The High Court at Calcutta in Exicle Industries Ltd. v. Union of India [2007] 164 Taxman 9/292, held that the section 43B(f) is arbitrary and violative of article 14 of the Constitution of India on various counts. Before SC, the constitutional validity of Section 43B(f) was to be considered. Clause (f) was inserted in the […]
GE CAPITAL MAURITIUS OVERSEAS INVESTMENTS v. DCIT – [2021] 127 taxmann.com 235 (Delhi)
Section 241A provides that where refund of any amount becomes due to the assessee under the provisions of section 143(1) and the Assessing Officer is of the opinion, having regard to the fact that a notice has been issued under section 143(2) in respect of such return, that the grant of the refund is likely […]
WABCO INDIA LTD. vs. DCIT (INTERNATIONAL TAXATION) (2018) 407 ITR 317 (Madras HC); 97 taxmann.com 620 (Madras):
The assessee was incorporated under the Companies Act, 1956 and is engaged in the business of designing, manufacturing and marketing various auto components. The company is on the stock exchange. In 2012-13, 75% of the shares of the Appellant were held by Clayton Dewandre (“CD”) and the balance 25% were held by public. In 2013-14, […]
M.K. MOHAMMED KUNHI (1969) 2 SCR 65; 71 ITR 815 (SC 3J)
The genesis of the stay provision contained in Section 254 of the Income Tax Act is in the celebrated judgment of this Court in Income Tax Officer v. M.K. Mohammed Kunhi (1969) 2 SCR 65. In this judgment, Section 254 of the Income Tax Act, as originally enacted, came up for consideration before Supreme Court. […]
DCIT V PEPSI FOODS LTD [2021] 126 taxmann.com 69 (SC)
The appeals before the SC raised an important question as to the constitutional validity of the third proviso to Section 254(2A) of the IT Act. The assessee filed a return of income for the AY 2008-2009 declaring a total income of INR 92,54,89,822. A final assessment order was passed on 19.10.2012, which was adverse to […]
M/S PEPSI FOODS LTD. V. ACIT (2015) 376 ITR 87 (Delhi High Court)
The judgment in the case of M/s Pepsi Foods Ltd. v. ACIT (2015) 376 ITR 87 dealt with the challenge to the constitutional validity of the third proviso to Section 254(2A) of the Income Tax Act, as amended by the Finance Act, 2008. The Delhi HC after referring to SC judgments in Mardia Chemicals Ltd. […]
SUPREME COURT DECISION IN THE CASE OF ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES LTD V DIT [2007] 288 ITR 408 (SC) / (2007) 3 SCC 481 – ANALYSIS AND LEARNINGS
Background The Assessee is a company incorporated in Japan. It is engaged, inter alia, in the business of construction of storage tanks as also engineering etc. It formed a consortium with various parties and entered into an Agreement with Petronet LNG Limited (“LNG Petronet”) on 19-1-2001 for setting up a Liquefied Natural Gas (LNG) receiving, […]
EVOLUTION OF TERRITORIAL NEXUS UNDER GOVERNMENT OF INDIA ACTS
Territorial Nexus – Concept The concept of Sovereignty outlines a nation’s exclusive right to govern itself without interference from other Nations. As a general principle laws made by one State have no operation in any other state. The advancement in science and technology have led to a substantial increase in trade, commerce, services. There is […]