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High Court

Bombay High Court Dismisses Revenue Appeal in Income Tax Case — Funds Collected by Sugar Cooperative from Cane Growers Held Not Trading Receipts. The Court followed Supreme Court precedent in CIT v. Shri Chhatrapati Sahakari Sakhar Karkhana Ltd. (270 ITR 1) and its own Division Bench in Krishna Sahakari Sakhar Karkhana Ltd. v. CIT (229 ITR 1) to hold that various funds and deposits collected from cane growers are not trading receipts.

8 Aug 2005

The Revenue appealed under Section 260A of the Income Tax Act against the order of the Income Tax Appellate Tribunal. The Tribunal had deleted additio...

High Court

KAHC010028192013_1

26 Sep 2014

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Supreme Court

Supreme Court Allows NCDC's Appeal in Income Tax Dispute Over Deduction of Grants as Revenue Expenditure. Grants disbursed by a statutory corporation as part of its business are deductible under Section 37 of the Income Tax Act, 1961, regardless of the capital nature of the source funds.

11 Sep 2020

The National Co-operative Development Corporation (NCDC), established under the National Co-operative Development Corporation Act, 1962, is a statutor...

Supreme Court

Supreme Court Dismisses Assessee's Claim to Treat Compensation as Capital Receipt Under Income Tax Act. Lump sum payment received by managing agent for reduction in remuneration held to be revenue receipt as it was in lieu of future profits and not for loss of managing agency.

4 Aug 1959

The assessee firm, M/s. Godrej & Company, was appointed managing agent of a limited company for thirty years from November 9, 1933, under an agreement...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case — Gain on Pre-payment of Deferred VAT/Sales Tax Held as Revenue Receipt. The court held that the benefit arising from prepayment of deferred sales tax liability at a discounted NPV is a revenue receipt taxable under Section 41(1) of the Income Tax Act, 1961, as it represents a remission or cessation of a trading liability.

5 Feb 2020

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) dated...

High Court

Bombay High Court Dismisses Revenue's Appeal in Export Deduction Case — Freight, Insurance, Packing Receipts, Sales Tax Set-off/Refund, and Service Income Not Excludable from Profits of Business Under Section 80HHC Explanation (baa). The Court held that these receipts are not in the nature of 'receipts by way of brokerage, commission, interest, rent, charges or any other receipt of similar nature' and thus 90% thereof is not to be excluded from profits of business.

8 Apr 2010

The case involved an appeal by the Commissioner of Income Tax-6 against an order of the Income Tax Appellate Tribunal dated 6th June 2008 for Assessme...

Supreme Court

Supreme Court Allows Appeal in Income Tax Case: Subscriptions Received Under Collective Investment Schemes Held to be Capital Receipts Not Income. Peerless General Finance's Subscriptions Not Forfeited During Assessment Years, Hence Not Taxable as Income.

9 Jul 2019

The appeal arose from a dispute between The Peerless General Finance and Investment Company Ltd. (appellant) and the Commissioner of Income Tax (respo...

High Court

Bombay High Court Answers Reference in Favour of Assessee, Holding Non-Refundable Deposits Collected by Co-operative Sugar Mill Are Not Trading Receipts Under Maharashtra Rules. Supreme Court's Decision in Shri Chhatrapati Sahakari Sakhar Karkhana Ltd. Applied, Distinguishing Rules Between Maharashtra and U.P.

5 Jul 2005

The dispute concerned the tax treatment of non-refundable deposits collected by Ashok Sahakari Sakhar Karkhana Ltd., a co-operative sugar mill, from c...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Interest on Government Grants Held as Additional Grant, Not Taxable Income. Interest earned on grants kept in fixed deposits pending utilization is not income from other sources but part of the grant itself.

10 Apr 2015

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) appealed against the order of the Income Tax Appellate Tribunal (ITA...

High Court

Bombay High Court Allows Revenue's Appeal in Part on Deduction Under Section 80HHC of Income Tax Act, 1961 — Insurance Claim and Sundry Receipts Held Not Directly Related to Business Profits, Rental Income Treated as Business Income, Retrenchment Compensation Held Revenue Expenditure.

18 Jun 2010

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

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