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Madras High Court Dismisses Revenue's Appeals in Insurance Company Tax Case — Upholds ITAT Order on Disallowance of Claims and Deductions. The court held that the assessee's method of accounting for outstanding claims and the deduction under Section 80M were correctly allowed by the Tribunal.

The case involves a batch of appeals filed by the Principal Commissioner of Income Tax, Chennai, under Section 260A of the Income Tax Act, 1961, again...

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Bombay High Court Quashes Reassessment Notices Under Section 148 of Income-Tax Act, 1961 for Lack of Reasonable Belief of Income Escaping Assessment. Notices Issued Beyond Four Years Without Fresh Material Held Invalid.

The petitioner, Sea Sagar Construction Co., a partnership firm, filed three writ petitions challenging notices dated 19 January 2012 issued under Sect...

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Bombay High Court Allows Tax Appeal in Expenditure Tax Reassessment Case Due to Non-Compliance with Natural Justice Principles. Reassessment Order Set Aside for Failure to Furnish Reasons and Dispose Objections as Mandated by GKN Driveshaft.

The appellant, Fomento Resorts & Hotels Ltd., filed a return under the Expenditure Tax Act, 1987 for assessment year 1997-98 showing nil chargeable ex...

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Bombay High Court Allows Co-operative Bank's Tax Appeals on TDS Exemption for Interest Paid to Members Under Section 194A(3)(v) of Income Tax Act, 1961 — Prospective Amendment Effective from 1st June, 2015 Clarifies Exemption Not Applicable to Time Deposits.

The appellant, Saraswat Co-operative Bank Ltd., filed tax appeals against orders of the Income Tax Appellate Tribunal (ITAT) for assessment years 2010...

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High Court of Karnataka Allows Appeal in Income Tax Case — Capital Gain Not Included in Book Profit Under Section 115JB. Income from capital gain on sale of land held as investment cannot be included in book profit for MAT purposes under Section 115JB of the Income Tax Act, 1961.

The appeal was filed by Sri Hariram Hotels (P) Ltd. against the order of the Income Tax Appellate Tribunal (ITAT), Bangalore Bench, relating to the as...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Capital Gains from Sale of Agricultural Land Held Not Taxable. Land Used for Agriculture and Not Within Urban Limits Under Section 2(14)(iii) of Income Tax Act, 1961.

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