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Bombay High Court Dismisses Revenue's Application for Reference in Co-operative Bank Deduction Case. Interest on Government Securities Earmarked Against Statutory Reserve Fund Held Eligible for Deduction Under Section 80P(2)(a)(i) of the Income Tax Act, 1961.

The case involves an application under section 256(2) of the Income Tax Act, 1961, filed by the Commissioner of Income Tax, Mumbai City III, against t...

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High Court of Karnataka Dismisses Revenue's Appeal in TDS Dispute with BBMP — No Substantial Question of Law Arises. Section 194C of Income Tax Act, 1961 does not apply to compulsory acquisition of land by municipal authority as it is not a 'work contract'.

The case involves two appeals filed by the Revenue (Commissioner of Income Tax and Income Tax Officer) under Section 260-A of the Income Tax Act, 1961...

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Bombay High Court Dismisses Revenue's Appeal in Slump Sale Case. Transfer of IMFL Business as Going Concern Not Subject to Capital Gains Tax Under Income Tax Act, 1961.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal (ITAT)...

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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...

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Bombay High Court Disposes of Writ Petition with Direction for Partial Deposit, Stays Penalty Recovery in Tax Dispute. Assessing Officer's Rejection of Stay Application Without Reasons Held Improper; Stay Orders Must Reflect Prima Facie Assessment Under Section 220(6) Income Tax Act, 1961.

The writ petition was filed by Deloitte Consulting India Pvt. Ltd., a joint venture company, challenging a notice of demand dated 30 March 2012 issued...