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High Court of Karnataka Allows Writ Petitions Declaring Income Tax Exemption Under Section 96 of RFCTLARR Act, 2013 Applicable to Land Acquisitions Under KIAD Act, 1966. Compensation for Land Acquisition Under State Act Entitled to Same Tax Exemption as Under Central Act.

The petitioners, M/s Sri Balaji Corporate Services and NCC Urban Infrastructure Limited, along with individual landowners, challenged the denial of in...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case, Allows Additional Deduction Claim Without Revised Return. Assessee's claim for deduction under Section 43B of Income Tax Act, 1961, though not made in original return, is admissible before appellate authorities.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal (ITAT) which upheld the assessee's...

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Bombay High Court Considers Appeal Against Tribunal's Order Requiring Section 72A Approval for Amalgamated Company's Depreciation Claim. The Court Examines Whether Written Down Value of Assets Can Be Adjusted by Adding Unabsorbed Depreciation Without Central Government Approval.

This appeal under Section 260A of the Income Tax Act, 1961 arose from the order of the Income Tax Appellate Tribunal, Mumbai, concerning assessment ye...

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Supreme Court Dismisses Assessee's Appeal Against Inclusion of Interest Credits as Taxable Income Under Section 4(1)(a) of Income-tax Act, 1922. Mercantile System Credit Entries for Interest from Own Shop in Native State Treated as Income Received in British India.

The assessee, ordinarily resident in British India, carried on business at Khurja and Aligarh in India and at Chistian in the Indian State of Bahawalp...

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High Court of Karnataka Dismisses Assessee's Appeal in Income Tax Reassessment Case — No Substantial Question of Law Arises. Reassessment Notice Under Section 148 of Income Tax Act, 1961 Upheld as Properly Issued Within Time and Based on Reasonable Belief of Income Escaping Assessment.

The appellant, Gopal S. Pandit, proprietor of Pandit Developers, filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of ...

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Supreme Court Dismisses Income-tax Officer's Appeals; Upholds Requirement of Yearly Notice Under Section 43 of Income-tax Act, 1922. Advance Tax Demand as Agent of Non-Resident for Subsequent Year Without Fresh Appointment Held Invalid.

The case involved an appeal by the Income-tax Officer, Bombay (appellant) against the judgment of the Bombay High Court quashing demand notices issued...