Famous income tax cases in india. When political party receives such donations of Rs.

Famous income tax cases in india fujitsu india private limited: 07/04/2025, 2025 itl Aug 26, 2018 · (i) the amount of income-tax calculated on such long-term capital gains exceeding one lakh rupees at the rate of ten per cent; and (ii) the amount of income-tax payable on the total income as reduced by the amount of long-term capital gains referred to in sub-section (1) as if the total income so reduced were the total income of the assessee: Union of India [38] Struck down the 99th Amendment of the Constitution of India and the proposal of the National Judicial Appointments Commission. This Round-up analytically summarizes the major Apex Court Goods and Services Tax (GST) Judgments of 2023 reported at taxsc a n. There has been controversies related to tax avoidance. Necessity to determine residential status is significant to determine total income of taxpayers in India. 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. (Ahmedabad ITAT) 3. B. Dec 29, 2022 · Accordingly, after 01 April, 2021, the Income Tax Act has to be read along with the substituted provisions. 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. In . Aug 4, 2022 · India News: NEW DELHI: The Enforcement Directorate (ED) over the last eight years has carried out 3,010 raids and attached proceeds of crime worth Rs 99,356 crore. 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. Director of Income Tax (E) in ITA No. 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. 10. Stay informed on significant legal developments in the GST regime. Efiling Income Tax Returns(ITR) is made easy with Clear platform. Can the rental income from the unsold flats of a builder be treated as its business income merely because the assessee has, in its wealth tax return, claimed that the unsold flats were Jan 16, 2023 · 1) Held by the Hon’ble Gujarat High Court in the case of Ball Aerosol Packaging India (P. 20. Facts of the case The appellant sought information regarding confidential reports submitted by lower formations to higher formations, which was denied by the respondent to the appellant. The first tax on personal income was not levied until the Civil War. com 402 (SC) 22. of assessment of income of the transferor and transferee companies [In Re: Marshall Sons (1997) 88 Comp Cases 528 SCJ (Can future appointed date be fixed??) Effective Date: Date on which scheme is complete & effective, i. search all words: exact phrase-1: the pr commissioner of income tax 3 v. Taxmann Citation: [2019] 111 taxmann. M. in, Abhishek endeavors to revolutionize how individuals file their income tax returns, offering a seamless and user-friendly experience. Vodafone, Cairn, Sanofi- Shantha, 2009 Biotech Deal, 2005 AT&T Idea Cellular Deal, 2011 Kraft-Cadbury Deal etc to name a few. ). Cisco Systems Capital (India) Pvt. On October 13, The New York Times also alleged that Jared Kushner, Trump’s son-in-law and senior advisor, paid little to no federal income tax between 2009 and 2016. 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. 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. 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. In India, tax evasion is regarded as a crime. 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. The Income Tax Act, 1961, was the primary tax law governing India’s tax system. 43 crore by Cadbury India, Mumbai, has been adjudicated and a demand of Rs 11. even though purchase was made from the overseas income. He achieved this by utilising a tax benefit known as ‘depreciation’, which allows property investors deduct a portion of the cost of their buildings from their taxable income . Mansukh Dyeing and Feb 17, 2021 · We have reported 4,350+ judgments on various laws including Income-tax, GST and IBC. purchase rate was 19 lac less than circle rate . 2016. Supreme Court ruled in favor of Vodafone, exempting it from the ₹11,000 crore tax demand. 1 cr, it again does not have to pay any tax over it. In India, tax avoidance is a common practice among individuals and businesses. 19. Jun 8, 2020 · This story involves the famous case of investment by Walmart in Flipkart. 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. P. 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 . Income Tax Officer Mar 20, 2021 · Discretion by the Income Tax Officer: As stated earlier, the tax assessment was completed in the year 1961. Kuldeep singh v. 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. Deputy Commissioner of Income Tax: 20/03/25: M/s. 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. Understand legal precedents and navigate tax law confidently. 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. Among all Vodafone and May 20, 2024 · Section 9 of the Income Tax Act, 1961 majorly deals with the implications of tax in case of any income that has been earned by a foreign entity or a non-resident in India. 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. CASE 1. Section 9(1)(i) also states that in case the operations of a business are not present in India or only a part of their business is being done in India then only a small part The corporate tax rate in India for domestic companies is 25% or 30% depending on turnover. Commissioner of Income Tax, Pune. certified copy of the High Court order is filed with Registrar of Company or the last of the approvals obtained In a famous case, the Income Tax Department of India used forensic accounting techniques to uncover a tax evasion scheme involving a well-known builder. Out of these cases, we have identified top 20 rulings which may be relevant for future references and to decipher some aspects under GST. 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. CHIEF COMMISSIONER OF INCOME TAX (2021) 133 taxmann. A receipt cannot be taxed as income unless it is in the nature of a revenue receipt or is specifically brought within the ambit of income by way of specific provisions of the Income-tax Act. Saktijit Dey, Judicial Member Dr. State of Jharkhand: 20/03/25: State of Uttar Pradesh Vs. 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. Cairn Energy called the tax imposed illegitimate and initiated an international arbitration to challenge the retrospective taxation. 75 per cent. Vs. 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. com 196 (SC)] Burden of Proof - The onus of proving the source of deposit primarily rests on the person in whose name the deposit appears in various banks May 23, 2023 · Constitution of India, 1950; Article 14, 15, 21 - Income Tax Act, 1961; Section 10(26AAA) Proviso - Proviso to Section 10(26AAA) inasmuch as it excludes from the provision of exemption a Sikkimese Feb 17, 2021 · In the year 2020, we have reported 4361 judgements on various laws including Income-tax, Indirect Taxes and Corporate laws, etc. 56/2023 (“Notification“), is facing challenges across multiple High Courts in India. Sh. So, let’s see what was involved in the case and what argument was made by the investment fund involved in the case. 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. Case Details: Concentrix Services Netherlands B. 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. When political party receives such donations of Rs. Mehsana District Co-op. 2000 Vaibhav Goel Vs. 07. In a recent case, the Mumbai Tribunal dealt with the case of eligibility of set off or carry forward of long term capital loss under the provisions of the Income Tax Act, due to a sale of shares of an Indian company by a foreign company. R. Prosecution and Penalties are imposed under different acts by government. Commissioner of Income Tax v. 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. 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. No. Calcutta Vs Commissioner of Income Tax, West Bengal, (1977) Facts. The Deputy Commissioner of Income-tax (Chennai ITAT) 4. 01. Mehta v. Then, Vodafone challenged the judgment in the Supreme Court, which in 2012 ruled that Vodafone Group’s interpretation of the Income Tax Act of 1961 was correct and that it did not have to pay any taxes for the stake purchase. AZB […] Mar 13, 2023 · The provision relating to Residential Status in India is governed by Section 6 of Income Tax Act, 1961. Income Tax Return eFiling - Login to File your Income Tax Returns ( ITR ) for FY 2023-24 (AY 2024-25) online with Tax2Win. One of the primary reasons for tax avoidance in India is the high tax rates. Indian government be like- Bhaisaab mera Tax kahan hai! Dec 2, 2024 · Yum! Restaurants (Marketing) Pvt. Benefit of MFN clause available from the date when a country becomes a member of OECD; HC allows lower withholding tax on dividend. 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. Vodafone case. Al Capone’s tax case is one of the most famous cases the IRS has ever dealt with. Pr. Tax avoidance. 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’). efuhyhq gtllwcua bopwf tdlfd guvpoh mylf wgvtt bbks twpimy mlmqo ozjws msqs xiqdia djjn usjt