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20 Important Supreme Court Judgments on Income Tax with Parallel Citations

LIVELAW NEWS NETWORK

30 Dec 2022 7:10 PM IST

    • 20 Important Supreme Court Judgments on Income Tax with Parallel Citations

    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. Commissioner of Income Tax v. Mansukh Dyeing and Printing Mills, 2022 LiveLaw (SC) 991Section 260A IT Act - Appeal only lies before high court within whose jurisdiction the assessing officer is situated. Commissioner of Income Tax - I v....


    1. 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. Commissioner of Income Tax v. Mansukh Dyeing and Printing Mills, 2022 LiveLaw (SC) 991
    2. Section 260A IT Act - Appeal only lies before high court within whose jurisdiction the assessing officer is situated. Commissioner of Income Tax - I v. Balak Capital Pvt. Ltd; 2022 LiveLaw (SC) 982
    3. Sec.194H Income Tax Act attracted for 'supplementary commission' earned by travel agents; Airlines liable to deduct TDS. Singapore Airlines Ltd. v. C.I.T., Delhi, 2022 LiveLaw (SC) 959
    4. Merely raising dispute before any authority not a ground to waive interest u/sec 220(2A) Income Tax Act. Pioneer Overseas Corporation USA v. Commissioner of Income Tax, 2022 LiveLaw (SC) 944
    5. Leave travel concession is for travel within india; TDS to be deduced from ltc if foreign visit is involved. State Bank of India v. Assistant Commissioner of Income Tax, 2022 LiveLaw (SC) 917 : AIR 2022 SC 5604
    6. Income tax returns may not be accurate guide to determine real income of parties engaged in matrimonial conflict. Kiran Tomar v. State of Uttar Pradesh, 2022 LiveLaw (SC) 904
    7. Statutory authorities, professional bodies like ICAI entitled to income tax exemption if amounts charged by them are nominal to cover costs; Advancement of general public utility won't be "charitable purpose" for income tax exemption if it is done as business. Assistant Commissioner of Income Tax v. Ahmedabad Urban Development Authority, 2022 LiveLaw (SC) 865
    8. Profit oriented educational trusts can't claim income tax exemption; Education must be sole objective. New Noble Educational Society v. Chief Commissioner of Income Tax 1, 2022 LiveLaw (SC) 859 : 2022 (15) Scale 302
    9. Employers Have To Deposit Employees' Contribution Towards EPF/ESI To Avail Deduction U/Sections 36(1)(va) & 43B of Income Tax Act. Checkmate Services Pvt. Ltd. v. Commissioner of Income Tax-I, 2022 LiveLaw (SC) 838 : 2022 (15) SCALE 117
    10. Appeals against ITAT order will lie only before the high court within whose jurisdiction the assessing officer is situated. Pr. Commissioner of Income Tax-I, Chandigarh v. ABC Papers Ltd., 2022 LiveLaw (SC) 686 : AIR 2022 SC 3905
    11. Sufficiency or inadequacy of reasons to believe cannot be looked into while considering validity of search & seizure U/Sec 132 Income Tax Act. Principal Director of Income Tax (Investigation) v. Laljibhai KanjiBhai Mandalia, 2022 LiveLaw (SC) 592 : AIR 2022 SC 3304
    12. Twin conditions in Section 10B (8) Income Tax Act have to be fulfilled to claim exemption relief. Principal Commissioner of Income Tax-III Bangalore v. Wipro Ltd., 2022 LiveLaw (SC) 583 : AIR 2022 SC 3466
    13. The Supreme Court saves over 90,000 income tax reassessment notices issued after the 2021 amendment by deeming them as notices under Section 148A. Union of India v. Ashish Agarwal, 2022 LiveLaw (SC) 444 : AIR 2022 SC 2781
    14. No deemed registration even if registration application u/sec 12AA Income Tax Act is not decided within six months. Harshit Foundation v Commissioner, 2022 LiveLaw (SC) 431
    15. Loss suffered due to exchange fluctuation while repaying loan can be regarded as revenue expenditure. Wipro Finance Ltd. v. Commissioner of Income Tax, 2022 LiveLaw (SC) 418
    16. Amalgamation doesn't wind up the company; Income Tax notice is not invalid merely because it was sent to amalgamating company. Principal Commissioner of Income Tax v. Mahagun Realtors, 2022 LiveLaw (SC) 346 : AIR 2022 SC 1672
    17. Immunity under income declaration scheme available only to the declarant; Can't be extended to another assessee. Deputy Commissioner of Income Tax v. MR Shah Logistics, 2022 LiveLaw (SC) 323 : 2022 (5) SCALE 395
    18. Banks exempted from deducting tax at source while paying interest to statutory corporations. Union Bank of India v. Additional Commissioner of Income Tax (TDS), 2022 LiveLaw (SC) 278
    19. Gifting freebies to doctors prohibited by law; Pharma companies cannot claim it as deduction u/Sec 37(1) Income Tax Act. Apex Laboratories Pvt. Ltd. v. Deputy Commissioner, 2022 LiveLaw (SC) 195 : (2022) 7 SCC 98
    20. Income deduction for state govt undertakings - 'Exclusivity' under s. 40(a)(iib) of income tax act not based on number of undertakings. Kerala State Beverages Manufacturing & Marketing Corporation Ltd. v. Assistant Commissioner of Income Tax Circle 1(1), 2022 LiveLaw (SC) 4: AIR 2022 SC 309 : (2022) 4 SCC 240


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