Tax Cases Weekly Round-Up: 3 To 9 December, 2023

Supreme CourtIncome Tax Act | To Compute Deduction Under S. 80-IA, Market Value Of Electricity Is The Rate At Which State Board Supplies Power : Supreme CourtCase Title: Commissioner Of Income Tax v M/s Jindal Steel & Power LimitedCitation: 2023 LiveLaw (SC) 1048The Supreme Court has held that for the purpose of computing deduction under Section 80 IA of the Income Tax Act, 1961, the rate at which the State Electricity Board supplies power to the consumers has to be taken as the market value of electricity.Delhi High CourtAssessee Being A Debt Free Company, No Need To Impute Notional Interest On Outstanding Receivables: Delhi High CourtCase Title: PCIT Versus M/S Inductis India Pvt. Ltd.The Delhi High Court has held that the assessee was a debt-free company and there was no need to impute notional interest on outstanding receivables.Explanations 6 & 7 Appended To Section 9(1)(i) Income Tax Act To Be Given Retrospective Effect: Delhi High CourtCase Title: CIT Versus Augustus Capital Pte. Ltd.The Delhi High Court has held that Explanations 6 and 7 appended to section 9(1)(i) Of the Income Tax Act, 1961 to be given retrospective effect.Reassessment Proceedings, Senior Officers Like ACIT, PCIT Expected To Apply Mind; Delhi High CourtCase Title: Shourya Infrastructure Pvt. Ltd. Versus ITOThe Delhi High Court has held that senior officers like ACIT and PCIT are expected to apply their minds to such requests and, only after that, approve the initiation of reassessment proceedings.Delhi High Court Quashes Order In Revision In Respect Of Rs.1,000 Cr. LTCG Exemption Passed Against Buyer Of Non-Existing SellerCase Title: CIT Versus Cairnhill Cipef Ltd.The Delhi High Court has held that a revisionary order under Section 263 of the Income Tax Act could not be passed against a non-existing seller entity by invoking Section 163 against the buyer.Bombay High CourtBombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold RightsCase Title: Peoples Education Society Thane V/s. Assistant Commissioner of Income TaxThe Bombay High Court has quashed the reassessment proceedings alleging escapement of income on the transfer of leasehold rights.Bombay High Court Dismisses Petition Filed By Serum Institute Of India Challenging 2016 Amendment To Income Tax ActCase Title: Serum Institute of India Private Limited Versus Union of IndiaThe Bombay High Court has dismissed a petition filed by Serum Institute of India Pvt. Ltd. challenging a 2016 amendment to the Income Tax Act.Tax Can't Be Imposed Presuming Possible Order Of The Small Causes Court: Bombay High CourtCase Title: T.V. Patel Pvt. Ltd. Versus Dy. Commissioner of Income TaxThe Bombay High Court has held that one cannot tax the amount that has not accrued to the assessee and has not been received by the assessee on the assumption and presumption that in the future, the small Causes court will at least order the said sum in favour of the appellant or assessee.Plea Challenging GST SCN Issued To Online Gaming Company Playerzpot Media: Bombay High Court Issues Notice Dept.Case Title: M/s. Playerzpot Media Pvt Ltd & Anr. Versus Union of India & Ors.The Bombay High Court has issued the notice to the department on a plea challenging the GST show cause notice (SCN) issued to online gaming company Playerzpot Media.Kerala High CourtAbsence Of Prescribed Rates On Petroleum Products And Indian-Made Foreign Liquor Before 26.03.2022, Tax Demand Invalid: Kerala High CourtCase Title: Sreevalsam Residency Versus State Of KeralaThe Kerala High Court held that the absence of prescribed rates on petroleum products and Indian-made foreign liquor before March 26, 2022, made the tax demand invalid.Provisions For Self-Assessment Are More Onerous Than Regular Assessment Regime: Kerala High CourtCase Title: Artech Realtors Versus Intelligence OfficerThe Kerala High Court has held that filing an untrue or incorrect return assumes more rigour in the teeth of the onerous obligation, resulting in the imposition of a penalty.Allahabad High CourtIncome Tax | Form-10 Under Rule 17(2) Supplied After Limitation But Before Completion Of Assessment to Be Considered By AO: Allahabad High CourtCase Title: M/S Maa Bhagwati Shiksha Samiti Vs Commissioner Of Income Tax And Two Others The Allahabad High Court has held that if Form-10 under rule 17(2) for claiming exemption has been supplied to the assessing authority after the prescribed period but before completion of assessment, it ought to be considered by the Assessing Authority for granting benefit of exemption under Section 11(2) of the Income Tax Act, 1961 in original assessment proceedings.Punjab & Haryana High Court Punjab & Haryana High Court Allows CENVAT Credit To Maruti Suzuki On Training And Coaching Service, IT (Software) ServicesCase Title: Commissioner of Central Excise, Delhi-III Versus Maruti Suzuki India Ltd.The Punjab and Haryana High Court has allowed the cenvat credit to Maruti Suzuki on training and ...

Tax Cases Weekly Round-Up: 3 To 9 December, 2023

Mariya Paliwala

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