« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Economists not for cut in direct tax rates... Dialling Mayawati... » SC rules in favour of Income Tax Commissioner January, 07th 2008 The income tax department has won its appeals against tea exporting companies when the Supreme Court resolved the prevailing conflict of views among the High Courts on the question as to at what stage Section 80HHC, deduction in income tax, should be allowed i.e. before the 60 : 40 apportionment under the 1962 IT Rule 8(1) or from 40 per cent profits on sales taxable as business income.   Rejecting the view of the Gauhati High Court and approving of the Calcutta High Court view, the Supreme Court ruled in the Commissioner of Income Tax vs Willamson Financial Services that the deduction under Section 80HHC should be allowed after the apportionment of the income, as argued by the tax authorities   Liability of service tax on recipient: SC   The Supreme Court has upheld the view of the Kerala High Court that it was the liability of the service recipient to pay service tax and interest upon it and not the foreign firm which provided consultancy.   In this case, the state electricity Board had entered into a consultancy agreement with SNC Lavlin Inc, Canada. The Board did not pay the service tax on behalf of the foreign company, denying any obligation to do so. The High Court ruled that the burden was on the recipient-Board.   Modi Tele Fibres Ltd appeal dismissed   The SC has dismissed the appeal of Modi Tele Fibres Ltd against the energy charges demanded by the UP State Electricity Board for supplying power to the residential colonies of the company.   Following heavy losses, the company had closed down and it had asked the board to discontinue supply of power to the residential colonies through the company's connection. It had asked the Board to make separate connections to the colony as the company was unable to pay the charges. The Board did not do so.   The company moved the Allahabad high court without success. The Supreme Court dismissed its appeal pointing out that it had not taken any step to provide separate supply to the colonies nor deposit the required amount. The agreement between the two parties also did not permit disconnection before the expiry of two years.   Sc upholds Gujarat HC order   The Supreme Court has upheld the order of the Customs, Excise & Services Tax Appellate Tribunal directing Indu Nissan Oxo Chemicals Ltd to deposit Rs 2 crore as a condition for entertaining its appeal.   The Commissioner of Customs had imposed Rs 10 crore as penalty. The Gujarat High Court upheld the Tribunals order. In the Supreme Court, the company pleaded that it was financially sick and the condition would cause undue hardship on it. The court rejected the argument.