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Search Results for "10A deduction"

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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Held that interest on borrowed capital used for acquiring a capital asset is allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961, and depreciation on assets acquired under a hire purchase agreement is allowable under Section 32.

12 Jun 2018

The case involves appeals filed by the Revenue (Pr. Commissioner of Income-Tax and Deputy Commissioner of Income-Tax) against the orders of the Income...

High Court

Bombay High Court Answers Sales Tax Reference in Favor of Dealer, Allowing Resale Deduction Under Section 8(2) of Bombay Sales Tax Act Despite Purchases from Exempted Dealers. Court Holds That Exemption Conditions in Entry 39(a) Schedule A Do Not Estop Purchasing Dealer from Claiming Independent Statutory Deduction.

28 Apr 2017

The matter arose from a sales tax assessment of a proprietary concern engaged in reselling footwears, who was not a manufacturer and held no trademark...

High Court

Bombay High Court Upholds Tribunal's Restriction on Section 80HHB Deduction and Denial of Deduction for Foreign Tax Paid. The court held that only amounts transferred to Foreign Project Reserve Account during the previous year qualify for deduction under Section 80HHB, and tax paid abroad is not deductible under the Income Tax Act.

20 Dec 2016

The case involves an income tax reference by the Income Tax Appellate Tribunal to the Bombay High Court under Section 256(1) of the Income Tax Act, 19...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Transfer Pricing Adjustment Case — Held that ITAT Correctly Deleted Addition for Non-Compete Fee Paid to AE Without Adequate Justification. The court found no substantial question of law as the Tribunal's findings were factual and not perverse.

14 Aug 2015

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed appeals under Section 260A of the Income Tax Act, 1961 against...

High Court

Bombay High Court Quashes Reassessment Order in Income Tax Case for Non-Compliance with GKN Driveshafts Procedure. Revenue failed to communicate order rejecting objections and passed assessment order within four weeks, violating principles of natural justice.

6 May 2015

The petitioner, Capgemini India Pvt. Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, and the subsequent reassessment order da...

High Court

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.

7 Apr 2015

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...

High Court

Bombay High Court Allows Revenue Appeal in Section 10A Deduction Case — Brought Forward Losses of Non-10A Unit Must Be Set Off Before Computing Deduction Under Section 10A. The court held that the deduction under Section 10A is to be computed after setting off brought forward losses of non-10A units, as Section 10A is a deduction not exemption and Section 72 applies before Section 10A deduction.

9 Apr 2012

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) which held that brought forward unabsorbed depreciation and losses ...

High Court

Bombay High Court Allows Revenue's Appeal in Income Tax Case - STP Undertaking Exemption Denied as Manufacturing Commenced Before 1 April 1994. The court held that the conditions of Section 10A(2) of the Income Tax Act, 1961 were not fulfilled because the undertaking had already started manufacturing before the cutoff date, and the subsequent slump sale did not affect the commencement date.

6 Mar 2012

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961 challenged the Income Tax Appellate Tribunal's decision allowing the assessee...

High Court

Bombay High Court Quashes Reassessment Notice for Lack of Fresh Material — Section 10A Deduction Cannot Be Reopened Based on Subsequent Year's Findings Without Independent Reason to Believe. The Court held that reopening of assessment under Section 148 requires independent material and cannot be based on a change of opinion or findings from a later assessment year.

9 Feb 2012

The petitioner, Siemens Information Systems Limited, filed its return of income for Assessment Year 2004-05 declaring nil income after claiming a dedu...

High Court

Bombay High Court Dismisses Revenue's Appeal in Section 10A Exemption Computation Case — Freight and Insurance Excluded from Total Turnover as They Have No Profit Element. The Court upheld the Tribunal's direction to compute exemption under Section 10A of the Income Tax Act, 1961 after excluding freight and insurance from total turnover, and also upheld other directions regarding PF/ESIC contributions, interest income, and foreign exchange gains.

23 Jun 2010

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) for Assessment Year 2003-04, raising five questions of law. The fir...

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