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Supreme Court

Supreme Court Upholds Additional Tax on Reduction of Loss Under Section 143(1-A) of Income Tax Act, 1961 — Even Where Assessee Remains in Loss After Adjustment, Additional Tax Is Payable on the Amount of Reduction in Loss. The court held that the plain language of Section 143(1-A) applies when loss is reduced, and the additional tax is calculated on the adjustment amount as if it were total income, rejecting the argument that the provision is penal.

19 Mar 2020

The appellant, Rajasthan State Electricity Board, a government company, filed its income tax return for assessment year 1991-92 declaring a loss of Rs...

High Court

Bombay High Court Allows Assessee's Reference on Depreciation Rates but Upholds Revenue's Disallowances on Travel Expenses, Medical Reimbursement, Motor Car Perquisite, and Rent as Capital Expenditure. The Court held that depreciation under Section 32 must be allowed at rates as amended from 2.4.1983, while affirming that employee travel expenses after destination are disallowable under Section 39 read with Rule 60, medical reimbursement is part of salary under Section 40(c), actual expenditure on motor cars for directors is to be considered, and rent of Rs.16,91,250/- is capital expenditure.

18 Sep 2012

This is a reference under Section 256(1) of the Income Tax Act, 1961, arising from the order of the Income Tax Appellate Tribunal in ITA No.5873/Bom/8...

Supreme Court

Supreme Court Upholds Regulatory Commission's Order Restricting Depreciation to Actual Supply Period in Electricity Tariff Dispute. Depreciation under Regulation 6.32 of DERC (Terms and Conditions for Determination of Generation Tariff) Regulations, 2011 cannot be allowed beyond the period of actual supply of electricity to consumers, as consumer interest is paramount under Section 61(d) of the Electricity Act, 2003.

7 May 2026

The Supreme Court allowed the appeal filed by the Delhi Electricity Regulatory Commission (Commission) against the judgment of the Appellate Tribunal ...

High Court

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.

21 Jul 2005

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...

High Court

Madras High Court Allows Assessee's Appeal in Income Tax Case — Unabsorbed Depreciation Set-off Against Section 69 Addition Upheld. Addition of Unaccounted Stock Treated as Business Income Under Section 32(2) of Income-Tax Act, 1961.

23 Jan 2026

The case involves an appeal by M/s.Sivasakthi Threads (assessee) against the order of the Income-Tax Appellate Tribunal which upheld the rejection of ...

High Court

Madras High Court Allows Revenue's Appeal in Part on Replacement of Machinery and Depreciation Issues Under Income Tax Act, 1961. Expenditure on Replacement of Entire Machinery is Capital Expenditure; IFCI Adjustment Not Actual Payment Under Section 43AB; Full Depreciation on Dumpers Requires Evidence of Use.

22 Jan 2025

The appeal was filed by the Commissioner of Income Tax, Madurai, against the order of the Income Tax Appellate Tribunal, Madras 'C' Bench, dated 26.12...

High Court

Madras High Court Allows Assessee's Appeal in MAT Computation Case — Capital Gain on Sale of Fixed Assets Cannot Be Added to Book Profit Under Section 115JB When Not Credited to Profit and Loss Account. The Court held that the Assessing Officer cannot rework book profit under Section 115JB by including capital gains directly absorbed in the balance sheet, as the computation under Section 115JB must be based on the profit as shown in the profit and loss account prepared in accordance with the Companies Act.

20 Mar 2026

The appellant, M/s PVP Corporate Parks Pvt. Ltd., a private limited company engaged in leasing and renting of amenities and buildings, filed its incom...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Reason to Believe — Mere Change of Opinion Not Sufficient for Reassessment. The court held that the Assessing Officer had already applied his mind to the depreciation claim during original assessment and the subsequent reopening on the same issue without fresh tangible material was impermissible.

20 Oct 2011

The petitioner, Indo European Breweries Ltd., challenged a notice dated 17 March 2011 issued under Section 148(1) of the Income Tax Act, 1961 seeking ...

High Court

Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Unabsorbed Depreciation Set-Off and Book Profit Adjustments Under Section 115JB of Income Tax Act, 1961 Not Justified for Reopening.

15 Feb 2012

The petitioner, Voltas Limited, filed a writ petition challenging a notice dated 30 March 2011 issued under Section 148 of the Income Tax Act, 1961, s...

High Court

Bombay High Court Allows Deduction Under Section 54E for Deemed Short-Term Capital Gains Under Section 50 of Income Tax Act, 1961. The Court held that Section 54E does not restrict deduction only to long-term capital gains and the deeming provision under Section 50 does not alter the character of the asset as a capital asset.

7 Mar 2005

The Commissioner of Income Tax, Mumbai City-II, appealed against the order of the Income Tax Appellate Tribunal which allowed deduction under Section ...

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