Income tax Act 1961
18th Oct, 2021
Factual Matrix The Hon’ble Supreme Court in its judgment dated 08.10.2021 in the matter of “The Commissioner of Income Tax, Chennai vs. Mohammed Meeran Shahul Hameed (Civil Appeal No. 6204 of 2021)” had the occasion […]
9th May, 2016
The amount of tip paid by the employer to the employees has no reference to the contract of employment at all. Tips are received by the employer in a fiduciary capacity as trustee for payments […]
12th Aug, 2015
The Supreme Court has held that the charges which are fixed by the AAI for landing and take-off services as well as for parking of aircrafts are not for the ‘use of the land’. These […]
9th Jul, 2015
The question before the Supreme Court was “whether the amounts paid by ONGC to the non-resident assessees /foreign companies for providing various services in connection with prospecting, extraction or production of mineral oil is chargeable […]
21st May, 2015
Warrant of authorization under Section 132 of the Act is required to be founded on a reasonable belief of the authorized official regarding the existence of the conditions precedent to the exercise of the power […]
10th Apr, 2015
A plain reading of the aforesaid provision makes it clear that the legislature has categorised for deduction income of those institutions which “exist solely” for philanthropic purpose with a further stipulation that they would exist […]
29th Mar, 2015
Expenditure made for construction/acquisition of new facility subsequently abandoned at the work-in progress stage was allowable as incurred wholly or exclusively for the purpose of assessee’s business.
29th Mar, 2015
The word “income” would include within it both profits as well as losses. In other words, loss is negative profit. Both positive and negative profits are of a revenue character and must enter into computation, […]
1st Dec, 2014
The provision contained in Section 132(1) of the Income Tax Act 1961 enables the competent authority to direct for issue of search and seizure on the basis of formation of an opinion which a reasonable […]
11th Nov, 2014
Sections 5, 6, 7, 8 and 13 of the NTT Act were held to be unconstitutional, they since constituting the structure of the NTT Act and without these provisions the remaining provisions becoming ineffective and […]
3rd Nov, 2014
AO must clearly indicate facts not disclosed by Assessee leading to escapement in a case covered by S.147 of the Income Tax Act
3rd Nov, 2014
Assessee cannot be made to suffer in claiming refund of penalty with interest due to Revenue’s inaction