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Bombay High Court Allows Writ Petitions Challenging Transfer Pricing Adjustments in Income Tax Assessments. Petitioner succeeds as TPO's order was passed without proper opportunity of hearing and without considering relevant material.

The Bombay High Court disposed of two writ petitions concerning assessment years 2010-11 and 2009-10, where the petitioner, M/s. CWT India Private Lim...

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Bombay High Court Dismisses Revenue's Appeal in Depreciation Rate Dispute for Electronic Circuit Board Manufacturer. Assessee manufacturing Electronic Circuit Boards held entitled to 40% depreciation as semi-conductor industry under Income Tax Act, 1961.

The case involves three tax appeals filed by the Commissioner of Income Tax against M/s. Titan Time Products Ltd., concerning the rate of depreciation...

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Bombay High Court Allows Assessee's Claim for Capital Gains Treatment in Partnership Dissolution Case. Gains from Sale of Land Held as Co-owned Personal Asset Not Business Income Under Income Tax Act, 1961.

The case involved an income tax reference under Section 256 of the Income Tax Act, 1961, for the assessment year 1988-89. The assessee, an individual ...

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Bombay High Court Allows Revenue Appeal in CENVAT Credit Deduction Case Under Section 80HHC of Income Tax Act, 1961. CENVAT Credit Not Eligible for Deduction as It Is Not an Export Incentive Under Section 28(iiia)-(iiie).

The Commissioner of Income Tax, Central-III, Mumbai, appealed against the order of the Income Tax Appellate Tribunal (ITAT) dated 29 July 2011, which ...

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Bombay High Court Dismisses Appeal in Income Tax Case on Double Deduction Under Sections 80IA and 80HHC. Section 80IA(9) Mandates Reduction of Profits Allowed as Deduction Under Section 80IA(1) While Computing Deduction Under Any Other Provision Under Heading 'C' of Chapter VIA of the Income Tax Act, 1961.

The appellant, Associated Capsules Private Limited, is engaged in the manufacture of Empty Hard Gelatin Capsules and PVDC Capsules. It set up four ind...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case on Deduction Under Section 80IB for Interest Income from Bill Discounting. Interest received on bill discounting held to be derived from industrial undertaking and eligible for deduction under Section 80IB of the Income Tax Act, 1961.

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961, against an order of the Tribunal dated 15 June 2009 for assessment...