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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Set Off of Unabsorbed Business Loss Against Profits of Erstwhile 10A Unit. Tribunal's Order Allowing Set Off of Brought Forward Loss of Assessment Year 2002-03 Against Profits of 10A Unit in Assessment Year 2005-06 Upheld.

The case involves two appeals by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal, M...

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Supreme Court Dismisses Assessee Bank's Appeal in Income-Tax Case on Taxability of Dividend Income Received After Merger of State. Dividend Encashed in Taxable Territories After Merger, Not Deemed Paid on Declaration Date Under Section 16(2) of Income-tax Act, 1922, Thus Taxable in Year of Receipt.

The Supreme Court dismissed the appeal of Benaras State Bank Ltd. against the Commissioner of Income-tax, Lucknow, in a dispute concerning the taxabil...

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High Court of Karnataka Dismisses Revenue's Appeal in TDS Dispute — Payment to Non-Resident for Software Not Royalty. Payment for purchase of shrink-wrapped software from non-resident held not royalty under Section 9(1)(vi) of Income Tax Act, 1961, as no copyright transferred.

The case involves two appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961, against the common order of the Income Tax Appella...

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Bombay High Court Upholds Reinstatement Without Backwages for Bank Employee in Temporary Misappropriation Case. No Interference as Employer Did Not Challenge Reinstatement Order.

The petitioner, Ravindra N. Chaudhari, was a bank employee who was terminated from service in the year 2000 by IDBI Bank Ltd. The matter was referred ...

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Bombay High Court Quashes Penalty Proceedings in Income Tax Case Due to Delay in Issuance of Notice Under Section 271(1)(c) of Income Tax Act, 1961. Notice Issued After 8 Years from Filing of Return Held Barred by Limitation.

The applicants, Indian Plywood Manufacturing Co. Ltd. and others, filed income tax returns for the assessment year 1992-93 on 13th September 1992. The...

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High Court of Karnataka Adjudicates Petition to Quash Criminal Complaint for TDS Default Under Income Tax Act. Company and Directors Contend Prosecution Invalid Due to Lack of Prior Adjudication of Liability and Compliance with CBDT Circulars.

The matter arose from a criminal complaint filed by the Income Tax Department against a hospitality company and its directors for failing to remit Tax...