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Section 80-IA Deduction on Captive Power Generation: Supreme Court on Market Value of Electricity – CIT v. Jindal Steel & Power Ltd. (2023)
The
Supreme Court of India in Commissioner of Income Tax v. M/s Jindal Steel
& Power Limited (2023 INSC 1053) examined the correct method for
computation of deduction under Section 80-IA of the Income Tax Act, 196...
Loss on Confiscation of Smuggled Silver Not Allowable as Business Loss Where Assessee Is Not in Smuggling Business: Supreme Court in CIT v. Prakash Chand Lunia
The Supreme Court examined whether the assessee was entitled
to claim the value of silver bars confiscated by the Customs authorities as a
business loss, after the same value had been added to his income as unexplained...
Commissioner Can Invoke Section 263 Where Allowance of “Cost of Improvement” Is Erroneous and Prejudicial to Revenue: Supreme Court in CIT v. Paville Projects Pvt. Ltd.
The Supreme Court examined whether the Commissioner of
Income Tax was justified in invoking the revisional jurisdiction under Section
263 of the Income Tax Act, 1961, to set aside an assessment order in which the
Asse...
Amended Section 153C Applies to Pre-2015 Searches Where Satisfaction and Notice Are Issued Post-Amendment: Supreme Court in ITO v. Vikram Sujitkumar Bhatia
The Supreme Court examined whether the amendment brought to
Section 153C of the Income Tax Act, 1961 by the Finance Act, 2015, substituting
the expression “belongs or belong to” with the expression “pertains or p...
Control and Management Test Determines Tax Residency of Sikkim-Incorporated Companies Prior to Extension of Income Tax Act: Supreme Court in Mansarovar Commercial Pvt. Ltd. v. CIT
The Supreme Court examined whether companies incorporated
under the Sikkim Companies Registration Act, 1961 could be subjected to tax
under the Income Tax Act, 1961 for assessment years prior to the formal
extension o...
No Addition in Completed Assessments Without Incriminating Material in Search Cases Under Section 153A: Supreme Court in Principal Commissioner of Income Tax, Central-3 v. Abhisar Buildwell Pvt. Ltd.
The Supreme Court examined the scope and ambit of assessment
under Section 153A of the Income Tax Act, 1961, and considered whether, in
respect of completed or unabated assessments, the Assessing Officer is
empowered ...
Transfer Pricing Determination by ITAT Not Immune From High Court Scrutiny Under Section 260A Where Perversity Is Alleged: Supreme Court in SAP Labs India Pvt. Ltd. v. Income Tax Officer
The Supreme Court examined whether determinations of arm’s
length price made by the Income Tax Appellate Tribunal in transfer pricing
matters attain finality and are immune from scrutiny by the High Court under
Sect...
DEPB and Duty Drawback Not “Derived From” Industrial Undertaking for Section 80-IB Deduction: Supreme Court in M/s Saraf Exports v. Commissioner of Income Tax, Jaipur-III
The Supreme Court considered whether profits earned by an
assessee from the Duty Entitlement Pass Book (DEPB) Scheme and the Duty
Drawback Scheme qualify for deduction under Section 80-IB of the Income Tax
Act, 1961, ...
No Penalty Under Section 271C for Mere Delay in Remittance of TDS After Deduction: Supreme Court in M/s US Technologies International Pvt. Ltd. v. Commissioner of Income Tax
The Supreme Court examined whether an assessee who has
deducted tax at source but remitted the same belatedly is liable to penalty
under Section 271C of the Income Tax Act, 1961. The appeals arose from
judgments of th...
Tax Credit on Exempt Dividend Income under India–Oman DTAA: Supreme Court Ruling in Principal commissioner of Income Tax Vs M/S Krishak Bharti Cooperative Ltd
The Supreme Court, while dismissing the appeals filed
by the Revenue, held that dividend income earned by the assessee, an Indian
resident, from its joint venture in Oman, though exempt from taxation under
Article 8(b...