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Reduction of Share Capital Constitutes ‘Transfer’ Under Section 2(47): Supreme Court Reaffirms Capital Loss Allowability in PCIT v. Jupiter Capital Pvt. Ltd. (2025)
The
Supreme Court has reiterated the settled legal position that reduction of share
capital leading to extinguishment of shareholder rights amounts to a “transfer”
within the meaning of Section 2(47) of the Income...
Offence under Section 276CC of Income Tax Act: Supreme Court Clarifies “First Offence” and Compounding Guidelines
The Supreme Court examined the scope and
interpretation of Section 276CC of the Income Tax Act, 1961, and the
applicability of the Guidelines for Compounding of Offences under Direct Tax
Laws, 2014, in the context of ...
Section 80-IA(9) and Multiple Deductions under Chapter VI-A: Supreme Court Clarifies Allowability vs Computation in Shital Fibers Ltd. Case
The Supreme Court has conclusively interpreted the scope and application of
Section 80-IA(9) of the Income Tax Act, 1961, in the context of claims for
multiple deductions under Chapter VI-A. The controversy before the ...
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...