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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case — Upholds Disallowance of Capital Losses and Business Loss on Guarantee Transactions. Tribunal's findings on sham transactions and lack of commercial substance affirmed under Income Tax Act, 1961.

The appellant, Killick Nixon Limited, filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tri...

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Bombay High Court Hears Writ Petition Challenging Taxability of Interest Received on Enhanced Motor Accident Compensation. Petitioner Claims Interest is Capital Receipt and Not Taxable; Revenue Relies on Sections 56(2)(viii) and 145A(b) of Income Tax Act, 1961.

The petitioner, a 48-year-old man rendered paraplegic and bedridden since a road accident at age 8, filed a writ petition challenging the taxability o...

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Bombay High Court Dismisses Petitions of Assistant Teachers Challenging Termination, Upholds School Tribunal's Decision. Termination for Unauthorized Absence and Abandonment of Service Upheld as Management's Action Not Vitiated by Procedural Irregularities.

The judgment pertains to three writ petitions filed by assistant teachers challenging their termination from service by the school management. The pet...

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High Court of Bombay at Aurangabad Allows Insurance Company's Appeal in Motor Accident Claim — Reduces Compensation Due to Lack of Proof of Income and Negligence. The court held that the Tribunal erred in fixing income of the deceased without evidence and in not considering contributory negligence.

The case involves an appeal by the National Insurance Company Ltd. against the judgment and award of the Motor Accident Claims Tribunal at Aurangabad ...