Search Results for "Interest Disallowance"

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Search Results for "Interest Disallowance"

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High Court

Bombay High Court Allows Revenue's Appeals in Part in Income Tax Dispute Involving Disallowances Under Section 14A, Section 37, and Section 10B. The court held that Section 14A disallowance requires satisfaction of AO, scientific research expenditure not allowable, demurrage is business expenditure, and Section 10B deduction remanded.

7 May 2021

The case involves appeals by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which had partly allowed the...

High Court

Bombay High Court Allows Assessee's Appeal in Income Tax Case on Interest Deduction Under Section 36(1)(iii) — Section 14A Not Applicable When No Exempt Income Earned. Interest on Borrowed Capital Invested in Shares of Own Companies Held Allowable as Business Expenditure.

1 Mar 2024

The appellant, Mahesh K. Mehta, a chartered accountant turned stock broker, acquired membership of the Bombay Stock Exchange in 1987 and the National ...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case on Disallowance Under Section 14A and TP Adjustment on Guarantee Commission. ITAT's Restriction of Disallowance to Rs.1,00,000/- and Deletion of TP Addition Upheld as No Substantial Question of Law Arises.

8 May 2015

The case pertains to an appeal filed by the Commissioner of Income Tax, Mumbai (the revenue) against the order of the Income Tax Appellate Tribunal (I...

High Court

Madras High Court Allows Appeal in Income Tax Bad Debt Write-Off Case — Assessee Entitled to Deduction for Debts Written Off in Books Even if Not Recognized by Debtor. The court held that under Section 36(1)(vii) read with Section 36(2) of the Income Tax Act, 1961, the only condition for deduction of bad debts is that the debt must be written off as irrecoverable in the books of the assessee, and there is no requirement of acknowledgment by the debtor.

27 Jan 2025

The appellant, M/s. Citadel Fine Pharmaceuticals Ltd., filed a return of income for assessment year 2009-10 under the Income Tax Act, 1961. The Assess...

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 Quashes Tribunal Order for Ignoring Binding Precedent in Section 14A Disallowance Case. Tribunal's refusal to follow earlier decision of the same court on identical issue held to be a jurisdictional error warranting interference under Article 226.

25 Feb 2016

The petitioner, HDFC Bank Ltd., filed a writ petition under Articles 226 and 227 of the Constitution of India challenging an order dated 23 September ...

High Court

Bombay High Court Dismisses Revenue's Appeal in Section 14A Disallowance Case — Upholds ITAT's Finding of No Satisfaction Recorded by AO. The Court held that the Assessing Officer must record satisfaction regarding the correctness of the assessee's claim before invoking Rule 8D for disallowance under Section 14A of the Income Tax Act, 1961.

20 Feb 2023

The appeal was filed by the Revenue (Pr. Commissioner of Income Tax-14) against the order of the Income Tax Appellate Tribunal (ITAT) dated 5th April ...

Supreme Court

Supreme Court Allows Appeal in Income Tax Deduction Case for Accrued Development Liability. Deduction for Estimated Future Development Expenses Allowed Under Section 10(1) of Indian Income-tax Act, 1922, as Liability Was Accrued, Not Contingent.

12 May 1959

The dispute concerned the income tax assessment of a land-developing company that followed the mercantile method of accounting. The appellant, Messrs....

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Disallowance of Interest Case. Tribunal's finding that assessee had sufficient interest-free funds for investments upheld, and S.A. Builders precedent on business purpose for advances to sister concerns applied.

28 Mar 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 dated...

High Court

Madras High Court Dismisses Revenue's Appeal in Penalty Case for Wrongful DTAA Claim — No Concealment Found. Assessee's Bonafide Belief That India-China DTAA Applied to Hong Kong Based on Official Document Precludes Penalty Under Section 271(1)(c) of Income Tax Act, 1961.

5 Feb 2026

The revenue appealed against the common order of the Income Tax Appellate Tribunal (ITAT) which set aside the levy of penalty under Section 271(1)(c) ...

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