Search Results for "taxable income"

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Search Results for "taxable income"

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High Court

Bombay High Court Quashes Reassessment Notices Issued Beyond Time Limit Under Section 149 of Income Tax Act, 1961 — Notices Issued After Expiry of Six Years from End of Relevant Assessment Year Without Satisfying Conditions for Extended Period Held Invalid. The court held that the condition of income escaping assessment of Rs. 1 lakh or more for notice beyond six years was not satisfied, and the reasons recorded lacked tangible material.

8 Mar 2023

The judgment concerns five writ petitions filed by Jetair Pvt. Ltd. challenging notices dated 11 March 2021 issued under Section 148 of the Income Tax...

High Court

Bombay High Court Allows Revenue's Appeals in Part in Income Tax Dispute Involving Disallowances Under Section 14A, Section 37, and Section 10B. The court held that Section 14A disallowance requires satisfaction of AO, scientific research expenditure not allowable, demurrage is business expenditure, and Section 10B deduction remanded.

7 May 2021

The case involves appeals by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which had partly allowed the...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Block Assessment Case — Upholds Tribunal's Deletion of Additions. No substantial question of law arose as the Tribunal's findings of fact were based on appreciation of evidence under Section 158BC of the Income Tax Act, 1961.

11 Feb 2020

The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Mumbai, dated 05 Ju...

Supreme Court

Supreme Court Allows Appeal in Income Tax Case: Subscriptions Received Under Collective Investment Schemes Held to be Capital Receipts Not Income. Peerless General Finance's Subscriptions Not Forfeited During Assessment Years, Hence Not Taxable as Income.

9 Jul 2019

The appeal arose from a dispute between The Peerless General Finance and Investment Company Ltd. (appellant) and the Commissioner of Income Tax (respo...

High Court

Bombay High Court Allows Writ Petition by Mutual Fund Against Sales Tax Reassessment Orders — Holds Mutual Fund Not a Dealer Under MVAT Act, 2002. Reassessment Proceedings Initiated Beyond Limitation Period and Without Proper Sanction Are Invalid.

6 Aug 2018

The petitioner, Axis Mutual Fund, filed a writ petition under Article 226 of the Constitution of India challenging several orders passed by the sales ...

High Court

High Court of Karnataka Enhances Compensation in Motor Accident Claim for Death of 45-Year-Old Businessman. Tribunal's deduction of 30% towards income tax held erroneous; multiplier of 14 applied on notional income of Rs. 6,000 per month with 50% future prospects.

16 Apr 2018

The appeal arises from a judgment dated 7-7-2015 passed by the Senior Civil Judge and Additional MACT at Basavakalyan in MVC No.154/2014. The appellan...

High Court

Bombay High Court Upholds Revenue in Block of Assets Case — Industrial Gala Sale Taxed as Short Term Capital Gain Under Section 50. Non-Use of Asset Does Not Remove It from Block of Assets; Depreciation History Determines Tax Treatment.

29 Sep 2017

The case involves an income tax reference by the Income Tax Appellate Tribunal, Mumbai Bench, at the instance of the assessee, Smt. Meena v. Pamnani, ...

High Court

Bombay High Court Allows Writ Petition Against TDS Demand on Arbitral Award Deposits — Income Tax Officer Cannot Treat Court-Ordered Deposits as Income Until Final Determination of Rights. The court held that amounts deposited in court pursuant to a conditional stay order and withdrawn against a bank guarantee are not 'income' liable to Tax Deduction at Source under Section 194A of the Income Tax Act, 1961.

21 Feb 2013

The petitioner, DSL Enterprises Private Limited, is a company incorporated under the Companies Act, 1956, as a successor in interest of Datar Switchge...

High Court

Bombay High Court Dismisses Husband's Challenge to Interim Maintenance Order — Income Tax Returns Not Conclusive for Maintenance. Court Holds That Net Taxable Income Is Not the Sole Basis for Determining Maintenance Under Matrimonial Law.

18 Nov 2010

The petitioner husband challenged the Family Court's order granting interim maintenance of Rs.20,000 to his wife and Rs.10,000 each to their two sons....

Supreme Court

Supreme Court Allows Assessee in Income Tax Case — Receipt for Construction of Cinema House Not Advance Rent. Lease Lacked Stipulation for Adjustment of Payment Toward Rent; Premium Prima Facie Capital Not Taxable Under Income Tax Act.

30 Jan 1969

The case involves an assessee who, on July 19, 1945, took a lease of certain premises in Calcutta on monthly rent. He made alterations to convert the ...

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