Famous income tax cases in india. The Republic of India (PCA Case No.

Famous income tax cases in india Decision of the Supreme Court The Supreme Court of India upheld the landmark ruling in Vodafone International Holding (VIH) v. 4 million in income. There wasn’t any case of much gravity before Vodafone pertaining to Tax dispute in India. after more than six year income tax issued notice assuming difference amount as income from other source and ordered to pay income tax with interest and penalty. The omission resulted in an accuracy-related The SC pronounced its ruling on 19 April 2023 in a batch of appeals involving several taxpayers, with SAP Labs India Private Ltd. Taxmann Citation: [2019] 111 taxmann. Apr 5, 2024 · In its 547-page judgment that declares privacy to be a fundamental right, the Supreme Court overruled verdicts given in the M. The "Vodafone" Case: One of the most famous tax avoidance cases in India involved Vodafone's acquisition of Hutchison Whampoa's telecom assets in India in 2007. Goodyear South Asia Nov 29, 2022 · The profit that the Hong Kong entity earned through this deal, triggered the Indian Government, which demanded tax payment by VIHBV for the acquisition of the stake of the Indian company. This provides certain discretion on the part of the Income Tax. Dec 29, 2022 · Accordingly, after 01 April, 2021, the Income Tax Act has to be read along with the substituted provisions. 65/2020 [F. Narayanan regarding the Collegium system. However, only the income tax evasion for his revenue got him arrested. Nargesh Meerza (1981) AK Gopalan v. The practice of certain government institutions to refuse even the Jun 15, 2021 · The taxpayer was a very high-income individual; he had over 160 information return forms,” Nellen said. Commissioner of Income Tax, Pune. This judgment gives an overview of how the Income Tax Act (''Act'') is dynamic and subject to changes. com 302 (Bombay) Petitioner was desirous of availing the benefit of DTVSV Act with respect to certain pending income tax litigations and filed an application under the DTVSV Act. . The penalty of not proving correct details or concealing the income tax will be 100% to 300% of the tax evaded as per section 271(C) of the Income Tax Act 1961. In the Income-tax Act alone we have reported approx. Director of Income Tax (E) in ITA No. 75 crore was confirmed along with a penalty of equal amount. Jan 5, 2022 · Thus, it was held that the applicant’s income is taxable in India as business profit in both the previous year’s 2010-11 and 2011-12. CIT vs. A. What portion of the income can be reasonably attributed to the operations carried out in India is Dec 31, 2019 · The Following are the important Tax Judgments delivered by the Supreme Court of India in 2019. In most cases, a Tax lawyer in India Aug 31, 2024 · ADM Jabalpur v. Jan 2, 2025 · Serial Number Date of Judgment Cause Title/Case No. This Round-up analytically summarizes the major Apex Court Goods and Services Tax (GST) Judgments of 2023 reported at taxsc a n. Starting April 1, 2026, the income tax department will have the authority to access social media, emails, and other digital spaces to curb tax evasion. Dec 23, 2024 · The Indirect Tax Judgments of 2024 include several landmark rulings by the Supreme Court that clarified key issues in taxation. 20. Nov 25, 2022 · Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments use a body of rules and procedures to assess and collect taxes in a legal context. Out of 130 population of the country only 1. Chemicals (2002) Background: This case addressed the issue of tax deductions under Section 80HHC of the Income Tax Act, which provides deductions for export profits. Subject Judgment Summary; 1: 02-01-2025: URMILA DIXIT vs SUNIL SHARAN DIXIT C. Jul 5, 2023 · The Supreme Court of India has been delivering judgments on various petitions and appeals related to Goods and Services Tax (GST). Under the Indian Income-tax law (ITL), an appeal against an order of an Income-tax Appellate Tribunal (Tribunal), which is the second-level appellate forum in the hierarchy of appellate Jan 5, 2023 · Indirect Tax Supreme Court Small Tax Effect: Monetary Limit To Prefer An Appeal Before The Supreme Court Is Rs. Mehsana District Co-op. (Ahmedabad ITAT) 3. Indian tax laws prior to the Vodafone case. Hence, it would be tax free. So, let’s see what was involved in the case and what argument was made by the investment fund involved in the case. Dec 30, 2022 · Section 45(4) of Income Tax Act applicable to cases of subsisting partners of a partnership transferring the assets in favour of a retiring partner. 17-03-2025 - CBDT issues Circular on Frequently Asked Questions (FAQs) relating to Revised Guidelines for Compounding of Offences under Income-Tax Act, 1961 dated 17. 4. f. 2018-19 and 2019-20 [ 2022 (7) TMI 1586 - ITAT MUMBAI Case 3: M/s. During the investigation, they found that some cash transactions were not properly recorded in the builder’s financial records. Mar 17, 2025 · Your email and social media account can be accessed by income tax officers starting financial year 2026-27 in these cases. Baglekar Akash Kumar who was a 19-year-old got a book online and when it was delivered, he noticed that there was no MRP printed on it. The Supreme Court in the case of Maruti Suzuki India Ltd v CIT has held that MODVAT credit does not qualify as ‘any sum payable by the assessee by way of tax, duty, cess or fee’ u/s 43B of the Central Excise Act hence the unutilized credit under MODVAT scheme does not qualify Jan 5, 2022 · DCIT [2001] 117 Taxman 192 (Calcutta), the ITAT held that a capital receipt, in principle, is outside the scope of income chargeable to tax. Out of these cases, we have identified top 20 rulings which may be relevant for future references and to decipher some aspects under GST. 183/15/2022-GST dated 27. In India, tax avoidance is a common practice among individuals and businesses. 56/2023 (“Notification“), is facing challenges across multiple High Courts in India. Al Capone. Ponnusamy and Ors About half of federal revenue comes from individual income taxes, while less than 10 percent comes from corporate income taxes. In a recent case, the Mumbai Tribunal dealt with the case of eligibility of set off or carry forward of long term capital loss under the provisions of the Income Tax Act, due to a sale of shares of an Indian company by a foreign company. All government hospitals, medical institutes should beasked to provide the immediate medical aid to all the cases irrespective of the fact whether they are medico-legal cases or otherwise. Apr 3, 2023 · A. The Act specified that any income that arose or accrued in India, whether to a resident or a non-resident, would be subject to Indian tax. At 91 years old, Singh, a former MLA from Punjab and a Rajya Sabha MP, woke up to witness over 90 Income Tax officers stationed at his residence. Shivaram for All India Federation of Tax Practitioners & The Income Tax Appellate Tribunal Bar Association 215, Rewa Chambers, 2nd Floor, 31, New Marine Lines, Mumbai - 400 020. For a moment leaving aside my views on “Substance Vs. Some of the most common methods of tax avoidance in India include the use of tax deductions, exemptions, and credits, transfer pricing, and setting up shell companies. allegedly defrauded some Indian banks of Rs. The firm has highly accomplished lawyers, chartered accountants and tax consultants who have extensive experience and proficiency in tax litigation, tax optimization and tax strategy. Government policies and interventions for development in various sectors and issues arising out of their design and implementation. Union of India (GUJARAT HIGH COURT) Appeal No. Feb 6, 2012 · There were two judges who had been hearing the famous Vodafone tax case: D. He browsed the internet and saw that the book was sold at different prices at different places after which he went to the consumer forum and filed a case against Penguin Books India Pvt. (page 4 of AO. SLP Against Income Tax Order: Supreme Court Issue Notice against Central Bank of India COMMISSIONER OF INCOME TAX 2 vs CENTRAL BANK OF INDIA CITATION: 2024 TAXSCAN (SC) 163 The Supreme Court of India has issued notice against the Central Bank of India regarding a Special Leave Petition (SLP) stemming from a final judgment by the High Court of Mar 10, 2023 · Here are a few landmark judgments by the Supreme Court of India in favor of Assessees in Income Tax cases 1. Significance: Mar 13, 2023 · The provision relating to Residential Status in India is governed by Section 6 of Income Tax Act, 1961. Supreme Court ruled in favor of Vodafone, exempting it from the ₹11,000 crore tax demand. Generally, taxpayers are classified as Residents or Non-Residents. e. These rulings have significant implications for GST administration, field formations, taxpayers, and professionals. S. Judgment May 20, 2024 · Section 9 of the Income Tax Act, 1961 majorly deals with the implications of tax in case of any income that has been earned by a foreign entity or a non-resident in India. Hon'ble Supreme Court of India quashed income tax notice in case of New Delhi Televisions Ltd (NDTV). RS Nayak (1988) Aruna Ramchandra Shanbaug v. Some of the income tax latest case laws and latest income tax judgements in India delivered by the Indian judiciary of Tribunal in this year 2019 are compiled and curated by our team as follows. I. Enrol to StudyIQ's Flagship UPSC IAS (Pre + Mains) LIVE Foundation Batch 9. Dec 21, 2024 · Court: Bombay High Court: Head Notes: S. The main issue in this case was whether the doctrine of mutuality applied to the assessed company, which was a wholly-owned subsidiary of Yum! Jun 2, 2024 · Case: Description: Outcome: Vodafone Tax Case (2012) Represented Vodafone in its landmark tax dispute with the Indian government. Sep 26, 2020 · Vodafone challenged the demand notice in the Bombay High Court, which ruled in favour of the Income Tax Department. Kanhaiya Prasad: 13/02/25: Vinod Kumar Vs. The appellant approach the CIC for seeking the information. ly/upscbatch9A time-te CMV01010000: Section 1 - Short Title, Extent and Commencement - Section - Extension of Income Tax Act, 1961 to Continental Shelf of India and the Exclusive Economic Zone of India Aug 15, 2024 · Colgate-Palmolive’s Indian division was in July hit with a ₹2. 2 crores: Supreme Court Case Title: CIT Versus Swapnil Finance Pvt. This article is on Judgment dated 4 th May 2022, by Hon’ble Supreme Court of India in the case of Union of India Vs Ashish Agarwal (Supreme Court of India), vide Civil Appeal No. The tax was being demanded as per Section 195 of the Income Tax Act, 1961. The CBDT has issued this directive under Section 119 of the Income-tax Act, 1961, to ensure pending work is completed before the financial year ends. The Income Tax Act, 1961, was the primary tax law governing India’s tax system. Deputy Commissioner of Income- tax & Anr. Namboodiripad v. Srinivas: 13/02/25: Union of India through the Assistant Director Vs. ) Relevant Section – 28. even though purchase was made from the overseas income. (Kar HC) 2. CHIEF COMMISSIONER OF INCOME TAX (2021) 133 taxmann. How is tax evasion done Tax evasion is a big problem in India because it means the government loses the money that was to be paid as tax. Vodafone case, it was unani-mously held that the Indian income tax authorities cannot, under section 9 of the Indian Income Tax Act, 1961 impose income tax on indirect transfers of capital assets situated in India . 123/42/2019-GST dated 11. Tax avoidance. Pr. Out of these cases, we have shortlisted 25 cases which can be flagged as landmark rulings for future references and to decipher some aspects of the Income-tax Act, 1961. On the same day, a survey under section 133A of the Income Tax Act, 1961, was also conducted on the premises of M/s. Understand legal precedents and navigate tax law confidently. vs Galactus Funware Technology Pvt. Nagri Eye Research Foundation v. Feb 3, 2025 · He is the co-founder and CEO of Tax2win. State of Madras (1950) Amar Nath Sehgal v. SC settled very interesting dispute in the said judgeme 4. S. 1. Mehta v. Union of India (2020) AR Antulay v. Explore key Supreme Court cases that reshaped laws on personal liberty, gender rights, reservations, and more. May 21, 2021 · Notified income-tax authorities to facilitate conduct of faceless assessment proceedings under NeAC: 8: Notification No. Issue: Income - expense = margin Oct 21, 2023 · As per Explanation 1(a), under clause (i) of Sub-Section (1) of Section 9 of the Income Tax Act 1961, what is reasonably attributable to the operations carried out in India alone can be taken to be the income deemed to accrue or arise in India. A receipt cannot be taxed as income unless it is in the nature of a revenue receipt or is specifically brought within the ambit of income by way of specific provisions of the Income-tax Act. Mar 20, 2021 · Discretion by the Income Tax Officer: As stated earlier, the tax assessment was completed in the year 1961. Jul 2, 2020 · Relevant Case Law – CIT v. In this case, survey and inspection was carried out on the premises of the assessee u/s 133A of the Act. Section 50AA of the Income Tax Act, 1961 Cost of acquisition in case of depreciable asset: Clause 75 of the Income Tax Bill, 2025 vs. Get free contact details of the best Tax advocates near by. Tax avoidance is the use of legal methods to minimize the amount of income tax owed by an individual or a business. Over the years, the IT Department has conducted some of the biggest income tax raids in India to confiscate undisclosed cash, assets, and wealth. A Gujarat-based company, ABG Shipyard Ltd. Benefit of MFN clause available from the date when a country becomes a member of OECD; HC allows lower withholding tax on dividend. Domestic corporations incur a surcharge of 10% on income over INR 10 million. ACIT (2017) 397 ITR 10 : 250 Taxman 14 : 84 taxmann. Sep 23, 2021 · Case Law- Controversies related to Tax Avoidance. v. This has been granted to them under the new income tax bill. vs. Landmark cases are as follows - E. Oct 11, 2023 · In 2012, India’s retrospective tax amendment was introduced. Famous Contempt Of Court Cases In India. As a result, the builder was penalized heavily under Income Tax The corporate tax rate in India for domestic companies is 25% or 30% depending on turnover. LTD vs PRINICIPAL COMMISSIONER FOR INCOME TAX (CENTRAL)-1 & ORS. Aug 26, 2018 · (i) the amount of income-tax calculated on such long-term capital gains exceeding one lakh rupees at the rate of ten per cent; and (ii) the amount of income-tax payable on the total income as reduced by the amount of long-term capital gains referred to in sub-section (1) as if the total income so reduced were the total income of the assessee: Apr 15, 2024 · Shri Rajesh Mannalal Katariya v. This high-profile gangster was involved in various outlawed activities, including murder, prostitution, and bootlegging. Kamal Nath [40] 1996 Dec 23, 2023 · The Honourable Supreme Court of India has delivered many Goods and Services Tax (GST) regime-defining decisions in the year 2023. 04. R& administrative expenses which fall under section 44C of the Income Tax act, 1961 and hence are subject to the ceiling under section 44C. N. till 2019and India's Longest Income Tax Raid. Prosecution and Penalties are imposed under different acts by government. As such, the marginal rate of tax (income tax plus surcharge) in such cases was 97. Aug 6, 2024 · According to the provisions of the Income Tax Act of 1961, the Income Tax Department of India can conduct IT raids to curb instances of tax evasion and black money hoarding. Nov 22, 2012 · The other case, related to service tax evasion of Rs 13. Dec 17, 2021 · 1. The first tax on personal income was not levied until the Civil War. India’s Income Tax Department – the tax authority – conducted a transfer pricing audit after the company reported financial losses between 2012 and 2013. Nov 28, 2008 · 9 In the financial year (April-March) 1973–74, tne highest rate of income tax on incomes beyond Rs 200,000 was 85 per cent. Mansukh Dyeing and Dec 12, 2022 · India v Olympus Medical Systems India. The Income Tax Appellate Tribunal constituted in the year 1941 as an independent appellate forum to redress the grievances under the Income-tax Act is all set to celebrate its Platinum Jubilee Year on the 25th of this month. of NCT of Delhi) 13/02/25: K. 75 per cent. 2016. This kind of exercise by such small businesses is trademark infringement and the standard that decides it is “likelihood of confusion”. of Income tax; and • understand the provisions of Income tax on the basis of the judgement given on such cases by the Supreme Court. concerned was an N. Commissioner of Income-tax and the Deputy Commissioner of Income-tax v. P. Y. 7822 of 2021 Date of Judgement/Order: 09/07/2021 About Applicant(petitioner): Charitable trust Running a medical store for indoor & outdoor patients Providing medicine at a lower rate . No. Deputy Commissioner of Income-tax, v. Union of India (2005) Anuradha Bhasin v. Income tax officer [Amritsar-Trib] Feb 17, 2021 · We have reported 4,350+ judgments on various laws including Income-tax, GST and IBC. 2024 Aug 4, 2022 · India News: NEW DELHI: The Enforcement Directorate (ED) over the last eight years has carried out 3,010 raids and attached proceeds of crime worth Rs 99,356 crore. The notice served to the oral hygiene company relates to a TP assessment for the 2020/2021 financial year. Union of India on 16 December, 1983 Apr 24, 2024 · The Honorable Bombay High Court in the case of Siemens India Ltd. 11. Cairn Energy called the tax imposed illegitimate and initiated an international arbitration to challenge the retrospective taxation. To get better Sep 16, 2023 · (i) Whether on the facts and circumstances of the case and in law, the Tribunal was justified in confirming any addition on transaction in derivatives on recognised stock exchange as defined under Section 43 (5)(d) of the Income Tax Act, 1961 with reference to explanation given to Section 73 of the Income Tax Act, 1961 which is applicable to Take notes as you read a judgment using our Virtual Legal Assistant and get email alerts whenever a new judgment matches your query (Query Alert Service). Cisco Systems Capital (India) Pvt. Stay informed on significant legal developments in the GST regime. This case stands as the first substantial interpretation of GAAR Jan 5, 2019 · The list includes cases with rulings delivered on famous celebrities and politicians. Union of India (2011) Arunachala Gounder (Dead) By Lrs v. There has been controversies related to tax avoidance. In In a famous case, the Income Tax Department of India used forensic accounting techniques to uncover a tax evasion scheme involving a well-known builder. 2022 and Circular No. 12, 000 Crores which raised the eyebrows of many business and legal circles in India. 12 Cairn Energy PLC and Cairn UK Holdings Limited v. Dec 24, 2023 · It can be hiding income or falsely showing wrong income by various unrealistic deductions while filing their income tax. The legal validity of the contentious CGST Notification No. M/s Lite-on Mobile India Pvt. Here, Plaintiff filed an application for an interim injunction against Defendant on the grounds of infringement of intellectual property concerning NFTs. Vodafone case. ) Ltd. 22,842 crores. Entitlement to benefit of Amnesty scheme under Section 128A of the CGST Act, post-reassessment - respondent No. Eisenberg, Theodore; Kalantry, Sital; and Robinson, Nick, ’Litigation as a Measure of Well-Being’ (2012). Through a network of transactions, the company cheated a banking consortium of nearly 28 banks that involved State Bank of Feb 17, 2021 · In the year 2020, we have reported 4361 judgements on various laws including Income-tax, Indirect Taxes and Corporate laws, etc. in. Income tax reward scheme has been introduced by Income Tax Department which gives rewards to informers about tax evasion. Union of India Vodafone case (‘ ’) . 01. Indian Union (UOI). Sep 26, 2024 · 3. The assessee contended that under sub-section (2) of section 67 of the Gujarat Co-operative Societies Act, 1962, at least one-fourth of the net profits of the society were required to be carried to the reserve fund every year, and hence there was a diversion at May 6, 2023 · Explore recent landmark judgements under the Goods and Services Tax (GST) law, covering key decisions on topics such as payment of tax in instalments, reverse charge, input tax credit, intermediary services, and more. Then, Vodafone challenged the judgment in the Supreme Court, which in 2012 ruled that Vodafone Group’s interpretation of the Income Tax Act of 1961 was correct and that it did not have to pay any taxes for the stake purchase. The taxpayer’s tax preparer omitted only one of those forms from the taxpayer’s return for 2006; however, that Form 1099-MISC, Miscellaneous Income, reported nearly $3. Chemicals challenged the dis allowance of their claim for deductions on the grounds of incorrect computation. Commissioner of Income Tax v. Nambiar (1970) Jan 16, 2023 · 1) Held by the Hon’ble Gujarat High Court in the case of Ball Aerosol Packaging India (P. Krishnamurthy Vs. [1] being the lead case. Nov 28, 2016 · IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH 'D', NEW DELHI Before Sh. Jariwala v. Sripal Reddy (2013) In this case, the court held that a genuine transaction cannot be disregarded on the ground of mere suspicion. Union of India [Writ Petition No. ). In addition, 15 per cent surcharge on income tax was also to be paid. Feb 19, 2025 · This case led to the creation of the Ganga Action Plan, which aimed to reduce pollution and restore the ecological balance of the river. legal battle between the Indian Income Tax Department on the one side and Vodafone on the other for the astronomical figure in question: Rs. Cairn received a notice from India’s Income Tax department in 2014. com 196 (SC)] Burden of Proof - The onus of proving the source of deposit primarily rests on the person in whose name the deposit appears in various banks Dec 22, 2021 · 2021 marked another busy year for the world of tax disputes, and no doubt 2022 will be just as eventful. 87A : Rebate of income-tax in case of certain individuals-New tax regime-Tax on income of individuals and Hindu undivided family- Rebate u/s 87A is substantive right which cannot be deprived by procedural changes such as changes in the utility software made by the department-The Court has directed the CBDT to extend the date of filing of return of On October 13, The New York Times also alleged that Jared Kushner, Trump’s son-in-law and senior advisor, paid little to no federal income tax between 2009 and 2016. C. May 23, 2023 · Constitution of India, 1950; Article 14, 15, 21 - Income Tax Act, 1961; Section 10(26AAA) Proviso - Proviso to Section 10(26AAA) inasmuch as it excludes from the provision of exemption a Sikkimese outside India and therefore Vodafone International Holding does not fall within the scope of section 163 of the Income Tax Act 1955. The trouble is whether or not income tax authorities can depend absolutely on such outside findings . Most famous tax court cases in IRS history 1. com 402 (SC) 22. Form”, and going by the Supreme Court decision in Azadi Bachao Andolan case, there would be capital gains taxable in India under the Indian Income-tax Act. K. Rammohan Rao Vs. Kuldeep singh v. 12. Jul 3, 2024 · Income Tax Addition made towards Unsubstantiated Share Capital is eligible for Deduction u/s 80-IC of Income Tax Act: Delhi HC VALLEY IRON & STEEL CO. Can the rental income from the unsold flats of a builder be treated as its business income merely because the assessee has, in its wealth tax return, claimed that the unsold flats were Dec 2, 2021 · 2006-07) - [Ashokbhai H. 5 billion ($29. Income Tax Officer Income Tax Appellate Tribunal, Delhi Bench in the case of Anand Education Society vs. Union of India on 16 December, 1983 Jun 22, 2018 · This search was concluded on August 21, 2002. It Sep 9, 2024 · This case focus on validity of income tax assessment made solely based totally on external customs reports, inclusive of those from the Directorate of Revenue Intelligence (DRI), without carrying out impartial investigations. Try out our Premium Member Services-- Sign up today and get free trial for one month. Aug 8, 2020 · (ii) and (vi) in the facts of the present case. He achieved this by utilising a tax benefit known as ‘depreciation’, which allows property investors deduct a portion of the cost of their buildings from their taxable income 11 Report of the Expert Committee on Retrospective Amendments made by the Finance Act, 2012 to Income- Tax Act, 1961. Efiling Income Tax Returns(ITR) is made easy with Clear platform. 2021 as no fresh tangible evidence was put on record by the Assessing Officer as compare to the evidences Several steps as below have been taken by Indian government to avoid tax evasion. Devadhar. Dec 2, 2022 · RELIANCE INDUSTRIES Vs. Sachin Tendulkar, Shilpa Shetty, Shahrukh Khan, Chidambaram family who got favourable rulings while Priyanka Chopra, Rahul Gandhi and Sonia Gandhi got troublesome tax rulings during the year. Through Tax2win. Saktijit Dey, Judicial Member Dr. Nani Palkhivala Textile Machinery Corporation Ltd. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. V. 1996 to 17. Dec 22, 2020 · Maruti Suzuki India Ltd. Principal Commissioner of Income-Tax (“Reddy Case”), marking a significant turning point in the application of General AntiAvoidance Rules (“GAAR”) in India. Steel Authority of India, the Court held that royalty on mining is not a tax and affirmed states’ authority to levy taxes on mineral r Published by Dr. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. 1,300 cases. Section 9(1)(i) also states that in case the operations of a business are not present in India or only a part of their business is being done in India then only a small part Sep 13, 2024 · Discover 10 landmark judgements that transformed India’s legal landscape. Commissioner of Income Tax (2020) This case is a significant milestone in Indian tax law, especially regarding the doctrine of mutuality. Foreign companies with Permanent Establishments in India are taxed at 40% and incur a surcharge of 2% on income over INR 10 million and 5% on income over INR 100 million. In . Latest Income Tax Judgements. 07. M. 5: Genpact India Private Limited v. Evidence was found during the search that the assessee had indulged in an understatement of his real income relating to the block period from 01. 13/02/25: CMJ Foundation Vs. 2019: Issue related to Section 115QA-Whether appellate remedy was available in the matter regarding determination of liability u/s 115QA? Income Tax Offices across India will remain operational on March 29, 30, and 31, 2025, even though these days are holidays. 1998 In re Special reference 1 [39] Reply by the Chief Justice of India to the questions raised by President of India K. This blog delves into some of these cases that have shaped the understanding and application of contempt laws in India. T. Jan 26, 2024 · As I write this missive, we have entered the year 2024, which marks a new beginning for everyone. The plaintiff claimed that the Defendant's activities Sep 26, 2020 · ECONOMY/ GOVERNANCE/ INTERNATIONAL Topic: General Studies 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development. Download the detailed PDF for insights. TOLA will continue to apply to the Income Tax Act after 01 April, 2021, if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20-03-2020 and 31-03-2021. The assessee company is a heavy engineering concern which is in the business of manufacturing boiler, machinery parts, wagons etc. 2022 on the sole ground that the petitioner had not produced relevant documents in this Dec 28, 2021 · The recent income tax raid in Kanpur on businessman Piyush Jain isn't the first one case in Kanpur. 1 INTRODUCTION The main purpose of this unit is to discuss the verdict given by Supreme Court on various cases relating to Income Tax Act rules and regulations. 10927/2024: Right of a senior citizen to claim back their transferred property under the Section 23 of the Maintenance and Welfare of the Parents and Senior Citizens Act, 2007 On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in confirming penalty of Rs. Sh. In case of not paying the tax due, a penalty is imposed which cannot exceed the due amount. The case (No 838/DEL/2021) involved Olympus Medical Systems India, a subsidiary of medical equipment supplier Olympus. A landmark case law on NFT is: Digital Collectibles Pte Ltd And Ors. R. Taxation Laws are prescribed for the payment of various taxes including income tax, general tax, service tax, sales tax etc. Addl. Apr 25, 2019 · The concept of Slump Sale was introduced in the income tax law through section 2(42C) and section 50B in AY 2000-01 consequent to a ton of litigation and ambigu Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Dec 20, 2019 · Here she discusses “Top 5 Income Tax Lawyers in India and One Landmark Case They Argued”. Association of Concerned Citizens of New Delhi and Others; The Supreme Court of India has struck down New Delhi Municipal Council ( NDMC ) (Determination of Annual Rent) Bye-laws, 2009. Case Details: Concentrix Services Netherlands B. Commissioner of Income Tax, Delhi. In a historic turn of events, Sardar Inder Singh, a highly influential Indian politician, faced the country's lengthiest income tax raids in 1981. Hence, in the present case if the tax assessment had been completed before 1962, then Income Tax Act, 1961 would not have been applicable. 14. NJRS Citation: 2019-LL-1122-6. Ltd and the paper company. was a special case in the Oct 30, 2024 · It held that the TOLA will continue to apply to the Income Tax Act after April 01, 2021, if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between March 20, 2020, and March 31, 2021. The Deputy Commissioner of Income-tax (Chennai ITAT) 4. P. Dec 8, 2021 · Now of course Income Tax authorities had to intervene as there was sale of India Assets. Jun 8, 2020 · This story involves the famous case of investment by Walmart in Flipkart. 2002. Section 50A of the Income Tax Act, 1961 Union of India [38] Struck down the 99th Amendment of the Constitution of India and the proposal of the National Judicial Appointments Commission. Union of India Income Tax Return eFiling - Login to File your Income Tax Returns ( ITR ) for FY 2023-24 (AY 2024-25) online with Tax2Win. Al Capone’s tax case is one of the most famous cases the IRS has ever dealt with. Vodafone used a structure that routed the transaction through Cayman Islands-based entities to avoid capital gains tax in India. The Republic of India (PCA Case No. India Ener-Gen Pvt. R. In GST Act alone we have reported 1,250+ cases. 2016-7) 13 The law of Income Tax by Kanga and Palkhivala – 8th Edition. Sharma case in 1958 and the Kharak Singh case in 1961, both of which said that the right to privacy is not protected under the Indian constitution. One of the primary reasons for tax avoidance in India is the high tax rates. Tax2win, an online tax filing platform, provides the easiest way to e-file your Income Tax Return in India. Retrospective taxation: the Vodafone case Context: The Permanent Court of Arbitration at The Hague gave a assessee should be assessed under the head “Income from house property” and not under the head “Profits and gains from business or profession. Kamalkishor Shrigopal Taparia Vs. Mission Pharma Logistics (India) Pvt. Though Devadhar was in Nagpur that day, he was ‘virtually’ present through a video Apr 1, 2020 · One of the infamous defence scandals in India, this case is about a 2010 deal signed between the UPA government and AgustaWestland for acquisition of 12 helicopters that were supposed to be used Jan 6, 2025 · In a recent case, the Bombay High Court has held that the the Goods and Service Tax (GST) department cannot issue tax demand against corporate debtor and set aside the demand order without relegating the Petitioner to avail of the alternate remedy given in the peculiar facts and the breach of natural justice. CITATION: 2024 TAXSCAN (HC) 726 Oct 3, 2024 · A precedent-setting verdict by the Supreme Court on October 3 handed the Income Tax department a major victory in a landmark case that was essentially a tax war over old and news laws. Indian government be like- Bhaisaab mera Tax kahan hai! Dec 2, 2024 · Yum! Restaurants (Marketing) Pvt. 3005/2022 and various other appeals in similar matter filed before the Hon’ble Court. The Deputy Commissioner of TDS u/s 195 - payments made in the nature of royalty under Article 13(3) of the India-UK Double Taxation Avoidance Agreement (DTAA) - payments made towards Global brand, Global Communications and Global technology/Knowledge Management - HELD THAT:- Tribunal in assessee s own case for A. , Vol 8, pp 13025-6 3. 187/3/2020-ITA-I] / SO 2757(E) :- 13 August, 20: Notified income-tax authorities to facilitate conduct of faceless assessment proceedings under ReACs: 9 TLC Legal is a leading firm of attorneys in India, specialising in indirect taxation. Ltd. 10. 986 of 2019 dated February 29, 2024], relying upon sub-section (7) of Section 140 of the Central Goods and Services Tax Act, 2017 adjourned the matter for further hearing and continued the interim stay granted in favor of Taxpayer being Input Tax Lawyers Near Me: Contact top rated Tax lawyer in Bangalore/Bengaluru to defend you if a tax authority accuses you of under-reporting your taxes, and if you are in violation of any tax law. B. The income of a company is classified under different heads of income such as profits earned from the business, capital gains, income from real property and income from other Oct 12, 2022 · In the quest of making huge benefits without efforts owners of small businesses adopt the established trademarks either exactly or in a modified way making it difficult to be differentiable. 19. This is generally Nov 28, 2024 · In June 2024, the Telangana High Court delivered a landmark judgement in the case of Ayodhya Rami Reddy Alla v. As the year draws to an end, and in a reflective mood, we look back at the most notable cases over the last twelve months. purchase rate was 19 lac less than circle rate . The lofty ideals of “Sulabh Nyaya and Satwar Dec 3, 2024 · The Supreme Court in Wipro’s case noted that “For claiming the benefit under Section 10B (8) of the Income Tax Act, the twin conditions of furnishing a declaration before the assessing officer and that too before the due date of filing the original return of income under Section 139(1) of the Income Tax are to be satisfied and both are The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. Chandrachud and J. : R/Special Civil Application No. Calcutta Vs Commissioner of Income Tax, West Bengal, (1977) Facts. In 1861, Congress and President Abraham Lincoln imposed a 3 percent tax on annual incomes over $800 to finance the Union war effort. Here is a list of top Taxation Law firms in India Contents hide 1. Shortly thereafter, the Finance Act, 2012 introduced Explanation 5 to Section 9(1)(i) of the Income-tax Act, 1961 (“ITA”), “clarifying” that an offshore capital asset would be considered to have a situs in India if it substantially derived its value Dec 27, 2024 · The law has been tested and clarified through various landmark judgments. Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Kesavananda Bharati V. in, Abhishek endeavors to revolutionize how individuals file their income tax returns, offering a seamless and user-friendly experience. 761/Del/2013 dated 15. 43 crore by Cadbury India, Mumbai, has been adjudicated and a demand of Rs 11. In Mineral Area Development Authority v. Apr 23, 2014 · The same police formalities as given in para 1 above will be followed in these cases. Mar 31, 2023 · Here are some of the recent and famous money laundering cases that made headlines in India: ABG Shipyard fraud case. 2019, Circular No. Under the India - Mauritian treaty, these capital gains cannot be taxed in India. M/s. Asstt. Cornell Law Faculty Working Papers, Paper 99 Supreme Court High Court Income-tax Appellate Tribunal Assessing Officer Commissioner of Income-tax (Appeals)/ DRP Mar 12, 2025 · Your email and social media account can be accessed by income tax officers starting financial year 2026-27 in these cases. New Delhi Muncipal Council vs. Clear serves 1. State (Govt. Milk Producers’ Union Ltd. 4 did not consider the claim of the petitioner qua Circular bearing No. 5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. Facts of the case The appellant sought information regarding confidential reports submitted by lower formations to higher formations, which was denied by the respondent to the appellant. MC Mehta's persistent efforts through various PILs have made a significant impact on environmental jurisprudence in India. Necessity to determine residential status is significant to determine total income of taxpayers in India. V Assistant Commissioner of Income-tax, The Assessing Officer was not justified in reopening of the Re-assessment Proceedings u/s 148 as it stood prior to the Finance Act, 2021 w. 40 years ago, a raid similar to this nature happened which took the country by surprise Apr 10, 2021 · The tax laws in India provide for taxation of corporate entities as a separate person; and specific income tax return forms for companies are prescribed under the law. Developing digital technologies, including AI and big data, generates new possibilities for improving tax services. What the case is all about Commissioner of Income Tax ITA Nos 3772 and 3774/Mum/1996, 1588/Mum/1997 and 409 to 411/1999 INCOME TAX APPELLATE TRIBUNAL (MUMBAI ‘A’ BENCH) BANSAL JM AND PRAMOD KUMAR AM JUDGMENT DATE: 1 MARCH 2005 Double taxation conventions – India – Interpretation – Whether ‘property’ to be interpreted to include know-how – Whether May 9, 2022 · Landmark Judgment by Supreme Court on notices issued u/s 148 which is in Favour of both Assessee and Revenue. 8 million) TP order by India’s income tax authorities, according to a stock exchange filing made by the company. On the failure of payment by the VIHBV, a case was initiated against the company. Shivkant Shukla, (Habeas Corpus Case) Air India v. Get more updates on the latest tax cases and gain valuable insights to optimize your tax strategy in India. 2. Through this write-up, let us analyze key income tax judgments from the income tax appellate tribunal, the high court, and the Supreme Court. Admissions closing on 10 DEC'22 | Enrol now - https://bit. AZB […] 1 day ago · Computation of capital gains in case of Market Linked Debenture: Clause 76 of the Income Tax Bill, 2025 vs. 10. M. The Notification, issued by the Central Board of Indirect Taxes and Customs (CBIC), extended the timeline for passing orders under Section 73(10) of the Central Goods and Services Tax Act, 2017 (“CGST Act“) for financial years 2018-19 and 2019-20. The Indian revenue authorities considered that acquisition of stake in HEL by Vodafone was liable for tax deduction at source under Section 195 of the Income Tax Act, 1961. State of Meghalaya: 13/02/25: P. tax was required to be withheld on a transfer of offshore assets between two non-residents. 46 crore, people pay the tax. 193/05/23/GST dated 17. 1,29,880/- under section 271(1)(c) of the Income Tax Act, 1961 (the Act) and the reasons assigned for doing so are wrong and contrary to the facts and circumstances of the case, the provisions of Press Release, dt. Mar 17, 2025 · Famous NFT Cases in India. Bandhua Mukti Morcha vs. In India, tax evasion is regarded as a crime. (2008) 307 ITR 83 (Guj. Here follows a low-down on what the case was all about and how the ruling will impact a significant number of individuals and businesses. Jul 23, 2023 · can you send 2 cases verdict where government circle rate and purchase rate was different . File ITR for income from salary, business, capital gains, house property & utilize deductions under 80C, etc. Sampath Iyenger’s Law of Income Tax, 11th Ed. nvxp dmtu znbw idufz iyvdn lcflma slrcaid kcxk sdiqwzg kbf mehq pfpilq gtp lplvn pzosf