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Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

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Bombay High Court Dismisses Petitioner's Rebate Claim as Time-Barred Under Section 11B of Central Excise Act — Export Date Determines Limitation Period, Filing of ARE-1 Not a Substitute for Rebate Claim.

The petitioner, Everest Flavours Ltd., exported a consignment of 360 drums containing Menthol Crystals to Bangkok on 12 February 2006. The shipping bi...

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Bombay High Court Allows Loss Deduction for Confiscated Foreign Currency in Income Tax Reference. Foreign currency confiscated by customs authorities under FERA held allowable as business loss under Income Tax Act, 1961, even though treated as undisclosed income.

The case involves an income tax reference by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) for the assessment year 1982-83...

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Bombay High Court Answers Reference Against Assessee in Sales Tax Case — Delivery Orders Not Documents of Title. Delivery orders issued by bankers against airways bills are not documents of title to goods and are not negotiable under section 2(4) of the Sale of Goods Act, 1930.

The judgment involves multiple Sales Tax References under the Bombay Sales Tax Act, 1959, where the common question of law was whether delivery orders...

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Bombay High Court Upholds Assessee in Income Tax Reference on Section 35B Deduction and Doctrine of Merger. Commissioner Cannot Reopen Allowed Deduction After Appeal Merger Under Income Tax Act, 1961.

The case is an income tax reference under section 256(1) of the Income-tax Act, 1961, arising from a dispute between the Commissioner of Income-tax, B...