifies Assessment Scope Under Section 153A of Income Tax Act Date of the Judgment: 24 April 2023 Citation: (2023) INSC 379 Judges: M.R. Shah, J. and Sudhanshu Dhulia, J. Can tax authorities reassess income for previous years based on materials found during a search, even if those years’ assessments were already completed? The
Supreme Court Clarifies Assessment Scope Under Section 153A of Income Tax Act: Abhisar Buildwell P. Ltd. vs. PCIT (2023) LEGAL ISSUE: Scope of assessment under Section 153A of the Income Tax Act, 1961, specifically whether the Assessing Officer’s (AO) jurisdiction is limited to incriminating material found during a search. CASE TYPE: Income Tax Law, Search
Supreme Court Clarifies Scope of High Court’s Review in Transfer Pricing Cases Date of the Judgment: April 19, 2023 Citation: Civil Appeal No. 8463 of 2022 (Arising from S.L.P.(Civil) No.28652/2018) [and batch of other appeals] Judges: M.R. Shah, J., M.M. Sundresh, J. Can High Courts intervene in transfer pricing cases where the Income Tax Appellate
Supreme Court clarifies High Court’s role in Transfer Pricing Appeals: SAP Labs India vs. Income Tax Officer (2023) LEGAL ISSUE: Scope of High Court’s jurisdiction in appeals against Income Tax Appellate Tribunal’s (ITAT) decisions on transfer pricing. CASE TYPE: Income Tax, Transfer Pricing Case Name: SAP Labs India Private Limited vs. Income Tax Officer, Circle
Supreme Court Upholds Tax on Sikkim Companies with Delhi Control: Mansarovar Commercial Pvt. Ltd. vs. Commissioner of Income Tax (2023) LEGAL ISSUE: Applicability of the Income Tax Act, 1961 to companies registered in Sikkim but controlled from Delhi. CASE TYPE: Income Tax Law Case Name: Mansarovar Commercial Pvt. Ltd. vs. Commissioner of Income Tax, Delhi
Supreme Court Clarifies Taxability of Sikkim-Registered Companies: Mansarovar Commercial Pvt. Ltd. vs. Commissioner of Income Tax, Delhi (2023) LEGAL ISSUE: Applicability of the Income Tax Act, 1961 to companies registered in Sikkim but with control and management in India. CASE TYPE: Income Tax Case Name: Mansarovar Commercial Pvt. Ltd. vs. Commissioner of Income Tax, Delhi
Supreme Court Clarifies Penalty for Late TDS Remittance: US Technologies vs. Commissioner of Income Tax (2023) LEGAL ISSUE: Whether penalty under Section 271C of the Income Tax Act, 1961 is applicable on belated remittance of Tax Deducted at Source (TDS). CASE TYPE: Income Tax Law Case Name: M/s US Technologies International Pvt. Ltd. vs. The
Supreme Court Clarifies Penalty for Late TDS Remittance Under Section 271C of the Income Tax Act LEGAL ISSUE: Whether penalty under Section 271C of the Income Tax Act, 1961 can be levied for the belated remittance of Tax Deducted at Source (TDS). CASE TYPE: Income Tax Law Case Name: M/s US Technologies International Pvt. Ltd.
Supreme Court Denies Tax Deduction on DEPB and Duty Drawback: Saraf Exports vs. Commissioner of Income Tax (2023) LEGAL ISSUE: Whether income from Duty Entitlement Pass Book (DEPB) and Duty Drawback schemes qualifies for tax deductions under Section 80-IB of the Income Tax Act, 1961. CASE TYPE: Income Tax Law Case Name: M/s. Saraf Exports
Supreme Court Clarifies Scope of Section 153C of Income Tax Act for Searches Before June 2015 LEGAL ISSUE: Applicability of amended Section 153C of the Income Tax Act, 1961 to searches conducted before the amendment date. CASE TYPE: Income Tax Law Case Name: Income Tax Officer vs. Vikram Sujitkumar Bhatia [Judgment Date]: April 6, 2023
Supreme Court clarifies ‘cost of improvement’ under Section 55(1)(b) of the IT Act: Commissioner of Income Tax vs. M/s. Paville Projects Pvt. Ltd. (2023) Date of the Judgment: April 06, 2023 Citation: Civil Appeal No. 6126 of 2021 (@ SLP (C) NO. 13380 OF 2018) Judges: M.R. Shah, J. and A.S. Bopanna, J. Can payments
