Search Results for "Chargeable Expenditure"

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Search Results for "Chargeable Expenditure"

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High Court

Bombay High Court Allows Appeals in Income Tax Classification Dispute — Rent Income from Leasing Properties Held Assessable as Business Income. The Court ruled that where the assessee's main object is leasing and it conducts systematic business activity, rental income is assessable under 'Profits and gains of business or profession' under Section 28 of the Income Tax Act, 1961, not under 'Income from house property'.

21 Oct 2024

The case involves a batch of appeals under Section 260A of the Income Tax Act, 1961, filed by National Leasing Limited (later National Realty Pvt. Ltd...

Supreme Court

"Supreme Court of India Resolves Complexities in Taxation of Mineral Rights" "Judgment Clarifies Legislative Powers and the Nature of Royalty in Mining Sector"

25 Jul 2024

The Supreme Court of India addressed a significant dispute regarding the distribution of legislative powers between the Union and the States, specific...

High Court

Bombay High Court Allows Writ Petition Quashing Reassessment Notice Under Section 148-A of Income Tax Act for Denial of Personal Hearing. Assessee's Show Cause Notice and Order Set Aside as Principles of Natural Justice Violated.

5 Feb 2024

The petitioner, Popatlal Umedmalji Jain, an assessee under the Income Tax Act, 1961, regularly filed income tax returns. His wife ran a proprietary co...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Reassessment Based on Same Facts as Original Assessment is Invalid. The court held that a notice under section 148 cannot be issued on the same material already considered during scrutiny assessment under section 143(3), as it amounts to a change of opinion.

20 Feb 2023

The petitioner, Survival Technologies Pvt. Ltd., filed a writ petition challenging a notice dated 30 March 2021 issued under section 148 of the Income...

Supreme Court

Supreme Court Interprets Tax Exemption Calculation Method Under Gujarat Tourism Incentive Scheme. The court held that exemption limits under the New Package Scheme of Incentives for Tourism Projects, 1995-2000, should be calculated based on tax payable, not gross receipts, as per the exemption notification dated 14.02.1997 under Section 29(1) of the Gujarat Entertainments Tax Act, 1977.

2 Feb 2023

The appeal arose from a judgment of the Gujarat High Court concerning the interpretation of tax exemption calculations under the Gujarat New Package S...

Supreme Court

Supreme Court Allows Appeal of Taxpayer Against Non-Processing of Income Tax Returns and Refund Claims. Mandamus Issued to Process Returns Under Section 143(1) Within Four Weeks, Subject to Section 143(1D) and Section 241A of the Income Tax Act, 1961.

1 Jan 2020

The appellant, Vodafone Idea Ltd. (formerly Vodafone Mobile Services Ltd), is a telecommunications company that filed income tax returns for Assessmen...

High Court

Bombay High Court Quashes Reassessment Order in Income Tax Case for Non-Compliance with GKN Driveshafts Procedure. Revenue failed to communicate order rejecting objections and passed assessment order within four weeks, violating principles of natural justice.

6 May 2015

The petitioner, Capgemini India Pvt. Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, and the subsequent reassessment order da...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 Income Tax Act for Mere Change of Opinion. Assessment Completed Under Section 143(3) Cannot Be Reopened Without Fresh Tangible Material.

19 Dec 2011

The petitioner, Sanand Properties Pvt. Ltd., filed a return for Assessment Year 2008-09 declaring income of Rs.20.33 lakhs, later revised to Rs.19.14 ...

High Court

Bombay High Court Dismisses Revenue's Appeal in Capital Gains Indexation Case — Indexed Cost of Acquisition for Gifted Asset to Be Computed with Reference to Year of Previous Owner's Acquisition. The court held that under Section 48 Explanation (iii) read with Section 49(1) of the Income Tax Act, 1961, the cost inflation index for the year in which the previous owner first held the asset applies, not the year of the assessee's acquisition.

11 Oct 2011

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) in favor of the assessee, ...

High Court

Bombay High Court Dismisses Revenue's Appeal in Section 32AB Deduction Case. Deduction under Section 32AB of the Income Tax Act, 1961 is to be computed on the profits of each eligible business unit separately without setting off losses from another eligible business unit, where separate accounts are maintained.

25 Oct 2005

The case involves an appeal by the Revenue under section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT...

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