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Search Results for "taxable income"

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High Court

Bombay High Court Quashes Prosecution for Tax Evasion Under Section 276C(2) of Income Tax Act Where Tax Paid Before Sanction and No Wilful Default Established. Non-payment of tax due to death of managing partner and ignorance of partners does not constitute wilful attempt to evade tax under Section 276C(2) read with Section 278B of Income Tax Act, 1961.

5 Feb 2024

The applicants, Unique Trading Company (a partnership firm) and its partners Munnidevi P. Purohit, Rakesh P. Purohit, and Mukesh P. Purohit, filed an ...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasons and Non-Application of Mind. The court held that the Assessing Officer failed to provide recorded reasons to the assessee and did not apply his mind to the fact that the transaction was already disclosed and examined during the original assessment under Section 143(3).

5 Sep 2023

The petitioner, Ashraf Chitalwala, an individual resident of India, filed his original return of income for Assessment Year 2015-16 on 27th September ...

Supreme Court

Supreme Court Allows Assessees' Appeals in Interest Tax Dispute on Hire-Purchase Transactions. The interest component in hire-purchase instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974 as hire-purchase transactions are not loans or advances.

25 Apr 2023

The Supreme Court allowed the appeals filed by M/s Muthoot Leasing and Finance Limited and other assessees, setting aside the judgment of the Kerala H...

High Court

Bombay High Court Allows Appeal in Income Tax Bad Debt Deduction Case — Tribunal Erred in Rejecting Claim Under Section 36(1)(vii) of Income Tax Act, 1961. The court held that once the assessee writes off a debt as irrecoverable in its books, the condition for deduction is satisfied, and the Assessing Officer cannot substitute his own opinion.

18 Jul 2022

The appellant, M/s. L.K.P. Merchant Financing Ltd., a Public Limited Company registered as a Non-Banking Finance Company engaged in lease finance, fil...

High Court

Bombay High Court Allows Writ Petition in SVLDRS Case — Directs Designated Committee to Recompute Tax Dues Based on Confirmed Demand. Petitioner's declared tax dues under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 must be computed on the confirmed demand amount of Rs.39,47,420/- and not on the higher amount in the show cause notice.

11 Feb 2022

The petitioner, Munish Rajkumar Mahajan, proprietor of KDS Security Services, filed a writ petition under Article 226 of the Constitution of India bef...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Vodafone TDS Case — No Substantial Question of Law Arises. The court upheld the ITAT's order deleting disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 for non-deduction of TDS on roaming and interconnect charges, holding that such payments are not 'fees for technical services' and that the assessee had a bona fide belief that no TDS was deductible.

28 Jul 2016

The case involves appeals filed by the Revenue (Commissioner of Income Tax and Deputy Commissioner of Income Tax) against the order of the Income Tax ...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Vodafone TDS Case — No Substantial Question of Law Arises. The court upheld the ITAT's order deleting disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 for non-deduction of TDS on roaming and interconnect charges, holding that such payments are not 'fees for technical services' and that the assessee had a bona fide belief that no TDS was deductible.

28 Jul 2016

The case involves appeals filed by the Revenue (Commissioner of Income Tax, TDS and Deputy Commissioner of Income Tax, TDS) against the common order o...

High Court

Bombay High Court Allows Revenue's Appeal in Shipping Company Tax Case — Reimbursement of Telecommunication Costs Held as Income. Payments received by foreign shipping company from Indian agents for use of MaerskNet system treated as revenue receipt, not mere reimbursement, under Income Tax Act, 1961.

29 Apr 2015

The case involves a set of appeals filed by the Director of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) regarding the tax...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Expenditure Under Section 40(a)(i) Not Applicable to Payments Made to Non-Resident for Services Rendered Outside India. The court held that Section 40(a)(i) of the Income Tax Act, 1961 does not apply to payments made to a non-resident for services rendered outside India, as the income does not accrue or arise in India.

9 Oct 2013

The case involves appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961 against orders of the Income Tax Appellate Tribunal (IT...

High Court

Bombay High Court Allows Deduction Under Section 54E for Deemed Short-Term Capital Gains Under Section 50 of Income Tax Act, 1961. The Court held that Section 54E does not restrict deduction only to long-term capital gains and the deeming provision under Section 50 does not alter the character of the asset as a capital asset.

7 Mar 2005

The Commissioner of Income Tax, Mumbai City-II, appealed against the order of the Income Tax Appellate Tribunal which allowed deduction under Section ...

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