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Bombay High Court Considers Revenue Appeal Against ITAT Order in Section 263 Revision Case. Appeal Concerns Whether Non-Verification of Utilization of Accumulated Income Under Section 11(2) Renders Assessment Order Erroneous and Prejudicial to Revenue.

The matter arose from an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 before the Bombay High Court against the order of the In...

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Supreme Court Allows Revenue's Appeals in Income Tax Case on Disallowance of Excess Cane Price Paid by Cooperative Society. Excess Payment Over Statutory Price Under Sugarcane (Control) Order, 1966 Held Not Deductible as Business Expenditure Under Section 37(1) of Income Tax Act, 1961.

The case involves a batch of appeals by the Commissioner of Income Tax, Bombay against the assessee, Tasgaon Taluka Sahakari Sikhar Karkhana Limited, ...

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Bombay High Court Dismisses Probate Suit as Attesting Witnesses Deny Testator's Presence During Execution. Will Not Proved in Solemn Form Due to Non-Compliance with Section 63(c) of Indian Succession Act, 1925.

The dispute concerned the estate of Sahadev Deraj Shah, who died on 5th January 1998. His second wife, Shobhana, and the executors propounded a Will d...

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Bombay High Court Dismisses Revenue's Appeal in Notional Loss Claim on Securities Reclassification. Tribunal's order allowing deduction of notional loss on transfer of securities from 'Available for Sale' to 'Held to Maturity' based on RBI guidelines upheld.

The case involves an appeal by the Commissioner of Income Tax-2 against an order of the Income Tax Appellate Tribunal (ITAT) dated 15 July 2011. The I...

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Bombay High Court Quashes Industrial Tribunal Award in Wage Reference Due to Failure to Apply Settled Principles. The Court Remands the Proceedings for Fresh Adjudication, Holding That Both Region-cum-Industry and Parity Principles Were Not Properly Followed.

This judgment from the Bombay High Court concerns three writ petitions challenging an award of the Industrial Tribunal in a wage reference between Hin...

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Supreme Court Upholds Revenue's Treatment of Profit-Sharing Payment as Capital Expenditure under Income-tax Act, 1922. Payment of Annual Percentage of Net Profits to Seller Government for Acquisition of Industrial Undertakings Held Capital in Nature, Not Revenue Deduction Under Section 10(2)(xv).

The appellant company, Travancore Sugars and Chemicals Ltd., was formed to take over certain industrial undertakings from the Government of the erstwh...