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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case on Dividend Distribution Tax Rate. DDT under Section 115-O is a tax on the company, not on shareholders, and the India-UK DTAA does not provide a lower rate for DDT.

The Bombay High Court dismissed a batch of seven appeals filed by Foseco India Ltd. under Section 260A of the Income Tax Act, 1961, challenging a comm...

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Supreme Court Allows Deductions Under Sections 80-IA and 80-HHC of Income Tax Act Without Restriction Under Section 80-IA(9) — Holds That Each Deduction Is Computed on Eligible Profits Separately and Cumulative Deduction Is Permissible Up to Gross Total Income.

The case involved a group of appeals concerning the interpretation of Section 80-IA(9) of the Income Tax Act, 1961, specifically whether an assessee w...

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Bombay High Court Allows Assessee's Appeal in Income Tax Case on Interest Deduction Under Section 36(1)(iii) — Section 14A Not Applicable When No Exempt Income Earned. Interest on Borrowed Capital Invested in Shares of Own Companies Held Allowable as Business Expenditure.

The appellant, Mahesh K. Mehta, a chartered accountant turned stock broker, acquired membership of the Bombay Stock Exchange in 1987 and the National ...

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High Court of Karnataka Dismisses Revenue Appeal in Income Tax Case — Tribunal's Deletion of Addition on Transport Creditors Upheld. Assessee's claim for transport creditors allowed as ITAT found no justification for addition under Section 260A of Income Tax Act, 1961.

The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) dated 27.11.2...

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Bombay High Court Upholds Disallowance of Commission Paid to Directors Under Section 40(c)(iii) of Income Tax Act. Commission paid to directors, even if reasonable and lumpsum, constitutes remuneration subject to disallowance under Section 40(c)(iii).

The case involves an income tax reference under Section 256(1) of the Income Tax Act, 1961, by M/s. Nagpur Engineering Co. Pvt. Ltd. (the assessee) ag...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Debenture Redemption Reserve Not a Reserve Under Section 115JA of Income Tax Act, 1961. Capital Expenditure on Steel Division Treated as Revenue Expenditure as It Was Incurred for Business Purposes.

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal (ITAT) dated 13 Feb...