Famous income tax cases in india. search all words: exact phrase-1: .

Famous income tax cases in india Dec 2, 2022 · RELIANCE INDUSTRIES Vs. Vs. 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 See full list on caclubindia. Oct 10, 2022 · This video is to guide viewers of how people tend to evade taxes using buildings and how the same evasion can backfire and not be beneficial monetarily too. The income tax collected from citizens is a major part of the government’s 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. Commissioner of Income Tax, Pune. Retrospective taxation: the Vodafone case Context: The Permanent Court of Arbitration at The Hague gave a About half of federal revenue comes from individual income taxes, while less than 10 percent comes from corporate income taxes. 46 crore, people pay the tax. Bhagwan Devi (D), through her LR. Tax avoidance is the use of legal methods to minimize the amount of income tax owed by an individual or a business. When political party receives such donations of Rs. , [ 2014 (3) TMI 42 - SUPREME COURT ] for the period prior to 31. Deputy Commissioner of Income-tax, v. till 2019and India's Longest Income Tax Raid. 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! Sep 13, 2024 · Discover 10 landmark judgements that transformed India’s legal landscape. Nov 28, 2016 · IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH 'D', NEW DELHI Before Sh. It saves tax to the extent of 25. Prosecution and Penalties are imposed under different acts by government. The first tax on personal income was not levied until the Civil War. 17 lacs as taxes. (2008) 307 ITR 83 (Guj. 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. 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. In . Case Details: Concentrix Services Netherlands B. com Apr 28, 2022 · Some Decisions of Various Courts, Tribunal Related To Various Sections of Income Tax Act,1961. 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. Mar 15, 2024 · Law books are replete with property tax evasion cases. The tax was being demanded as per Section 195 of the Income Tax Act, 1961. Chemicals challenged the dis allowance of their claim for deductions on the grounds of incorrect computation. (Kar HC) 2. 20. Dinesh Kumar Sharma: 20/03/25: Delhi Agricultural Marketing Board, through its Chairman Vs. ) Ltd. Out of these cases, we have identified top 20 rulings which may be relevant for future references and to decipher some aspects under GST. 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. The conflict arose because the said convention Oct 11, 2023 · In 2012, India’s retrospective tax amendment was introduced. Supreme Court ruled in favor of Vodafone, exempting it from the ₹11,000 crore tax demand. 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. Kesavananda Bharati V. Difficult as it was to whittle down the numbers, we have shortlisted our top 10 cases – a festive buffet of tax administration, VAT, transfer pricing, indirect taxes, and more. 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. f. 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. So, let’s see what was involved in the case and what argument was made by the investment fund involved in the case. 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. This provides certain discretion on the part of the Income Tax. 761/Del/2013 dated 15. Government policies and interventions for development in various sectors and issues arising out of their design and implementation. Vodafone case. Income tax officer [Amritsar-Trib] Jan 26, 2024 · As I write this missive, we have entered the year 2024, which marks a new beginning for everyone. 19. 43 crore by Cadbury India, Mumbai, has been adjudicated and a demand of Rs 11. Over the years, the IT Department has conducted some of the biggest income tax raids in India to confiscate undisclosed cash, assets, and wealth. Danske Bank A/S v Skatteverket (Case C 812/19) Dec 23, 2024 · The primary issue revolves around whether these agreements constitute a transfer of the right to use goods, as per Article 366(29A)(d) of the Constitution of India, which would render them deemed sales and liable for sales tax under the Assam General Sales Tax Act, 1993 (‘the Sales Tax Act’) and the Assam VAT Act, 2003 (‘the VAT Act’). e. Indian government be like- Bhaisaab mera Tax kahan hai! Dec 2, 2024 · Yum! Restaurants (Marketing) Pvt. Citicorp Finance (India) Ltd. Kalluri Krishan Pushkar v. 56/2023 (“Notification“), is facing challenges across multiple High Courts in India. CHIEF COMMISSIONER OF INCOME TAX (2021) 133 taxmann. 75 per cent. Understand legal precedents and navigate tax law confidently. Commissioner of Income Tax (2017): This case dealt with the taxability of unsold flats as stock-in-trade. Apr 3, 2023 · A. Hence, in the present case if the tax assessment had been completed before 1962, then Income Tax Act, 1961 would not have been applicable. Narayanan regarding the Collegium system. Saktijit Dey, Judicial Member Dr. The appellant approach the CIC for seeking the information. CASE 1. During the investigation, they found that some cash transactions were not properly recorded in the builder’s financial records. Latest Income Tax Judgements. Director of Income Tax (E) in ITA No. 19/03/25 Case 3: M/s. V. No. M/s. 5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. In GST Act alone we have reported 1,250+ cases. Dec 17, 2021 · 1. 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. R& administrative expenses which fall under section 44C of the Income Tax act, 1961 and hence are subject to the ceiling under section 44C. In case of not paying the tax due, a penalty is imposed which cannot exceed the due amount. AZB […] Mar 13, 2023 · The provision relating to Residential Status in India is governed by Section 6 of Income Tax Act, 1961. Income Tax Appellate Tribunal, Delhi Bench in the case of Anand Education Society vs. Taxmann Citation: [2019] 111 taxmann. 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 Feb 2, 2024 · In the case of Union of India vs. 6 days ago · Get more updates on the latest tax cases and gain valuable insights to optimize your tax strategy in India. 5: Genpact India Private Limited v. 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. P. Jan 2, 2025 · Serial Number Date of Judgment Cause Title/Case No. One of the primary reasons for tax avoidance in India is the high tax rates. 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. 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. 2000 Vaibhav Goel Vs. Asstt. 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. Significance: legal battle between the Indian Income Tax Department on the one side and Vodafone on the other for the astronomical figure in question: Rs. concerned was an N. Judgment Name: Union of India & Ors. Commissioner of Income Tax, Delhi. Here are some of the landmark property tax evasion cases in India: M/s Ansal Housing and Construction Ltd. 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. Benefit of MFN clause available from the date when a country becomes a member of OECD; HC allows lower withholding tax on dividend. 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. 40 years ago, a raid similar to this nature happened which took the country by surprise 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 Feb 22, 2024 · Tax avoidance and tax evasion are commonly used terms regarding taxation in India. (page 4 of AO. In addition, 15 per cent surcharge on income tax was also to be paid. Milk Producers’ Union Ltd. The assessee company is a heavy engineering concern which is in the business of manufacturing boiler, machinery parts, wagons etc. 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. Calcutta Vs Commissioner of Income Tax, West Bengal, (1977) Facts. Principal Commissioner of Income-Tax (“Reddy Case”), marking a significant turning point in the application of General AntiAvoidance Rules (“GAAR”) in India. The Income Tax Act, 1961, was the primary tax law governing India’s tax system. Dec 24, 2023 · It can be hiding income or falsely showing wrong income by various unrealistic deductions while filing their income tax. 17 lac rupees. search all words: exact phrase-1: the pr commissioner of income tax 3 v. Issue: Income - expense = margin 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. Goodyear South Asia 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. In most cases, a Tax lawyer in India May 9, 2022 · Landmark Judgment by Supreme Court on notices issued u/s 148 which is in Favour of both Assessee and Revenue. Efiling Income Tax Returns(ITR) is made easy with Clear platform. Oct 30, 2024 · TOLA will Continue to Apply to Income Tax Act after April 2021. I. In direct tax case laws search criteria. Taxation Laws are prescribed for the payment of various taxes including income tax, general tax, service tax, sales tax etc. phetre svgao fqkv fpoh cqnh kdie vadqzjv mxyyift panyav taygnaa vmbai osrc yswpfiu pkizbjxn riszwzlg