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Madras High Court Allows Assessee's Appeal in Income Tax Case — Unabsorbed Depreciation Set-off Against Section 69 Addition Upheld. Addition of Unaccounted Stock Treated as Business Income Under Section 32(2) of Income-Tax Act, 1961.

The case involves an appeal by M/s.Sivasakthi Threads (assessee) against the order of the Income-Tax Appellate Tribunal which upheld the rejection of ...

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Supreme Court Upholds Tax Deduction at Source on Guarantee Money Paid to Non-Resident Cricket Boards for Matches Played in India. Income from matches held in India is deemed to accrue in India under Section 9(1)(i) of the Income Tax Act, 1961, attracting TDS under Section 194E.

The case concerns an appeal by PILCOM (PAK-INDO-LANKA JOINT MANAGEMENT COMMITTEE), a committee formed by the cricket boards of Pakistan, India, and Sr...

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Bombay High Court Allows Writ Petitions Challenging Income Tax Reassessment Notices for Lack of Proper Sanction. Reassessment notices under Section 148 of the Income Tax Act, 1961 quashed as the approval under Section 151 was granted without proper application of mind by the specified authority.

The petitioner, Altisource Business Solutions India Pvt Ltd, filed three writ petitions challenging reassessment notices issued under Section 148 of t...

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Karnataka High Court Allows Input Tax Credit Based on Annual Audited Accounts in KVAT Act Cases. The court held that Section 10(3) of the KVAT Act permits availment of input tax credit based on the annual audited statement in Form VAT 240, irrespective of the claim in returns under Section 35.

The judgment involves multiple writ petitions filed by M/s MFAR Constructions Pvt. Ltd. and M/s Mangalore Force, challenging the interpretation of Sec...

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Bombay High Court Quashes Provisional Attachment and Stay Rejection in Income Tax Case — Violation of Natural Justice and CBDT Circular. Petitioner's Bank Accounts Attached Without Prior Hearing; Court Directs Restoration of Status Quo Pending Appeal.

The petitioner, Milestone Real Estate Fund, a real estate fund, challenged the provisional attachment of its assets under Section 281B of the Income T...

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High Court of Karnataka Allows Income Tax Department's Appeal Against Acquittal in Section 276CC Income Tax Act Case. Court Restores Proceedings for Trial on Merits, Holding That Magistrate Erred in Closing Case Without Considering Evidence.

The Income Tax Department filed multiple criminal appeals under Section 378 of the Code of Criminal Procedure, 1973, against an order dated 03.04.2021...

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INCOME TAX APPEAL NO.626 OF 2010

The assessee, Godrej & Boyce Mfg. Co. Ltd., filed its income tax return for Assessment Year 2002-03 declaring a loss of Rs. 45.90 crores and claimed a...