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Bombay High Court Allows Assessee's Appeal in Income Tax Case Regarding Deduction of Mortgage Repayment Under Section 48(i). The court held that repayment of mortgage debt is an expenditure incurred in connection with transfer of mortgaged asset, allowable under Section 48(i) of Income Tax Act, 1961.

The judgment involves two tax appeals, one by the revenue and one by the assessee, arising from a common issue regarding the allowability of mortgage ...

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Bombay High Court Allows Revenue's Appeal in Part and Assessee's Appeal on Mortgage Repayment Issue. Repayment of mortgage debt created by the assessee is an expenditure incurred in connection with the transfer of mortgaged asset allowable under Section 48(i) of the Income Tax Act, 1961.

The judgment involves two tax appeals, one by the revenue and one by the assessee, arising from a common issue regarding the allowability of repayment...

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Supreme Court Upholds Assessee's Right to Carry Forward Loss as Vocation Income Under Income-tax Act, 1922. Hold that Decision on Loss in Previous Year Not Binding on Subsequent Year's Officer Under Section 24(2).

The assessee, Manmohandas, was appointed as Treasurer of a Bank in respect of certain branches, sub-agencies, and pay offices. During the previous yea...

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Supreme Court Upholds Conviction of Occupier-Cum-Manager for Operating Tobacco Processing Unit Without Licence Under Factories Act. Moistening, Stripping, and Packing of Tobacco Leaves Held to Be Manufacturing Process; Persons Employed Through Agency Deemed Workers Under Section 2(1).

The case arose from a prosecution under the Factories Act, 1948, against the appellant, V. P. Gopala Rao, who was the occupier-cum-manager of a tobacc...

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Bombay High Court Allows Appeal of Insurance Company in Workmen's Compensation Case as Death of Employee While Commuting to Work Did Not Arise Out of Employment. Commuting Accident Lacking Causal Nexus with Employment Is Not Compensable Under Section 3 of the Workmen's Compensation Act, 1923.

The appeal arose from a judgment and award passed by the Commissioner for Workmen's Compensation in W.C.A. No. 28 of 2005, awarding compensation to th...