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Whether Transfer of Development Rights Is Stock-in-Trade or Capital Asset Requires Examination of Multiple Factors: Supreme Court in Commissioner of Income Tax v. Glowshine Builders & Developers Pvt. Ltd.
The Supreme Court considered whether the transfer of
development rights in land by the assessee was to be treated as a transfer of
stock-in-trade resulting in business income or as a transfer of a capital asset
giving...
Clarification on Reassessment After Search Requires Review, Not Miscellaneous Application: Supreme Court in Principal Commissioner of Income Tax, Central-3 v. Abhisar Buildwell Pvt. Ltd.
The Supreme Court considered a Miscellaneous Application
filed by the Revenue seeking clarification regarding the scope of reassessment
proceedings under Sections 147 and 148 of the Income Tax Act, 1961, read with
Sec...
Bitumen Cannot Be Treated as “Other Valuable Article” Under Section 69A Where Transporter Is Merely a Carrier: Supreme Court in M/s D.N. Singh v. Commissioner of Income Tax, Central, Patna & Anr.
The Supreme Court examined the scope and applicability of
Section 69A of the Income Tax Act, 1961, in the context of alleged short
delivery of bitumen by a transporter engaged as a carriage contractor. The
principal i...
Foreign Exchange Fluctuation Gain in EEFC Account Not “Derived From” Export Business for Section 80HHC Deduction: Supreme Court in Shah Originals v. Commissioner of Income Tax-24, Mumbai
The Supreme Court examined whether gains arising from
foreign exchange fluctuations in the Exchange Earners’ Foreign Currency (EEFC)
account of an assessee constitute profits derived from the export business and
are...
Deductibility of Broken Period Interest on Government Securities Held by Banks as Stock-in-Trade: Supreme Court in Bank of Rajasthan Ltd. v. Commissioner of Income Tax
The Supreme Court examined the issue relating to the tax
treatment of interest paid for the broken period on the purchase of government
securities by banking companies. The core question was whether such broken
period...
Assessing Officer Has No Jurisdiction to Entertain Claims Made Through Time-Barred Revised Returns Under Section 139(5) of the Income Tax Act: Supreme Court, M/s Shriram Investments v. Commissioner of Income Tax III, Chennai
The Supreme Court held that once a revised return of income
is barred by limitation under Section 139(5) of the Income Tax Act, 1961, the
Assessing Officer has no jurisdiction to entertain or examine any claim made on
...
Income Tax Dues after Approval of Resolution Plan under IBC: Supreme Court Reaffirms Extinguishment of Statutory Claims, VAIBHAV GOEL VS DEPUTY COMMISSIONER OF INCOME TAX
The Supreme Court examined the legality of income tax
demands raised after the approval of a resolution plan under the Insolvency and
Bankruptcy Code, 2016 (IBC). The appeal arose from a judgment of the National
Compa...
Prosecution under Section 276C(1) Cannot Continue After Settlement Commission Order Granting Penalty Immunity: Supreme Court, (VIJAY KRISHNASWAMI @ KRISHNASWAMI VIJAYAKUMAR VS THE DEPUTY DIRECTOR OF INCOME TAX )
The Supreme Court examined the legality of continuation of
prosecution under Section 276C(1) of the Income Tax Act, 1961, after the Income
Tax Settlement Commission had passed an order granting immunity from penalty
u...
Limitation Period under Section 144C vis-à-vis Section 153 of the Income-tax Act: Supreme Court Clarifies DRP Timelines, (ASSISTANT COMMISSIONER OF INCOME TAX VS SHELF DRILLING RON TAPPMEYER LIMITED)
The issue before the Supreme Court concerned the correct
interpretation of the limitation provisions under Section 153 of the Income-tax
Act, 1961, in cases where the special assessment procedure under Section 144C,
i...
Hotel Premises Constitute Fixed Place PE: Supreme Court in Hyatt International Southwest Asia Ltd. Case, (Hyatt International Southwest Asia Ltd. v. Additional Director of Income Tax)
The Supreme Court, in Hyatt
International Southwest Asia Ltd. v. Additional Director of Income Tax,
examined whether the appellant, a company incorporated in Dubai and a tax
resident of the United Arab Emirates, had a...