Search Results for "eligible assessee"

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Search Results for "eligible assessee"

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High Court

Bombay High Court Allows Revision Petition Under Section 264 of Income Tax Act, 1961 for Non-Grant of Indexed Cost of Improvement in Capital Gains Computation. The Principal Commissioner's rejection of the revision application was set aside as the claim for indexed cost of renovation expenses incurred in 1990 was a lawful claim that ought to have been considered.

13 Oct 2023

The petitioner, an individual resident, filed his return of income for Assessment Year 2007-08 on 21 August 2007 declaring total income of Rs.8,49,118...

High Court

Bombay High Court Allows Appeal in Income Tax Derivative Loss Set-off Case. Loss from derivatives trading on recognized stock exchange held not speculative under Section 43(5)(d) of Income Tax Act, 1961, and can be set off against other business income under Section 70.

6 May 2022

The appellant, Souvenir Developers (I) Pvt. Ltd., is a domestic company deriving income from toll collection business and also trading in shares and d...

Supreme Court

Supreme Court Allows Appeal in Income Tax Deduction Case for Pharmaceutical Freebies. Expenses on Gifting Freebies to Medical Practitioners Are Deductible Under Section 37(1) of Income Tax Act, 1961, as Indian Medical Council Regulations Only Prohibit Acceptance, Not Gifting, Under Explanation 1.

22 Feb 2022

The dispute involved a pharmaceutical company, referred to as Apex, appealing against a High Court judgment that upheld orders disallowing part of its...

Supreme Court

Supreme Court Dismisses Revenue's Appeal in Income Tax Assessment Nullity Case Due to Amalgamation. Assessment in Name of Non-Existent Entity Held Void Despite Participation by Successor Company.

25 Jul 2019

The Supreme Court dismissed the appeal filed by the Revenue against the judgment of the Delhi High Court which had upheld the Income Tax Appellate Tri...

Supreme Court

Supreme Court Allows Deduction Under Section 80HH on Gross Profits Without Deducting Depreciation and Investment Allowance. The Court Overruled Motilal Pesticides and Held That Section 80HH Deduction Is Computed on 'Profits and Gains' Not 'Income'.

1 Mar 2019

The Supreme Court considered a batch of civil appeals concerning the interpretation of Section 80HH of the Income Tax Act, 1961, for the Assessment Ye...

Supreme Court

Supreme Court Reverses High Court in Section 80-IC Tax Exemption Case — Substantial Expansion Does Not Entitle Assessee to Reset 100% Deduction Period. The court held that the fixed exemption structure under Section 80-IC(3) cannot be altered by substantial expansion, and the total deduction period remains capped at ten years.

1 Feb 2019

The Supreme Court considered a batch of appeals arising from a common judgment of the Himachal Pradesh High Court concerning the interpretation of Sec...

High Court

High Court of Karnataka Dismisses State's Appeals in VAT Input Tax Credit Dispute — Reassessment Notices Issued Beyond Limitation Period Are Invalid. The court held that reassessment under Section 39(1) of the Karnataka Value Added Tax Act, 2003 must be completed within four years from the end of the relevant tax period, and notices issued after that period are barred by limitation.

31 Aug 2018

The case involves multiple writ appeals filed by the State of Karnataka against orders of a single judge quashing reassessment notices issued under Se...

High Court

Bombay High Court Allows Petitioner in Income Tax Reassessment Case — Mushroom Farming Income Held Agricultural. Reassessment Notice Under Section 148 of Income Tax Act, 1961 Quashed as Based on Change of Opinion.

11 Apr 2018

The petitioner, Zuari Foods and Farms Pvt. Ltd., a private limited company engaged in mushroom farming, filed its income tax return for assessment yea...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Deduction Case — ITAT Correct in Allowing Deduction Under Section 80IB on Gross Total Income Without Separate Disallowance Under Section 40(a)(ia). The Court held that deduction under Section 80IB(10) is to be computed on the gross total income of the eligible business, and disallowance under Section 40(a)(ia) cannot be made separately from the eligible business income.

11 Sep 2015

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) regarding the computation ...

High Court

Bombay High Court Allows Revenue's Appeal on Deduction Limit Under Section 36(1)(viia) of Income Tax Act. The court held that deduction for provision for bad and doubtful debts is limited to 5% of gross total income, not total income after other deductions.

22 Dec 2011

The Revenue appealed against the order of the Income Tax Appellate Tribunal which allowed a deduction of Rs.3,57,34,509 under Section 36(1)(viia) of t...

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