Search Results for "capital asset"

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Bombay High Court Allows Appeals by Acquiring Body in Land Acquisition Compensat...
Bombay High Court Dismisses NHAI Appeals in Land Acquisition Compensation Disput...
Bombay High Court Dismisses Writ Petition Challenging Concurrent Findings in Sui...
Supreme Court Acquits Accused in Murder Case Due to Incredible Dying Declaration...
Supreme Court Quashes Criminal Proceedings Under Section 182 IPC for Lack of Val...

Search Results for "capital asset"

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High Court

Bombay High Court Dismisses Writ Petition and Tax Appeals in Income Tax Reassessment and Expenditure Disallowance Cases. Reassessment notices under Section 147 of the Income Tax Act, 1961 were valid, and expenditure on renovation and interest on borrowed capital for acquiring a capital asset were not allowable deductions.

30 Nov -0001

The judgment involves a batch of petitions and appeals arising from income tax proceedings concerning the Travel & Tourism Association of Goa and seve...

High Court

Bombay High Court Sanctions Scheme of Arrangement Involving Gift of Shares and Reduction of Securities Premium Account. The court held that a scheme involving a gift of shares held by a company in another company to its shareholders and a reduction of the securities premium account by the book value of the investment is an arrangement under Section 391(1) of the Companies Act, 1956, and the reduction of the securities premium account does not require compliance with the procedure for reduction of share capital under Sections 100-104 of the Companies Act, 1956 or Section 52 of the Companies Act, 2013.

15 Sep 2015

The petitioner, Indian Seamless Enterprises Limited, filed a petition under Sections 391 to 394 of the Companies Act, 1956 seeking sanction of a schem...

High Court

Bombay High Court Upholds Constitutional Validity of Section 50C of Income Tax Act, 1961 in Stamp Duty Dispute. Development Agreement Stamp Duty Based on Ready Reckoner Rate Upheld; Section 50C Not Ultra Vires.

15 Mar 2010

The petitioner, Bhatia Nagar Premises Cooperative Society Limited, is a cooperative society that owns land with a building. It entered into a Developm...

High Court

Bombay High Court Allows Revenue Appeals in Income Tax Cases on Disallowance of Interest Expenditure on Tax-Free Securities. Held that Section 14A of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962 mandates disallowance of expenditure incurred in relation to income not includible in total income, and the Assessing Officer must record satisfaction before invoking Rule 8D.

16 Apr 2019

The judgment involves a batch of appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging orders of the Income Tax App...

High Court

Bombay High Court Considers Challenge to SBI Mutual Fund Merger and Directs SEBI Impleadment to Assess Regulatory Compliance. Court Examines Maintainability Under Article 226 and the Validity of Merger Based on Prevailing NAV Without Investor Meeting in Light of SEBI (Mutual Funds) Regulations, 1996.

4 Dec 2012

The Petitioner, appearing in person, filed a writ petition under Article 226 of the Constitution challenging the merger of the SBI One India Fund with...

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 Adjudicates Winding Up Petition Under Companies Act, 1956 – Default in Repayment of Secured Facilities Allegedly Renders Respondent Unable to Pay Debts. Petitioner Bank Seeks Winding Up and Appointment of Provisional Liquidator After Respondent Defaults on Short-Term Loan and Letters of Credit.

14 Feb 2017

The case concerned a company petition for winding up under the Companies Act, 1956, instituted by IDFC Bank Limited, a creditor, against M/s.Ruchi Soy...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Derivative Transaction Case. Exchange Traded Derivatives Held Not Speculative Under Section 43(5) of Income Tax Act, 1961, with Retrospective Application of Clause (d) of Proviso.

18 Apr 2011

The case involves an appeal by the Commissioner of Income-tax, Central-IV against the order of the Income Tax Appellate Tribunal (ITAT) in favor of th...

High Court

Bombay High Court Allows Assessee's Reference on Depreciation Rates but Upholds Revenue's Disallowances on Travel Expenses, Medical Reimbursement, Motor Car Perquisite, and Rent as Capital Expenditure. The Court held that depreciation under Section 32 must be allowed at rates as amended from 2.4.1983, while affirming that employee travel expenses after destination are disallowable under Section 39 read with Rule 60, medical reimbursement is part of salary under Section 40(c), actual expenditure on motor cars for directors is to be considered, and rent of Rs.16,91,250/- is capital expenditure.

18 Sep 2012

This is a reference under Section 256(1) of the Income Tax Act, 1961, arising from the order of the Income Tax Appellate Tribunal in ITA No.5873/Bom/8...

High Court

High Court of Judicature at Bombay Considers Assessee's Belated Challenge to Penalty Notice in Income Tax Appeal; Court Examines Whether 30-Year-Old Defect in Notice Under Section 271(1)(c) Can Vitiate Penalty Absent Prejudice. The court focused on the threshold test of factual prejudice and whether a technical plea not raised before lower forums can be urged in a Section 260A appeal.

11 Jan 2024

The appeal before the High Court of Judicature at Bombay arose under Section 260A of the Income-tax Act, 1961, challenging the order of the Income-tax...

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