Famous income tax cases in india.
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Famous income tax cases in india Cairn Energy called the tax imposed illegitimate and initiated an international arbitration to challenge the retrospective taxation. Narayanan regarding the Collegium system. 2019: Issue related to Section 115QA-Whether appellate remedy was available in the matter regarding determination of liability u/s 115QA? 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. search all words: exact phrase-1: the pr commissioner of income tax 3 v. Mansukh Dyeing and Feb 17, 2021 · We have reported 4,350+ judgments on various laws including Income-tax, GST and IBC. Kesavananda Bharati V. 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. Cairn received a notice from India’s Income Tax department in 2014. 1. Nov 22, 2012 · The other case, related to service tax evasion of Rs 13. Dinesh Kumar Sharma: 20/03/25: Delhi Agricultural Marketing Board, through its Chairman Vs. 14. Commissioner of Income Tax, Delhi. 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. Income Tax Officer Mar 20, 2021 · Discretion by the Income Tax Officer: As stated earlier, the tax assessment was completed in the year 1961. AZB […] Mar 13, 2023 · The provision relating to Residential Status in India is governed by Section 6 of Income Tax Act, 1961. 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. 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 . 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. Tax avoidance. Prosecution and Penalties are imposed under different acts by government. (Kar HC) 2. Oct 30, 2024 · TOLA will Continue to Apply to Income Tax Act after April 2021. 56/2023 (“Notification“), is facing challenges across multiple High Courts in India. com 402 (SC) 22. , [ 2014 (3) TMI 42 - SUPREME COURT ] for the period prior to 31. Indian government be like- Bhaisaab mera Tax kahan hai! Dec 2, 2024 · Yum! Restaurants (Marketing) Pvt. 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. : R/Special Civil Application No. 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 Union of India Vodafone case (‘ ’) . 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. Snehasis Nanda: 20/03/25: Chandra Shekhar Singh Vs. 17% (including cess) which comes out to be 25. Generally, taxpayers are classified as Residents or Non-Residents. Nov 28, 2016 · IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH 'D', NEW DELHI Before Sh. This case stands as the first substantial interpretation of GAAR Jun 2, 2024 · Case: Description: Outcome: Vodafone Tax Case (2012) Represented Vodafone in its landmark tax dispute with the Indian government. Director of Income Tax (E) in ITA No. Asstt. The court's ruling clarified the tax treatment on the income derived from Several steps as below have been taken by Indian government to avoid tax evasion. A. 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. The legal validity of the contentious CGST Notification No. V. 07. 75 crore was confirmed along with a penalty of equal amount. Commissioner of Income Tax (2017): This case dealt with the taxability of unsold flats as stock-in-trade. 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. 20. R. Over the years, the IT Department has conducted some of the biggest income tax raids in India to confiscate undisclosed cash, assets, and wealth. Table 3 lists the number of prosecution cases filed in court by the Income Tax Department, the number of persons convicted, and the number of persons convicted as a percentage of cases filed in tax was required to be withheld on a transfer of offshore assets between two non-residents. Al Capone’s tax case is one of the most famous cases the IRS has ever dealt with. 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. In India, tax avoidance is a common practice among individuals and businesses. Dec 20, 2019 · Here she discusses “Top 5 Income Tax Lawyers in India and One Landmark Case They Argued”. com Apr 28, 2022 · Some Decisions of Various Courts, Tribunal Related To Various Sections of Income Tax Act,1961. M/s Lite-on Mobile India Pvt. 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. Out of 130 population of the country only 1. Government policies and interventions for development in various sectors and issues arising out of their design and implementation. Milk Producers’ Union Ltd. Through Tax2win. Stay informed on significant legal developments in the GST regime. Mehta v. CITATION: 2024 TAXSCAN (HC) 726 Feb 11, 2024 · Arora claimed the firm and its affiliates are liable to pay income tax at 40 per cent on profits attributed to their fixed place Permanent Establishment in India, as opposed to WSP India's 30 per cent. India’s Income Tax Department – the tax authority – conducted a transfer pricing audit after the company reported financial losses between 2012 and 2013. During the investigation, they found that some cash transactions were not properly recorded in the builder’s financial records. Your email and social media account can be accessed by income tax officers starting financial year 2026-27 in these cases. The case (No 838/DEL/2021) involved Olympus Medical Systems India, a subsidiary of medical equipment supplier Olympus. Sh. 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. Chemicals challenged the dis allowance of their claim for deductions on the grounds of incorrect computation. Dec 2, 2022 · RELIANCE INDUSTRIES Vs. (page 4 of AO. 12, 000 Crores which raised the eyebrows of many business and legal circles in India. Levy of Central Excise duty on the amount of sales tax retained after availing benefit extended by the State Government for pre-payment of such sales tax which was collected by the appellant - Applicability of the judgment in the case of M/s Super Synotex (India) Ltd. Vs. 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. No. Union of India (GUJARAT HIGH COURT) Appeal No. Mehsana District Co-op. When political party receives such donations of Rs. 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. 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. in. 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. Dec 8, 2021 · Now of course Income Tax authorities had to intervene as there was sale of India Assets. In the Income-tax Act alone we have reported approx. M/s. Sep 26, 2024 · 3. concerned was an N. (2008) 307 ITR 83 (Guj. Tax avoidance is the use of legal methods to minimize the amount of income tax owed by an individual or a business. Deposit of tax deducted at source in special cases Tax deducted at source in respect of any income by way of salary, interest other than interest on securities or any income by way of insurance commission or any income by way of commission or brokerage to be deposited for the quarter ended 31-3-2025 in cases where the assessing officer with prior approval of Joint Commissioner grants assessee should be assessed under the head “Income from house property” and not under the head “Profits and gains from business or profession. Jun 8, 2020 · This story involves the famous case of investment by Walmart in Flipkart. 2016. Kalluri Krishan Pushkar v. Tax2win, an online tax filing platform, provides the easiest way to e-file your Income Tax Return in India. f. 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. Mar 15, 2024 · Law books are replete with property tax evasion cases. LTD vs PRINICIPAL COMMISSIONER FOR INCOME TAX (CENTRAL)-1 & ORS. 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. Jan 5, 2019 · The list includes cases with rulings delivered on famous celebrities and politicians. Deputy Commissioner of Income-tax, v. Jariwala v. 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. even though purchase was made from the overseas income. 4. ). Calcutta Vs Commissioner of Income Tax, West Bengal, (1977) Facts. Assistant Commissioner 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. purchase rate was 19 lac less than circle rate . CHIEF COMMISSIONER OF INCOME TAX (2021) 133 taxmann. 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. Kuldeep singh v. 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. 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. In direct tax case laws search criteria. Bhagwan Devi (D), through her LR. R& administrative expenses which fall under section 44C of the Income Tax act, 1961 and hence are subject to the ceiling under section 44C. xbglyudublmnmzlehudjyozbbmrczzkdfojexleaaeotgvxzxnrqcjjsfnmemdqtpvmpfuv