2023 Annual Digest Of Direct Tax Cases: Supreme Court And High Courts

Supreme Court U.P. Trade Tax Act | 'Tinted Glass' To Be Taxed As “Goods Or Wares Made Of Glass”, As it is Different from 'Plain Glass': Supreme Court Case Title: M/S Triveni Glass Limited v COMMISSIONER OF TRADE TAX, U.P. Case No.: 2023 LiveLaw (SC) 896 The Supreme Court has held that 'Tinted Glass Sheet' is different from 'Plain Glass sheet' and is thus liable to be taxed as “goods or wares made of glass” under Entry 4 of Notification No.5784 dated 07.09.1981, issued by State Government. Accordingly, the manufacturer of Tinted Glass is liable to pay tax @15% on such goods. Double Taxation Avoidance Agreement Cannot Be Enforced Unless Notified By Centre Under Section 90 Income Tax Act : Supreme Court Case Title : Assessing Officer Circle (International Taxation) New Delhi v. M/s Nestle SA C.A. No. 1420/2023 + ten connected appeals Citation : 2023 LiveLaw (SC) 911 The Supreme Court has held that a Double Taxation Avoidance Agreement (DTAA) cannot be given effect to by a court, authority or a tribunal unless it has been notified by the Central Government under Section 90 of the Income Tax Act. Income Tax Settlement Commission's Purpose Is To Give Assessee Chance To Disclose Undisclosed Income To Seek Immunity : Supreme Court Case Title: SHREE NILKANTH DEVELOPERS v. PRINCIPAL COMMISSIONER OF INCOME TAX Citation : 2023 LiveLaw (SC) 648 A Division bench of the Supreme Court, while hearing an appeal, discussed the objective and purpose behind setting up a Settlement Commission under the Income Tax Act 1961. Interest Income Earned On Deposits By Clubs In Banks Which Are Corporate Members Taxable; Principle Of Mutuality Not Applicable: Supreme Court Case Title: SECUNDRABAD CLUB ETC. vs C.I.T.-V ETC. Citation : 2023 LiveLaw (SC) 660 The Supreme Court has ruled that the interest income earned on fixed deposits (FDs) made by Clubs in the banks which are members of those Clubs has to be treated like any other income from other sources within the meaning of Section 2(24) of Income Tax Act, 1961. The bench of Justices B.V. Nagarathna and Prashant Kumar Mishra said that the principle of mutuality would not apply to interest income earned on FDs made by Clubs in the banks irrespective of whether the banks are corporate members of the Club or not. Memorandum Issued By The Government To Deduct 4% TDS Is Not Ultra Vires To Tripura Sales Tax Act: Supreme Court Case Title: The State Of Tripura Versus Chandan Deb Citation: 2023 LiveLaw (SC) 280 The Supreme Court has held that the liability to pay the tax shall be on the transferor who transfers the right to use any goods as per proviso to Section 3(1) read with Section 2(b) and 2(g) of the Tripura Sales Tax Act (TST Act). Section 263 Income Tax Act | Erroneous Order Of Assessing Officer Causing Prejudice To Revenue Is Revisable By CIT : Supreme Court Case Title: The Commissioner of Income Tax vs. M/s. Paville Projects Pvt Ltd Citation : 2023 LiveLaw (SC) 282 The Supreme Court has held that the Commissioner of Income Tax can exercise revision powers under Section 263 of the Income Tax Act over the orders of the Assessing Officer which cause prejudice to the interest of the revenue. Mere Delay In Remittance Of TDS Doesn't Attract Penalty Under S 271C Income Tax Act: Supreme Court Case Title: M/s US Technologies International Pvt Ltd vs. The Commissioner of Income Tax Citation : 2023 LiveLaw (SC) 285 The Supreme Court has ruled that no penalty is leviable under Section 271C of the Income Tax Act, 1961 on mere delay in remittance of the tax deducted at source (TDS) after the same has been deducted by the assessee. Income Tax Act | For A Company To Be A "Resident" In India, Domicile Or Registration Irrelevant; Test Is Where De Facto Control Lies : Supreme Court Case Titled: Mansarovar Commercial Pvt Ltd vs. Commissioner of Income Tax, Delhi Citation : 2023 LiveLaw (SC) 291 The Supreme Court has ruled that under the Income Tax Act, 1961, the domicile or the registration of the company is not at all relevant, and the determinate test is the place where, the sole right to manage the company and the control of the company lies. S. 80-IB Of Income Tax Act - Assessee Not Entitled To Deduction Under On Profit Derived From DEPB And Duty Drawback Schemes: Supreme Court Case Title: M/s. Saraf Exports vs. Commissioner of Income Tax, Jaipur-III Citation : 2023 LiveLaw (SC) 299 The Supreme Court has ruled that the assessee is not entitled to deduction under Section 80- IB of the Income Tax Act, 1961 on the amount received / profit derived from the Duty Entitlement Pass Book Scheme (DEPB) and the Duty Drawback Schemes. Transfer Pricing | High Courts Not Precluded From Scrutinising ITAT's Determination Of Arm's Length Price : Supreme Court Case Title: SAP Labs India Private Limited vs Income Tax Officer, Circle 6, ...

2023 Annual Digest Of Direct Tax Cases: Supreme Court And High Courts

Mariya Paliwala

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