Search Results for "Income Tax Act 1922"

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Bombay High Court Rules in Favor of Insurance Corporation on Deduction of Bad Debt Reserve. Held That Crediting Reserve for Doubtful Debts Constitutes Write-Off Under Section 36(1)(vii) of Income Tax Act, 1961, and Rule 5(a) of First Schedule Does Not Apply.

In this appeal before the Bombay High Court, the assessee, a general insurance corporation, challenged the Income Tax Appellate Tribunal's decision re...

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Bombay High Court Quashes Reassessment Order in Capital Gains Tax Case — Transfer of Shares of Foreign Company Not Taxable in India. Shares of a Bermuda company transferred outside India do not constitute transfer of a capital asset situated in India under Section 2(14) of the Income Tax Act, 1961.

The petitioner, Techpac Holdings Ltd., a company incorporated in Bermuda, challenged an assessment order dated 25th March 2013 passed by the Deputy Co...

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Supreme Court Allows Revenue's Appeal on Compensation for Loss of Agency as Revenue Receipt Under Section 10 of Income-tax Act. Compensation for Loss of One Among Many Agencies in Normal Course of Business is Taxable Revenue Receipt.

The case involved a dispute over the taxability of compensation received by the respondent, a multi-agency concern, upon termination of one of its num...

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Supreme Court Disposes of Appeals by Authority for Advance Rulings Against High Court Judgment Quashing AAR's Rejection of Treaty Benefits. Questions Raised on Taxation of Capital Gains Under India-Mauritius DTAA and Scope of Section 245R(2) Proviso (iii) of Income Tax Act, 1961.

The disputes arose from applications for advance ruling filed by three Mauritius-incorporated companies—Tiger Global International II Holdings, Tige...

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Supreme Court Allows Revenue Appeal in Income Tax Matter, Holding Bonus Shares Converted into Stock-in-Trade are Taxable as Business Profits. Bonus Shares Initially Received as Capital Held Converted by Assessee Dealer into Stock-in-Trade, Making Sale Proceeds Taxable Under Income-tax Act, 1922.

The dispute concerned the tax treatment of sale proceeds of bonus shares received by a dealer in shares and securities. The assessee, a firm dealing i...

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Supreme Court Upholds High Court Decision That Appellate Tribunal Has Implied Power to Stay Penalty Recovery Pending Appeal. Section 254 Income-tax Act's Appellate Jurisdiction Includes Incidental Power to Grant Stay to Prevent Frustration of Appeal.

The matter arose from penalty proceedings under the Income-tax Act, 1961. The Income Tax Officer imposed penalties on the assessee, M.K. Mohammed Kunh...

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Bombay High Court Quashes Reopening of Assessment Under Section 148 of Income-tax Act, 1961 for Lack of Fresh Material. Reassessment Based on Change of Opinion on Commission Payment to Directors Held Invalid as All Issues Were Examined During Original Assessment.

The Petitioner, M/s. Dalal & Broacha Stock Broking Pvt. Ltd., a stock broking company, filed its return of income for Assessment Year 2008-09 declarin...