Search Results for "Debts Deduction"

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Search Results for "Debts Deduction"

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High Court

High Court of Bombay at Goa Allows Revenue's Appeal in Part on Deduction Under Section 80IA and Interest Disallowance Under Section 36(1)(iii) of Income Tax Act. The court upheld ITAT's direction to allow deduction under Section 80IA without deducting depreciation, but reversed the deletion of interest addition for borrowings to sister concern.

28 Jun 2011

The case is a tax appeal filed by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) concerning the assessme...

High Court

Madras High Court Allows Assessee's Appeal in Income Tax Case, Holding Legal Fees and Lenders Agency Fees as 'Interest' Under Section 2(28A) Eligible for Exemption Under Section 10(23G) of Income Tax Act, 1961. The Court restored the CIT(A)'s order allowing exemption for fees charged for documentation in connection with long term finance.

20 Jan 2026

The appellant, M/s IDFC Limited, filed a Tax Case Appeal under Section 260A of the Income Tax Act, 1961, against the order dated 28.09.2012 of the Inc...

High Court

Bombay High Court Allows Appeal of Assessee in Income Tax Case — Write-off of Advances and Expenses Held Allowable as Business Loss Under Section 28 of Income Tax Act, 1961. The court held that amounts advanced to a business associate in the course of business dealings and written off as irrecoverable are deductible as business loss.

9 Jun 2023

The appellant, Mahindra and Mahindra Ltd., a public limited company engaged in manufacturing and trading, filed an appeal under Section 206A of the In...

High Court

Bombay High Court Quashes Sales Tax Notices Against Axis Bank in Liquidation Proceeding — No Liability for Tax Deducted at Source Under MVAT Act After Company's Winding Up. The Court held that the State cannot recover tax from a secured creditor who had no obligation to deduct tax at source under Section 42 of the Maharashtra Value Added Tax Act, 2002, as the deduction obligation arises only when payment is made to the dealer, and after winding up, the Official Liquidator is the proper authority.

7 Mar 2017

The petitioner, Axis Bank Ltd., a banking company, filed a writ petition under Article 226 of the Constitution of India before the Bombay High Court s...

High Court

High Court of Judicature at Bombay Refers Question of Law on Allowability of Expenditure under Section 40(a)(i) and Section 172 of Income Tax Act to Larger Bench. Disagreement with earlier Division Bench decision in CIT v. Orient (Goa) Pvt. Ltd. leads to referral on whether payer's non-resident status required for invoking proviso to Section 172.

5 Feb 2016

Background: The case concerns income tax appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income ...

High Court

Bombay High Court Allows Revenue's Appeal in Income Tax Case — Tribunal Erred in Setting Aside Entire Disallowance When Assessee Withdrew Its Appeal. The disallowance of Rs.14,96,064/- became final upon withdrawal of assessee's appeal and could not be reopened by the Tribunal.

26 Mar 2012

The Revenue appealed against the Income Tax Appellate Tribunal's order dated 9 September 2011 for Assessment Year 2004-05. The Assessee, M/s Jamnadas ...

High Court

High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Prima Facie Adjustment Under Section 143(1)(a) Cannot Include Provision for Doubtful Debt. The ITAT was right in holding that adjustment for provision for doubtful debt is outside the ambit of prima facie adjustment under Section 143(1)(a) of the Income Tax Act, 1961.

28 Jun 2011

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which deleted a prima faci...

High Court

Bombay High Court Quashes Reassessment Notice Against Corporate Debtor Under Insolvency Resolution — Income Tax Department Cannot Issue Section 148 Notice After Approval of Resolution Plan Under IBC, 2016. The court held that the moratorium under Section 14 IBC and the binding nature of the resolution plan under Section 31 IBC bar the Income Tax Department from reopening assessments for periods prior to the approval of the plan.

23 Dec 2021

The petitioner, Murli Industries Limited, a corporate debtor undergoing insolvency resolution under the Insolvency and Bankruptcy Code, 2016 (IBC), ch...

High Court

Bombay High Court Allows Deduction for Salary Arrears and Exgratia Bonus in Income Tax Appeal — Liability Under Palekar Award Accrued in Relevant Year. The Court held that provision for additional salary and wages arising from Justice Palekar Award and exgratia bonus paid over and above eligible bonus under Payment of Bonus Act are allowable as business expenditure under Section 37(1) of Income Tax Act, 1961.

8 Mar 2024

The appellant, Indian Express Newspapers (Bombay) Ltd., engaged in printing and publishing, filed an appeal against the order of the Income Tax Appell...

High Court

High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Disallowance Under Section 14A and Capital Expenditure on Bridge Construction. Tribunal's findings that no expenditure was incurred for earning dividend income and that bridge contribution was revenue expenditure upheld.

6 Nov 2020

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal, Panaji Bench, which had partly a...

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