Search Results for "income tax depreciation"

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Search Results for "income tax depreciation"

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Supreme Court

Supreme Court Dismisses Amalgamated Company's Claim for Set-Off of Losses Under Kerala Agricultural Income Tax Act, 1991. The court held that set-off under Section 12 is permissible only by the assessee who suffered the losses, and the amalgamating company, having ceased to exist, cannot transfer this benefit to the successor amalgamated company, as no statutory provision supports such claim.

13 Apr 2026

The dispute arose from five civil appeals consolidated before the Supreme Court, involving the appellant, an amalgamated company, and the respondent, ...

High Court

Bombay High Court Quashes Reopening of Assessment Under Section 148 of Income Tax Act for Lack of Fresh Material — Petitioner Had Disclosed All Facts in Original Assessment Under Section 143(3).

13 Mar 2023

The petitioner, Milton Plastics Limited, filed a writ petition under Article 226 of the Constitution of India challenging a notice dated 22.03.2004 is...

High Court

Bombay High Court Quashes Transfer of ITAT Appeals from Bangalore to Mumbai Bench for Lack of Jurisdiction and Violation of Natural Justice. President of ITAT Cannot Delegate Power to Transfer Cases to a Bench; Speaking Order by Bangalore Bench Exceeded Authority Under Section 255(1) of the Income Tax Act, 1961.

21 May 2021

The petitioner, MSPL Limited, challenged two orders: (1) a speaking order dated 19.03.2020 passed by the Income Tax Appellate Tribunal (ITAT), Bangalo...

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...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Assessee's claim for deduction under Section 80-IA allowed as substantial question of law not raised.

23 Jul 2018

The case involves two cross appeals: ITA No.884/2007 filed by the Revenue (Commissioner of Income Tax and Income Tax Officer) and ITA No.60/2015 filed...

High Court

High Court Allows Appeal of Regional Rural Bank in Income Tax Dispute — Expenditure on Raising Capital Held Allowable Under Section 36(1)(viii) of Income Tax Act, 1961. Expenditure incurred for raising capital by a regional rural bank is not capital expenditure but revenue expenditure allowable under Section 36(1)(viii) of the Income Tax Act, 1961.

28 May 2018

The appellant, M/s Pragathi Krishna Gramin Bank, a regional rural bank, filed appeals under Section 260A of the Income Tax Act, 1961 against the order...

High Court

High Court of Bombay at Goa Allows Review Petition in Income Tax Matter Following Supreme Court Remand — Review Maintainable Under Section 260A(7) of Income Tax Act, 1961. The Supreme Court set aside earlier orders and remanded the matter for deciding the review petition on merits, holding that review is available against orders under Section 260A.

15 Mar 2017

The Commissioner of Income Tax filed a review application (Civil Application (Review) No.8 of 2011) against an order passed in Tax Appeal No. 16 of 20...

High Court

High Court of Karnataka Allows Revenue Appeal in Income Tax Case on Amalgamation Loss Set-off — Unabsorbed Depreciation of Amalgamating Company Cannot Be Set Off Against Amalgamated Company's Business Income Under Section 72A of Income Tax Act, 1961. The court held that the condition of three years business under Section 72A(1)(a) was not satisfied as the power generation business commenced less than three years before amalgamation.

16 Oct 2015

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) dated 10.07.2009, which had allowed the assessee-company to set off...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Reason to Believe — Mere Change of Opinion Not Sufficient for Reassessment. The court held that the Assessing Officer had already applied his mind to the depreciation claim during original assessment and the subsequent reopening on the same issue without fresh tangible material was impermissible.

20 Oct 2011

The petitioner, Indo European Breweries Ltd., challenged a notice dated 17 March 2011 issued under Section 148(1) of the Income Tax Act, 1961 seeking ...

Supreme Court

Supreme Court Upholds Assessee in Income Tax Case Regarding Computation of Capital Gains on Renouncement of Right Shares. The Court held that net capital gain under Section 12B(2) of the Income-tax Act, 1922, must be determined after deducting loss due to depreciation in value of original shares, applying commercial principles.

31 Oct 1966

This appeal concerned the proper computation of capital gains under the Indian Income-tax Act, 1922. The assessee, an individual, held 710 shares as i...

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