Supreme Court: The relevance of the reasons for the formation of the belief is to be tested by the j...udicial restraint, as in administrative action the Court does not sit as a Court of appeal but merely reviews the manner in which the decision was made. The Court shall not examine the sufficiency or adequacy thereof In terms of the explanation inserted by the Finance Act, 2017 with retrospective effect from 1.4.1962, such reasons to believe as recorded by income tax authorities are not required to be disclosed to any person or any authority or the Appellate Tribunal show more

Supreme Court - For claiming the benefit u/s 10B(8), the twin conditions of furnishing the declarati...on to the AO in writing and that the same must be furnished before the due date of filing the return of income u/s  139(1) are required to be mandatorily  satisfied – It cannot be said that one of the conditions would be mandatory and the other would be directory show more

Supreme Court-The section 148 notices issued to the assessees shall be deemed to have been issued un...der section 148A of the IT Act as substituted by the Finance Act, 2021 and treated to be show cause notices in terms of section 148A(b). The respective assessing officers shall within thirty days from today provide to the assessees the information and material relied upon by the Revenue so that the assessees can reply to the notices within two weeks thereafter show more

Supreme Court - Non speaking and non-reasoned order, without referring factual matrix or submissions... of the revenue, is unsustainable and hence remanded back to decide afresh on merits of the case show more

Supreme Court - The mere choice of the AO in passing a separate assessment order in respect of (non-...existent) transferor or amalgamating company cannot nullify it, as at all stages the parties concerned treated it to be in respect of existing transferee company and further whether corporate death of an entity upon amalgamation per se invalidates an assessment order ordinarily, cannot be determined on a bare application of Section 481 of the Companies Act, 1956 (and its equivalent in the 2013 Act), but would depend on the terms of the amalgamation and the facts of each case.Supreme Court - The mere choice of the AO in passing a separate assessment order in respect of (non-existent) transferor or amalgamating company cannot nullify it, as at all stages the parties concerned treated it to be in respect of existing transferee company and further whether corporate death of an entity upon amalgamation per se invalidates an assessment order ordinarily, cannot be determined on a bare application of Section 481 of the Companies Act, 1956 (and its equivalent in the 2013 Act), but would depend on the terms of the amalgamation and the facts of each case. show more

The scope of Section 80- IA(5) of the Act is limited to determination of quantum of deduction u/s 80...-IA(1) of the Act by treating eligible business as the only source of income. Income from all other heads including income from other sources, in addition to business income, have to be taken into account for the purpose of allowing the deductions available to the Assessee, subject to the ceiling of gross total income. There is no limitation on deduction admissible u/s 80-IA of the Act to income under the head business onlyshow more

Amounts paid by resident Indian end-users/distributors to non-resident computer software manufacture...rs/suppliers, as consideration for the resale/use of the computer software through EULAs/distribution agreements, is not the payment of royalty for the use of copyright in the computer softwareshow more

It is only the ratio decidendi of a judgment that is binding as a precedent; statement of the princi...ples of law applicable to the legal problems disclosed by the facts alone is the binding ratio of the case and not the conclusion arrived at on the facts of the case. When a co-operative society is providing credit facilities to its members, the fact that it is also providing credit facilities to non-members does not disentitle the society from availing of the deduction u/s 80P(2)(a)(i), expression "providing credit facilities to its members" does not necessarily mean agricultural credit alone and sec. 80P(4) is to be read as a proviso, which specifically excludes co-operative banks which are co-operative societies engaged in banking businessshow more