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Bombay High Court Dismisses Revenue's Reference in Income Tax Rectification Case Due to Low Tax Effect. Instructions of CBDT fixing monetary limit for filing references are binding on the Department.

The case involves a reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal to the Bombay High Court. The que...

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High Court of Karnataka Reserves Judgment on Challenge to Fringe Benefit Tax Provisions. Petitions question constitutional validity of Chapter XII-H of Income Tax Act, 1961 as violative of Article 14 and beyond legislative competence.

The High Court of Karnataka at Bengaluru heard three writ petitions filed by M/s T.T.K. Prestige Ltd. and another, M/s N. Rangarao & Sons, and Karnata...

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Supreme Court Dismisses Assessee in Income Tax Appeal Over TDS Disallowance. Disallowance of Rs. 57,11,625 upheld under Section 40(a)(ia) of Income Tax Act, 1961 as assessee failed to deduct tax at source on payments exceeding Rs. 20,000 per goods receipt to truck operators under Section 194C.

The dispute arose from an income tax assessment for the year 2005-2006 involving Shree Choudhary Transport Company, a partnership firm engaged in tran...

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Bombay High Court Dismisses Revenue's Appeal in Central Excise Penalty Case — No Substantial Question of Law Arises. Tribunal's finding that penalty under Section 11AC of Central Excise Act, 1944 is not automatic and requires mens rea upheld.

The Commissioner of Central Excise filed an appeal under Section 35G of the Central Excise Act, 1944 against the order dated 29th October 2009 passed ...

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Supreme Court Upholds Validity of Section 17(2)(viii) of Income Tax Act and Rule 3(7)(i) of Income Tax Rules in Bank Employee Loan Perquisite Case. Delegation of Power to Prescribe Fringe Benefits Held Not Excessive and Use of SBI Prime Lending Rate as Benchmark Upheld as Non-Arbitrary.

The Supreme Court, in a common judgment, dismissed appeals filed by staff unions and officers' associations of various banks challenging the constitut...

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Bombay High Court Upholds Constitution of Special Bench by ITAT President on CBDT Request in Income Tax Appeal. Power under Section 255(3) of Income Tax Act is Administrative and Not Subject to Prior Hearing or Natural Justice.

The petitioner, M/s Jagati Publications Ltd., a public limited company publishing a Telugu newspaper, filed a writ petition in the Bombay High Court c...