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1 - 10 of 29 (0.43 seconds)Section 36 in THE FINANCE ACT, 2021 [Entire Act]
Commr.Of Income Tax-I,Ahmedabad vs Gold Coin Health Food Pvt.Ltd on 18 August, 2008
The AR in rejoinder submitted the case law relied on by the learned DR viz.,
CIT Vs. Gold Coin Health Food Pvt. Ltd., (supra) is distinguishable on facts.
Section 139 in THE FINANCE ACT, 2021 [Entire Act]
Commr.Of Income Tax-I,New Delhi vs Vatika Township P.Ltd on 15 September, 2014
The
Hon'ble Supreme Court followed the judgment in the case of CIT v. Vatika
Township P. Ltd. (supra) and held that Rule 8D of the I.T.Rules does not
apply r -retrospectively. For the aforesaid reason and the judicial
pronouncements, cited supra, we hold that the judgment of the Hon'ble
Apex Court relied on by the CIT(A) in the case of CIT u. Cold Coins Health
Foods (P.)
Commissioner Of Income Tax 5 Mumbai vs M/S. Essar Teleholdings Ltd. Through ... on 31 January, 2018
The Hon'ble Apex Court in
the case of CIT v. Essar Teleholdings Ltd. (supra), held that judgment in
the case of CIT v. Gold Coins Health Foods (P.)
Google India Private Limited, ... vs The Deputy Commissioner Of Income Tax ... on 11 May, 2018
Ltd. v. DCIT (supra) the assessee
would have been entitled to deduction of employees' contribution to ESI,
if the payment was made prior to due date of filing of the return of income
u/s 139(1) of the I.T.Act. Therefore, the amendment brought about by
the Finance Act, 2021 to section 36[1][va] and 43B of the I.T.Act, alters
the position of law adversely to the assessee. Therefore, such amendment
cannot be held to be retrospective in nature. Even otherwise, the
amendment has been mentioned to be effective from 01.04.2021 and will
apply for and from assessment year 2021-2022 onwards. The following
orders of the Tribunal had categorically held that the amendment
to section 36[1][va] and 43B of the Actby Finance Act, 2021 is only
prospective in nature and not retrospective.
Section 143 in THE FINANCE ACT, 2021 [Entire Act]
Reliance Jute & Industries Ltd vs C.I.T., West Bengal, Calcutta on 10 October, 1979
In Reliance Jute and Industries Ltd. vs. Commissioner of Income Tax,
West Bengal (1979 (120) ITR 921) it was observed, by this Court that
the law to be applied in income tax assessments is the law in force in
the assessment year unless otherwise provided expressly or by
necessary implication. Before proceeding further, it will be necessary
to focus on the definition of the expression 'income' in the statute.
Section 2 (24) defines' income' which is an inclusive definition, and
includes losses i. e. negative profit.
Commissioner Of Income Tax (Central) ... vs Harprasad & Co. (P) Ltd on 25 February, 1975
11. When the word "income" is read to include losses as held in
Harprasad's case (supra) it becomes crystal clear that even in a case
where on account of addition of concealed income the returned loss
stands reduced and even if the final assessed income is a loss, still
penalty was leviable thereon even during the period 1.4.1976 to
1.4.2003. Even in the Circular dated 24.7.1976, referred to above, the
position was clarified by Central Bureau of Direct Taxes (in short'
CBDT). It is stated that in a case where on setting of the concealed
income against any loss incurred by the assessee under any other head
of income or brought forward from earlier years, the total income is
reduced to a figure lower than the concealed income or even to a minus
figure the penalty would be imposable because in such a case "the tax
sought to be evaded" will be tax chargeable on concealed income as if
it is "total income". "