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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Interest on Funds Advanced to Sister Concern Not Justified When Own Funds Exceed Advances. The court upheld the Tribunal's finding that no disallowance under Section 36(1)(iii) of the Income Tax Act, 1961 is warranted when the assessee's own funds are sufficient to cover advances to sister concerns.

7 Oct 2015

The case involves appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, against the common order of the Income Tax Appellate Tr...

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  • 41
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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Expenditure Under Section 40(a)(i) Not Applicable to Payments Made to Non-Resident for Services Rendered Outside India. The court held that Section 40(a)(i) of the Income Tax Act, 1961 does not apply to payments made to a non-resident for services rendered outside India, as the income does not accrue or arise in India.

9 Oct 2013

The case involves appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961 against orders of the Income Tax Appellate Tribunal (IT...

By Lawtext
  • 59
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High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Disallowance Under Section 14A Not Applicable When No Exempt Income Earned. The court held that Section 14A of the Income Tax Act, 1961 cannot be invoked to disallow expenditure where the assessee has not earned any exempt income during the relevant assessment year.

3 Apr 2024

The case pertains to an appeal filed by the Principal Commissioner of Income Tax-2, Mumbai, under Section 260A of the Income Tax Act, 1961, against an...

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  • 16
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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance Under Section 40(a)(ia) Not Applicable When TDS Deducted and Paid Before Due Date of Filing Return Under Section 139(1). The court upheld the ITAT's order deleting disallowance, holding that the proviso to Section 40(a)(ia) allows deduction if TDS is paid before the due date under Section 139(1).

28 Feb 2014

The case involves three appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961, against the common order of the Income Tax Appel...

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  • 62
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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Expenditure Under Section 40(a)(i) of Income Tax Act, 1961 Not Applicable to Payments Made to Non-Resident Without Deduction of Tax at Source When Payment is Not Chargeable to Tax in India. The court held that Section 40(a)(i) only applies to payments chargeable to tax in India, and since the royalty payment to a non-resident was not chargeable, no disallowance could be made.

10 Oct 2013

The case involves appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal...

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  • 46
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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Deduction of Interest Paid on Borrowed Capital. Interest paid on borrowed capital used for business purposes is allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961, even if the assessee follows project completion method.

21 Jan 2016

The case involves two appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, against a common order of the Income Tax Appellate ...

By Lawtext
  • 80
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Supreme Court

Supreme Court Allows Assessee Banks in Income Tax Act Section 14A Dispute Over Disallowance of Interest Expenditure. Court held that when assessee banks have sufficient interest-free own funds exceeding investments in tax-free bonds and shares, no proportionate disallowance of interest under Section 14A is permissible, as investments are presumed to be made from interest-free funds.

9 Sep 2021

The Supreme Court of India addressed a batch of civil appeals concerning the interpretation of Section 14A of the Income Tax Act, 1961, in the context...

By Lawtext
  • 230
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High Court

Bombay High Court Allows Revenue Appeals in Income Tax Cases on Disallowance of Interest Expenditure on Tax-Free Securities. Held that Section 14A of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962 mandates disallowance of expenditure incurred in relation to income not includible in total income, and the Assessing Officer must record satisfaction before invoking Rule 8D.

16 Apr 2019

The judgment involves a batch of appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging orders of the Income Tax App...

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  • 393
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High Court

Bombay High Court Allows Deduction Under Section 80V for Interest on Borrowings for Tax Payment and Directs Recomputation of Disallowance Under Rule 6D on Aggregate Trip Basis. The Court held that Section 80V deduction is available if borrowings were for tax payment, and Rule 6D disallowance must be computed on aggregate trips per employee.

1 Aug 2014

The case pertains to an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, for the Assessment Year 1985-86. The assessee, M/s Mafa...

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  • 159
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High Court

High Court of Bombay Dismisses Revenue's Appeal in Cooperative Sugar Factory Case — Disallowance of Interest on Borrowed Capital Not Justified When Own Funds Exceed Investment. Section 36(1)(iii) of Income Tax Act, 1961 does not permit disallowance of interest on borrowed capital if assessee's own interest-free funds are sufficient to cover the investment.

5 Sep 2014

The Commissioner of Income Tax, Aurangabad, filed an appeal under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appell...

By Lawtext
  • 132
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