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Bombay High Court Dismisses Assessee's Claim for Depreciation on Share Issue Expenses Capitalised to Plant and Machinery. Expenditure on Raising Share Capital Not Part of Actual Cost Under Section 32 of Income Tax Act, 1961, and Falls Under Section 35D as Preliminary Expenses.

The case involves an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal for the assessment ye...

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High Court of Bombay hears writ petition challenging constitutional validity of Section 48(5) of MVAT Act, 2002 on input tax credit set-off — Petitioner seeks reading down of 'actually paid' to 'ought to have been paid'

The writ petition under Article 226 of the Constitution of India was filed by a partnership firm registered as a dealer under the Maharashtra Value Ad...

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High Court of Karnataka Passes Order in Writ Petition by Company Challenging Rejection of Application Under Industrial Park Scheme, 2002. Petitioner's Application Dated 15.12.2006 Under IPS 2002 Was Rejected on Ground That Scheme Expired on 31.03.2006.

The petitioner, a private limited company, proposed to set up an industrial park named 'Salarpuria Touch Stone' in Bangalore under a Joint Development...

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Supreme Court Dismisses Appeals in Tax Fraud Prosecution, Holding Concurrent Charges Under Income Tax Act and IPC Valid. Section 52 of Income Tax Act 1922 and Section 177 IPC Can Be Applied Simultaneously Without Implied Repeal, as Former Is Merely Procedural and Cumulative.

The appellant, a cinema actor, filed income tax returns for the assessment years 1958-59 to 1961-62. The respondent, at the instance of the Inspecting...

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Bombay High Court Dismisses LIC's Challenge to Maharashtra Increase in Land Revenue Act. Non-agricultural land in Greater Bombay is subject to the Act, and Section 3 is constitutionally valid.

The petitioner, Life Insurance Corporation of India (LIC), a statutory corporation constituted under the Life Insurance Corporation of India Act, 1956...

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High Court of Bombay Dismisses Revenue's Appeal in Bogus Purchase Case — GP Rate Restricted to 15% on Alleged Bogus Purchases. The court held that when purchases are accepted as genuine but from bogus parties, only the profit element embedded in such purchases can be taxed, not the entire purchase amount.

The case pertains to an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate ...

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Supreme Court Allows UPSC Appeal in IAS Promotion Case — Selection Committee's Assessment Upheld. Variation in Grading and Delay in Seniority Refixation Do Not Vitiate Selection Process Under IAS (Appointment by Promotion) Regulations, 1955.

The case pertains to the promotion of State Civil Service officers to the Indian Administrative Service (IAS) for the Tamil Nadu Cadre for the year 20...

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SALES TAX REFERENCE NO. 52 OF 2009

The matter came before the Bombay High Court as two sales tax references arising from the assessment of M/s. Radhasons International, a partnership fi...