Search Results for "income tax depreciation"

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Search Results for "income tax depreciation"

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High Court

Bombay High Court Quashes Reassessment Notice for Co-operative Bank Due to Lack of Failure to Disclose Material Facts — Reassessment Initiated Beyond Four Years Invalid Under Section 147 Proviso. The Court held that the Revenue's reasons for reopening were based on a mere change of opinion on the same disclosed facts, failing to satisfy the jurisdictional precondition of failure to disclose fully and truly all material facts.

26 Aug 2024

The Petitioner, The Saraswat Co-operative Bank Ltd., filed a Writ Petition challenging a reassessment notice dated 30 March 2021 issued under Section ...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material. Reopening Under Section 148 of Income Tax Act, 1961 Based on Mere Change of Opinion on Provision for Unascertained Liabilities is Invalid.

26 Feb 2024

The petitioner, Bajaj Auto Limited, filed its return of income for Assessment Year 2016-17 on 29 November 2016, declaring total income of Rs. 4,860,25...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case — No Failure to Disclose Material Facts. Reopening Beyond Four Years Invalid Under Section 147/148 of Income Tax Act, 1961 as Original Assessment Under Section 143(3) Was Full and True Disclosure.

26 Feb 2024

The petitioner, Bajaj Auto Limited, filed its return of income for Assessment Year 2016-17 on 29 November 2016 declaring total income of Rs. 4,860,25,...

High Court

Bombay High Court Allows Revenue's Appeal in Income Tax Case Due to Assessee's Failure to Prove Revenue Expenditure. The court held that the assessee did not discharge its burden to show that the expenditure was revenue in nature under Section 37(1) of the Income Tax Act, 1961.

9 Aug 2023

The case pertains to an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which had upheld the CI...

Supreme Court

Supreme Court Allows Assessee's Appeal in Income Tax Deduction Case Under Section 80-IB for Duty Drawback and DEPB Receipts. Court Held That Duty Drawback and DEPB Receipts Are Profits Derived From Business Under Section 80-IB of Income Tax Act, 1961, as They Reimburse Manufacturing and Exporting Costs, Following Meghalaya Steels Limited and Topman Exports Precedents.

10 Apr 2023

The Supreme Court of India heard an appeal by an assessee, a partnership firm engaged in manufacturing and exporting wooden handicraft items, against ...

High Court

Bombay High Court Quashes Reassessment Notice Against Charitable Trust for Lack of Fresh Material. Reopening Beyond Four Years Invalid as No Failure to Disclose Material Facts Under Section 147 of Income Tax Act, 1961.

8 Mar 2023

The petitioner, Framji Dinshaw Petit Parsee Sanatorium, is a public charitable trust registered under section 12A of the Income Tax Act, 1961. For the...

Supreme Court

Supreme Court Allows Assessee's Appeal in Income Tax Dispute Over Non-Compete Fee Taxability. Amount Received Under Deed of Covenant Held as Capital Receipt Not Taxable Under Section 28(ii)(a) of Income Tax Act, 1961, Due to Separate Genuine Transaction and Procedural Error in High Court's Judgment.

22 Jul 2020

The appeal concerned the assessment year 1995-96 involving Shri Shiv Raj Gupta, Chairman and Managing Director of Central Distillery and Breweries Ltd...

High Court

Bombay High Court Allows Assessee's Appeal on Proportional Increase of Advertisement Limit and Deductibility of Statutory Fund Transfer. Holds that Section 37(3A) limit must be proportionately increased for extended previous year and transfer to statutory storage fund is deductible under Section 37(1).

30 Sep 2016

This judgment by the Bombay High Court addresses four questions of law referred by the Income Tax Appellate Tribunal under Section 256(1) of the Incom...

High Court

Bombay High Court Quashes Revisional Notice Under Section 263 of Income Tax Act for Lack of Jurisdiction — Limitation Period Expired for Original Assessment Order. Reassessment Order Does Not Extend Limitation for Revising Original Assessment Under Section 263 of Income Tax Act, 1961.

23 Apr 2010

The petitioner, Ashoka Buildcon Ltd., challenged a notice dated 30 April 2009 issued by the Commissioner of Income Tax-I, Nashik under Section 263 of ...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case — Payment to Retiring Partners Held Capital Expenditure. Amount of Rs.1,34,678 paid to retiring partners under Memorandum of Understanding is capital expenditure not deductible as revenue expenditure.

30 Aug 2005

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal. The assessee, Mandovi Hotel Pvt....

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