Search Results for "taxable business income"

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Search Results for "taxable business income"

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High Court

Madras High Court Allows Appeals of Shareholders in Capital Receipt Case — One Million Euros Received from Vedior NV Held Exempt as Capital Receipt. Compensation for Loss of Right of First Refusal and Non-Compete Agreement Treated as Capital Receipt Not Chargeable to Tax Under Income Tax Act, 1961.

8 Jan 2026

The case involves two appeals by shareholders (K. Pandiarajan and R. Hemalatha) against the order of the Income Tax Appellate Tribunal (ITAT) which up...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material. Reopening Under Section 148 of Income Tax Act, 1961 Based on Mere Change of Opinion on Provision for Unascertained Liabilities is Invalid.

26 Feb 2024

The petitioner, Bajaj Auto Limited, filed its return of income for Assessment Year 2016-17 on 29 November 2016, declaring total income of Rs. 4,860,25...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case — No Failure to Disclose Material Facts. Reopening Beyond Four Years Invalid Under Section 147/148 of Income Tax Act, 1961 as Original Assessment Under Section 143(3) Was Full and True Disclosure.

26 Feb 2024

The petitioner, Bajaj Auto Limited, filed its return of income for Assessment Year 2016-17 on 29 November 2016 declaring total income of Rs. 4,860,25,...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Failure to Disclose Material Facts. Reassessment After Four Years Invalid as Assessee Had Made Full Disclosure During Original Assessment Under Section 143(3).

24 Jan 2022

The petitioner, Glaxosmithkline Pharmaceuticals Ltd., challenged a notice dated 28 March 2019 issued under Section 148 of the Income Tax Act, 1961 for...

High Court

High Court of Bombay at Goa Allows Tax Appeals in Income Tax Reassessment Case — Limitation for Reopening Assessment Under Section 147/148 of Income Tax Act, 1961. Reassessment Notices Quashed as Issued Beyond Four-Year Limitation Period Without Establishing Failure to Disclose Material Facts.

7 Dec 2020

The case involves five tax appeals filed by M/s. Zephyr Biomedicals and M/s. Orchid Biomedical Systems against the Joint Commissioner of Income Tax, c...

High Court

High Court of Karnataka Dismisses Revenue's Appeals in Vodafone TDS Case — No Disallowance Under Section 40(a)(ia) for Non-Deduction of TDS on Payments to Non-Residents Without Permanent Establishment in India. The court held that where the non-resident has no permanent establishment in India, the income is not taxable in India, and consequently, no TDS is required under Section 195 of the Income Tax Act, 1961.

28 Jul 2016

The case involves appeals filed by the Revenue (Commissioner of Income Tax and Deputy Commissioner of Income Tax) against the common order of the Inco...

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

Karnataka High Court Allows Revenue's Appeal in ITC Hotels TDS Case — Remittances to US Company for Marketing Services Held Subject to TDS Under Section 195 of Income Tax Act, 1961. The court held that the assessee was liable to deduct tax at source on payments to a non-resident for services rendered outside India, as the income was deemed to accrue or arise in India under Section 9(1)(i), and the principle of consistency did not bar the Revenue from taking a different view.

15 Jun 2015

The case involves appeals by the Commissioner of Income Tax and the Income Tax Officer (TDS) against the order of the Income Tax Appellate Tribunal (I...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Expenditure Under Section 40(a)(i) Not Applicable to Payments Made to Non-Resident for Services Rendered Outside India. The court held that Section 40(a)(i) of the Income Tax Act, 1961 does not apply to payments made to a non-resident for services rendered outside India, as the income does not accrue or arise in India.

9 Oct 2013

The case involves appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961 against orders of the Income Tax Appellate Tribunal (IT...

High Court

Bombay High Court Dismisses Revenue's Appeal in Slump Sale Case. Transfer of IMFL Business as Going Concern Not Subject to Capital Gains Tax Under Income Tax Act, 1961.

8 Feb 2012

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal (ITAT)...

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