Category: Direct Taxation

Income Tax, Act, 1961 – Section 245D(4) – Powers and Procedure of Settelement Commission – It was not practicable for the Commission to examine the records and investigate the case for proper Settlement and even giving adequate opportunity to the applicant and the Department, as laid down in Section 245D(4) of the Act is not practicable.

SUPREME COURT OF INDIA DIVISION BENCH JAGDISH TRANSPORT CORPORATION AND OTHERS — Appellant Vs. UNION OF INDIA AND OTHERS — Respondent ( Before : M.R. Shah and C.T. Ravikumar, JJ.…

HELD that if there is any tax concession, it “can be withdrawn at any time and no time limit should be insisted upon before it was withdrawn” – the respondents shall approach the jurisdictional commissioner, and apply with documentary evidence within six weeks from the date of this judgment. The claim for refund/credit, shall be examined on their merits,

SUPREME COURT OF INDIA DIVISION BENCH UNION OF INDIA AND OTHERS — Appellant Vs. COSMO FILMS LIMITED — Respondent ( Before : S. Ravindra Bhat and Dipankar Datta, JJ. )…

Income Tax Act, 1961 – Sections 143(1)(a) and 143(3) – Jurisdiction of AO to assess or reassess the ‘total income’ – Once during search undisclosed income is found on unearthing the incriminating material during the search, the AO would assume jurisdiction to assess or reassess the total income even in case of completed/unabated assessments.

SUPREME COURT OF INDIA DIVISION BENCH PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-3 — Appellant Vs. ABHISAR BUILDWELL P. LTD. — Respondent ( Before : M.R. Shah and Sudhanshu Dhulia, JJ.…

Income Tax Act, 1961 – Sections 143(1)(a) and 143(3) – Jurisdiction of AO to assess or reassess the ‘total income’ – Once during search undisclosed income is found on unearthing the incriminating material during the search, the AO would assume jurisdiction to assess or reassess the total income even in case of completed/unabated assessments.

SUPREME COURT OF INDIA DIVISION BENCH PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-3 — Appellant Vs. ABHISAR BUILDWELL P. LTD. — Respondent ( Before : M.R. Shah and Sudhanshu Dhulia, JJ.…

Income Tax Act, 1961 – Section 260A – Determination of arm’s length price – there cannot be any absolute proposition of law that in all cases where the Tribunal has determined the arm’s length price the same is final and cannot be the subject matter of scrutiny by the High Court in an appeal under Section 260A of the IT Act

SUPREME COURT OF INDIA DIVISION BENCH SAP LABS INDIA PRIVATE LIMITED — Appellant Vs. INCOME TAX OFFICER, CIRCLE 6, BANGALORE — Respondent ( Before : M.R. Shah and M.M. Sundresh,…