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Search Results for "ITAT orders"

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High Court

Bombay High Court Quashes Reassessment Notices in Income Tax Case Due to Lack of Reason to Believe — Deemed Dividend Addition Based on Incorrect Facts and Non-Application of Mind. The court held that the Assessing Officer must apply his own mind to tangible material before issuing a notice under Section 148 of the Income Tax Act, 1961, and that reopening on the same facts without new material amounts to a change of opinion.

17 Feb 2022

The petitioners, Pavan Morarka and Rachna Morarka, were shareholders in Shivum Holdings Pvt. Ltd. (Shivum) and P&A Estate Pvt. Ltd. (P&A). During the ...

Supreme Court

Supreme Court Allows Assessee's Appeal in Income Tax Dispute Over Non-Compete Fee Taxability. Amount Received Under Deed of Covenant Held as Capital Receipt Not Taxable Under Section 28(ii)(a) of Income Tax Act, 1961, Due to Separate Genuine Transaction and Procedural Error in High Court's Judgment.

22 Jul 2020

The appeal concerned the assessment year 1995-96 involving Shri Shiv Raj Gupta, Chairman and Managing Director of Central Distillery and Breweries Ltd...

Supreme Court

Supreme Court Upholds Tax Deduction at Source on Guarantee Money Paid to Non-Resident Cricket Boards for Matches Played in India. Income from matches held in India is deemed to accrue in India under Section 9(1)(i) of the Income Tax Act, 1961, attracting TDS under Section 194E.

29 Apr 2020

The case concerns an appeal by PILCOM (PAK-INDO-LANKA JOINT MANAGEMENT COMMITTEE), a committee formed by the cricket boards of Pakistan, India, and Sr...

Supreme Court

Supreme Court Upholds Tax Liability on Liaison Office Activities in India Under Income Tax Act, 1961 and DTAA. Income from printing and dispatching cheques in India through liaison offices constitutes business connection and permanent establishment, making profits attributable to such activities taxable in India.

24 Apr 2020

The respondent, U.A.E. Exchange Centre, a company incorporated in the United Arab Emirates, provided remittance services for transferring amounts from...

Supreme Court

Supreme Court Dismisses Assessee's Appeal in Income Tax Cash Credit Case — Upholds Addition Under Section 68 Despite Rejection of Books for Gross Profit. Books of Account Can Be Partially Relied Upon for Different Additions Even After Rejection Under Section 145(3) of Income Tax Act, 1961.

24 Apr 2020

The appeal arose from a challenge to an addition of Rs.2,26,000 made under Section 68 of the Income Tax Act, 1961, as unexplained cash credits. The ap...

High Court

Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

22 Feb 2019

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

High Court

Bombay High Court Allows Assessee's Reference in Income Tax Deduction and Revision Case. The court considered whether the assessee is entitled to deduction under Section 80I and whether the Tribunal correctly sustained the CIT's revision under Section 263 of the Income Tax Act, 1961.

9 Apr 2015

The case involves an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the assessee, M/s. Vijay Udhyog, a part...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Speed Money Disallowance Upheld. CIT(A) and ITAT correctly deleted addition of 30% of speed money as no evidence of bogus expenditure.

24 Feb 2015

The respondent-assessee, a clearing and forwarding agent at New Mangalore Port Trust (NMPT), declared total income of Rs.1,11,03,920/- for the assessm...

High Court

Bombay High Court Dismisses Revenue Appeal in Income Tax Case on Interpretation of Explanation to Section 73 — Share Trading Loss Not Speculative Where Non-Speculative Income Exceeds Loss. The court held that gross total income for the exception includes all income chargeable under the Act, and if non-speculative income exceeds speculative loss, the exception applies.

2 Feb 2012

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tribunal (ITAT) which had u...

High Court

Bombay High Court Allows Revenue Appeal in DEPB Taxation Case - Face Value of Duty Entitlement Passbook Chargeable Under Section 28(iiib) at Accrual, Excess Over Face Value Under Section 28(iiid) at Sale. The court held that the Tribunal erred in holding that the entire sale proceeds of DEPB are not profits under Section 28(iiid) and that face value should be deducted from sale proceeds.

28 Jun 2010

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961 arose from a decision of the Special Bench of the Income Tax Appellate Tribun...

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