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Trustee can file winding up petition in India despite contract conferring juris…
This case involved a dispute between a trustee (appellant) representing foreign bondholders and an Indian company (respondent) that defaulted on interest payments for convertible bonds issued to those bondholders. The key issue was whether the trust…
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Court rules no deemed dividend for shareholder with debenture account balance e…
The case involves an assessee who was a shareholder of more than 10% in M/s. Star Synthetics Pvt. Ltd. The Assessing Officer treated certain amounts received by the assessee from the company as deemed dividend under Section 2(22)(e) of the Income Ta…
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Tax Deduction at Source: DTAA Prevails Over Domestic Law, Rules ITAT in Favor o…
The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeals, ruling that the provisions of the Double Taxation Avoidance Agreement (DTAA) override the domestic law, including Section 206AA of the Income Tax Act, 1961. The case involved …
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Anticipatory bail granted to man accused in Rs 700 cr forex remittance scam due…
The Delhi High Court granted anticipatory bail to Amit Aggarwal, accused in a Rs 700 crore forex remittance scam case being probed by the Enforcement Directorate (ED). The court found no evidence of 'proceeds of crime' being generated from the alleg…
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Computer Sciences Corporation India wins tax dispute over withholding tax rates…
The case involves Computer Sciences Corporation India Pvt. Ltd. (the assessee), which made payments for technical services to its US parent company. The dispute centered around the applicable withholding tax rate – whether it should be as per the In…
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Court upholds ITAT order allowing tax deduction at DTAA rate despite lack of PA…
This case deals with the issue of whether the provisions of Section 206AA of the Income Tax Act, which mandates a higher tax deduction rate for non-residents without a Permanent Account Number (PAN), can override the beneficial tax rates provided un…
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Court upholds primacy of India-Singapore tax treaty over domestic law, quashes …
The petitioner, an Indian company, challenged Section 206AA of the Income Tax Act which mandated a 20% tax deduction at source (TDS) on royalty payments made to non-residents without a Permanent Account Number (PAN). The court held that the India-Si…
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Court upholds primacy of India-Singapore tax treaty over domestic law, quashes …
The petitioner, an Indian company, challenged Section 206AA of the Income Tax Act which mandated a 20% tax deduction at source (TDS) on royalty payments made to non-residents without a Permanent Account Number (PAN). The court held that the India-Si…
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Tax deduction on payments to non-residents governed by DTAA rates, not Section …
The case involves an Indian company (the assessee) that made payments to non-resident entities for royalty and technical services. The assessee deducted tax at source (TDS) on these payments at the rates prescribed in the relevant Double Taxation Av…
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Assessee wins on capital gains tax dispute over NIIT share sale, court rejects …
This case involves an individual assessee, Arjun Malhotra, who sold 1,00,000 shares of NIIT to a company Glad Investment Pvt Ltd (GIPL) in 1997-98. The assessee claimed the sale consideration was Rs. 5 crores and claimed exemption under Section 54F.…
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Insider trading charges against Biocon executive quashed, but penalty upheld fo…
The case involves an appeal filed by a Biocon executive against the order of the Securities and Exchange Board of India (SEBI) restraining him from accessing the securities market and associating with listed companies for three months, and imposing …
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Court rules agricultural lands not capital assets despite conversion, upholds t…
The Income Tax Appellate Tribunal (ITAT) had ruled that certain lands owned by the assessees, although converted for non-agricultural purposes, were still considered agricultural lands and hence exempt from capital gains tax on their sale. The Reven…
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Court rejects assessee's claim of agricultural land exemption for Rs. 2.5 crore…
Income Tax,Jun. 04, 2021The case involves an assessee who sold an immovable property in Devanahalli, Bangalore for Rs. 2.5 crores and claimed it as an agricultural land exempt from capital gains tax. The Income Tax Department disputed this claim, and the matter went through multiple rounds of litigation. The Income Tax Appellate Tribunal (ITAT) ultimately ruled against the assessee, holding that the property could not be considered agricultural land and was liable for cap…
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Agricultural land sale exempt from capital gains tax as it was situated beyond …
Income Tax,Aug. 25, 2020This case involved a Hindu Undivided Family (HUF) that sold agricultural land and claimed exemption from capital gains tax under Section 2(14)(iii) of the Income Tax Act. The dispute centered on whether the land was situated beyond 8 km from the municipal limits, which would make it eligible for the exemption. The Income Tax Department challenged the exemption, but the Madras High Court upheld the Tribunal's order in favor of the assessee, acceptin…
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Senior citizen's sale of agricultural land beyond 8km from municipality exempte…
Income Tax,Jun. 23, 2021This case involves an appeal filed by an assessee (taxpayer) against the order of the Commissioner of Income Tax (Appeals) regarding the assessment year 2013-14. The key issue was whether the land sold by the assessee, an agricultural land located beyond 8 km from the nearest municipality, should be considered a capital asset under Section 2(14) of the Income Tax Act, 1961, and therefore subject to capital gains tax. The Income Tax Appellate Tribun…
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Court upholds agricultural land exemption for land sale in Juchandra village de…
Income Tax,Oct. 07, 2020The case involves an income tax dispute over the sale of land by an assessee in Juchandra village. The revenue department argued that the land should be treated as a capital asset and subject to tax, as Juchandra village became part of the Vasai-Virar Municipal Corporation in 2009. However, the Income Tax Appellate Tribunal ruled in favor of the assessee, stating that the land qualified as agricultural land and was exempt from tax. The revenue depa…
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Court quashes tax officer's order on reopening assessment, remands for fresh co…
Income Tax,Mar. 31, 2021This case involves a writ petition filed by an individual assessee challenging the reopening of assessment for AY 2015-16 under Section 148 of the Income Tax Act. The assessee had filed objections against the reasons for reopening, but the Assessing Officer dismissed the objections without properly examining them. The High Court quashed the order dismissing objections and remanded the matter for fresh consideration by the Assessing Officer.
Court dismisses writ petition challenging income tax reassessment notice, citin…
The petitioner, a domestic construction company, challenged the order passed under Section 148A(d) and the notice issued under Section 148 of the Income Tax Act, 1961, for the assessment year 2018-2019. The court dismissed the writ petition, holding that it was premature and not maintainable at this stage, as the petitioner has an alternative remedy available under the Income Tax Act.
Income Tax,Mar. 16, 2024-
Court upholds tax reassessment notice, rejects plea for disclosure of evidence
Income Tax,Mar. 16, 2024The case involves a petition filed by an assessee challenging a notice issued under Section 148 of the Income Tax Act for reassessment of income. The assessee argued that the order passed under Section 148A(d) did not satisfy the prerequisite of having sufficient information suggesting that income had escaped assessment. The court dismissed the petition, holding that the assessee is not entitled to the disclosure of evidence or material forming the…
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Court quashes tax reassessment notice for lack of proper information disclosure…
Income Tax,Mar. 16, 2024The case involved a pharmaceutical company (petitioner) challenging notices issued by the Income Tax Department for reassessment of income for the assessment year 2018-19. The court quashed the notices, holding that the department failed to provide proper information as required under Section 148A(b) of the Income Tax Act before initiating reassessment proceedings.
Supreme Court upholds Parliament's power to tax capital gains from urban agricu…
Income Tax,Mar. 11, 2024This group of 24 special civil applications challenged the constitutional validity of Section 2(14)(iii) of the Income Tax Act, 1961, which brought certain agricultural lands within the definition of "capital assets" for taxation of capital gains. The Gujarat High Court upheld the provision, ruling that Parliament had the legislative competence to enact it under Entry 82 of the Union List, and that the classification was not violative of Article 14…
Non-resident Indian wins tax case, court allows exemption on capital gains from…
The case involves an individual non-resident Indian assessee who sold agricultural lands and claimed exemption under Section 54B of the Income Tax Act on the capital gains by purchasing new agricultural lands. The Income Tax Department denied the exemption, but the Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal and directed the Assessing Officer to delete the addition made to the assessee's income.
Income Tax,Jul. 08, 2021-
Income Tax , Jul. 16. 2020Court rules against treating land as agricultural, overturns tax exemption on c…
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Income Tax , Aug. 26. 2020Court upholds agricultural land exemption for land over 8km from municipality, …
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Income Tax , May. 31. 2021Individual's Rs 2 crore land sale not exempt as agricultural land, rules Income…
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Income Tax , Sep. 15. 2020Court rules tax deduction required on compensation for buildings, not agricultu…
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Income Tax , Mar. 11. 2024
Agricultural land sale not taxable as capital gain due to lack of urbanization …
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