Commissioner of Income Tax Archives

Assessee not entitled to deduction u/s 80-IB of Income Tax Act on Duty drawback / DEPB Schemes profit: Supreme Court

The Supreme Court affirmed the order passed by the High Court stating that the respondent assessee was neither entitled to the deductions nor profit earned under Section 80-IB on the amount of DEPB as well as Duty Drawback Scheme.

Case Briefs Supreme Court

CIT can revise erroneous order by Assessing Officer causing prejudice to revenue; Supreme Court overrules it’s 2000 verdict

The Supreme Court stated that the erroneous assessment order had resulted in loss of the Revenue in the form of tax. Thus, the High Court had committed a very serious error in setting aside the order passed by the Commissioner passed in exercise of powers under Section 263 of the Income Tax Act.

Legal RoundUp Tribunals/Regulatory Bodies/Commissions Monthly Roundup

Tribunal, Regulatory Bodies and Commissions Monthly Roundup | Top 13 Legal Stories covering Google-CCI case, FTS under India Netherlands DTAA, RCap Resolution, RBI Penalty on Amazon, SEBI Penalty on Arshad Warsi, and more from March 2023

Find interesting rulings by NCLT, NCLAT, RBI, ITAT, SEBI, NCDRC covering legal stories on FTS under India Netherlands DTAA, reconsideration of approved resolution plan in insolvency proceedings, definition of financial debt, compensation against doctor’s legal obligations, and much more.

Case Briefs Tribunals/Commissions/Regulatory Bodies

RPC fee paid by Formula One not liable to be disallowed; Second proviso to S. 40(a)(i) be given retrospective effect: ITAT

ITAT held that the second proviso to Clause (i) of Section 40(a) just like second proviso to clause (ia) of Section 40(a) was inserted to remove an anomaly and were therefore curative and declaratory in nature. Hence, it had to be given retrospective effect.

Case Briefs Tribunals/Commissions/Regulatory Bodies

In view of moratorium declared by NCLT, all the proceedings in Court, Tribunal cannot continue on account of Amendment to S. 178(6) IT Act: ITAT

ITAT reiterated that IBC has overriding effect on all the acts including Income Tax Act (‘IT Act’) which has been specifically provided under Section 178(6) of the IT Act as amended w.e.f. 01-11-2016.

Case Briefs Supreme Court

Assessee cannot claim deduction by merely stating a bad debt as an irrecoverable write off without appropriate treatment in the accounts and non-compliance with Income Tax Act provisions: SC

Supreme Court: In the case where the Revenue had challenged Bombay High Court’s judgment affirming Income Tax Appellate Tribunal (ITAT)’s order for

Case Briefs High Courts

Right to get reimbursement for foreign travel under LTC scheme is not an absolute right; Madras High Court upheld withdrawal of the scheme for SBI officers

Madras High Court: S M Subramaniam, J. upheld the decision taken by Indian Banks Association to unilaterally withdraw the facility for State

Case Briefs Supreme Court

Supreme Court on ‘Bogus Donations’ made to Trust: Delves to know whether registration under S. 12AA of Income Tax Act was being misused or not

Supreme Court of India: Noting the donations being made to the Trust to be ‘bogus donations’ Bench of Uday Umesh Lalit and

Case Briefs Supreme Court

Interest free funds not kept in separate account. Can proportionate disallowance on interest under Section 14A of IT Act be allowed? SC explains

“… in taxation regime, there is no room for presumption and nothing can be taken to be implied.”

Case Briefs High Courts

Ker HC | Statutory appeals filed by banks shall be considered and disposed of prior to assessment notices issued by Commissioner of Income Tax

Kerala High Court: N. Nagaresh, J. disposed of the writ petition seeking to consider and dispose of appeals by the appellant prior

Case Briefs High Courts

P&H HC | Selling of plots merely ancillary activity carried out for improvement of area cannot be equated with carrying of business

Punjab and Haryana High Court: This order disposed of five appeals filed by revenue under Section 260-A of Income Tax Act, 1961