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High Court of Karnataka Quashes Taluk Panchayat Order Directing APMC to Pay Property Tax on Market Yard Land. Land Owned by APMC and Used for Market Purposes is Exempt from Property Tax Under Section 199 of the Karnataka Panchayat Raj Act, 1993.

The petitioner, the Agricultural Produce Market Committee (APMC) of Gubbi Taluk, established under the Karnataka Agricultural Marketing (R & D) Act, 1...

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Bombay High Court Upholds Constitutional Validity of Section 129E Customs Act, 1962 Mandating Predeposit for Appeals. Challenge to Order-in-Original Dismissed as No Appeal Filed.

The Bombay High Court disposed of two writ petitions filed by Haresh Nagindas Vora and Sachin Laxmichand Shah, partners of M/s Bright International, c...

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Supreme Court Partially Allows Appeal in Recovery Suit Against Sick Industrial Company — Suspension of Proceedings Under Section 22(1) of SICA Does Not Bar Suit for Unadmitted Debt. High Court's Grant of 24% Compound Interest Reduced to 12% Simple Interest.

The case involves a dispute between Fertilizer Corporation of India Ltd. (FCIL), a public sector undertaking, and M/s Coromandal Sacks Private Limited...

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Bombay High Court Dismisses Revenue's Appeal in Capital Gains Indexation Case. Assessee Allowed Indexation on Sale of Shares Other Than Bonus Shares Under Section 112(1) of Income Tax Act, 1961.

The Revenue appealed against the order of the Income Tax Appellate Tribunal which allowed the assessee's claim of indexation on long term capital gain...

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High Court of Karnataka Dismisses Revenue Appeal in Income Tax Case — Tribunal's Deletion of Addition on Transport Creditors Upheld. Assessee's claim for transport creditors allowed as ITAT found no justification for addition under Section 260A of Income Tax Act, 1961.

The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) dated 27.11.2...