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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Regional Rural Bank Entitled to Deduction Under Section 36(1)(viia) on Provision for Bad and Doubtful Debts. The court held that the provision for bad and doubtful debts made by the assessee-bank in accordance with RBI guidelines is allowable as a deduction under Section 36(1)(viia) of the Income Tax Act, 1961, and that the Assessing Officer cannot recompute the provision based on a different percentage.

14 Dec 2015

The case involves two appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging a common order dated 28.11.2013 passed ...

High Court

Bombay High Court Allows Sikkimese Actor's Tax Exemption Claim Under Section 10(26AAA) of Income Tax Act, 1962 with Retrospective Effect. The court held that the Commissioner has power under Section 264 to revise any order, including intimation under Section 143(1), and remanded the matter for fresh consideration.

20 Sep 2010

The petitioner, Danny Denzongpa (alias Tshering Pintso), an Indian national of Sikkimese origin and a film actor, filed multiple writ petitions challe...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case on Computation of Deduction Under Section 80HHC for Book Profits Under Section 115JB. The court held that the deduction under Section 80HHC for computing book profits under Section 115JB must be quantified with reference to the profits as per accounts adjusted under Section 115JB, not the normal computation under Chapter IV-D.

9 Jul 2010

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 for As...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Interest Matter — TDS Certificates Filed Late but Tax Deducted in Time, Interest Under Section 244A Cannot Be Denied. The court held that Section 244A(2) of the Income Tax Act, 1961 does not apply when the delay in refund is not attributable to the assessee, and interest on refund of TDS cannot be denied merely because TDS certificates were not filed with the return.

21 Jun 2010

The Revenue appealed under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal directing the Assessing Off...

High Court

Bombay High Court Partially Allows Petition Challenging CBDT Condition of Applying 75% Income for Educational Purposes in India Under Section 10(23C)(vi) of Income Tax Act, 1961. Condition held valid but directed to be applied prospectively from assessment year 2010-2011, with stay on recovery of tax demands for earlier years subject to furnishing of security.

30 Jun 2010

The petitioner, American Hotel & Lodging Educational Institute, a non-profit organization established in the United States with a branch in India, cha...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case on Deduction Under Section 80IB for Interest Income from Bill Discounting. Interest received on bill discounting held to be derived from industrial undertaking and eligible for deduction under Section 80IB of the Income Tax Act, 1961.

21 Apr 2010

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961, against an order of the Tribunal dated 15 June 2009 for assessment...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Foreign Exchange Fluctuation Gains and Interest on EEFC Account Held Part of Business Income for Section 80HHC Deduction. The Court affirmed that receipts on account of foreign exchange fluctuation on EEFC Account and interest on EEFC Account are includible in business profits for computing deduction under Section 80HHC of the Income Tax Act, 1961.

22 Apr 2010

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

High Court

Bombay High Court Allows Revenue's Appeal in Income Tax Penalty Case — Assessee's Claim of Ignorance of Law Not Sufficient to Delete Penalty Under Section 271(1)(c). Deemed Dividend Addition Under Section 2(22)(e) Upheld; Penalty Restored as Assessee, a Partner in Real Estate Firm and Major Shareholder, Could Not Claim Bona Fide Mistake.

30 Mar 2010

The Revenue appealed against the order of the Income Tax Appellate Tribunal which had deleted a penalty of Rs.10,08,400/- imposed under Section 271(1)...

High Court

Bombay High Court Dismisses Assessee's Appeal in Income Tax Revision Case — Commissioner Validly Invoked Section 263 for Non-Consideration of Seized Documents. The court held that the Assessing Officer's failure to consider seized 'Jama Kharch Panas' showing undisclosed turnover made the block assessment order erroneous and prejudicial to revenue.

26 Mar 2010

The appeal by the Assessee, M/s. Ranka Jewellers, under Section 260A of the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tri...

High Court

Bombay High Court Allows Revenue Appeal in Part on Reimbursement of Expenses Taxability Under Income Tax Act, 1961 — Reimbursement of Actual Expenses Not Taxable as Income, but Interest Under Section 234B is Mandatory.

9 Mar 2010

The appeal by the Revenue under the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tribunal (ITAT) for the assessment year 199...

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