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High Court of Karnataka Allows Appeal in Income Tax Case — Disallows Reopening of Assessment Beyond Four Years Without Failure to Disclose Material Facts. Section 147 of Income Tax Act, 1961 Requires Full and True Disclosure for Reopening After Four Years.

The appellant, M/s. Safina Hotels Private Limited, filed its return of income for the assessment year 2001-02. The assessment was completed under Sect...

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Bombay High Court Dismisses Second Appeal in Property Suit — Upholds Concurrent Findings on Title and Adverse Possession. Court holds that dismissal of restitution application under Section 144(1) CPC does not bar a fresh suit for possession based on independent title.

The case involves a property dispute over a house and land at Survey No. 123, Block No. 276, village Atyal, taluka Gadhinglaj. The respondents (origin...

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Bombay High Court Upholds Rejection of Plaint in Recovery Suit as Time-Barred Under Order VII Rule 11 CPC. Claim for Damages for Short Delivery of Goods Filed Beyond Three-Year Limitation Period Under Article 11 of Limitation Act, 1963.

The appeal was filed by Reliance Industries Limited against the order of the Civil Judge, Senior Division, Panvel, dated 21/3/1998, rejecting the plai...

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Supreme Court Allows Appeal in IBC Limitation Dispute — Application Under Section 7 Held Barred by Limitation. Acknowledgment of Debt in Balance Sheets Does Not Extend Limitation for Initiating CIRP Under IBC.

The Supreme Court allowed the appeal filed by Babulal Vardharji Gurjar, a director of Veer Gurjar Aluminium Industries Pvt. Ltd., against the order of...

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Bombay High Court Allows Assessee in Income Tax Reference Under Section 256(1) of Income Tax Act, 1961 — Profits on Sale of Machinery Not Taxable Under Section 41(2) as Depreciation Was Claimed by Dissolved Firm, Not by Assessee.

The case involves a reference under Section 256(1) of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal, Mumbai, for the opinion of the Bo...

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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.

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, ...