Search Results for "Commercial Expediency"

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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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Bombay High Court Allows Petitioner in Income Tax Reassessment Case Due to Lack of Fresh Material and No Failure to Disclose. Reopening Beyond Four Years Invalid as Revenue Failed to Allege Non-Disclosure Under Section 147 of Income Tax Act, 1961.

The petitioner, Sun Tan Trading Co. Ltd., is engaged in the business of import and distribution of alcoholic beverages in India. It had entered into a...

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Bombay High Court Dismisses Petition Challenging Reassessment Notice Under Section 148 of Income Tax Act for AY 2007-2008. Failure to Assess Consideration Under Distribution Agreement Constitutes Income Escaping Assessment.

The petitioner, Sun Tan Trading Co. Ltd., is engaged in the business of import and distribution of alcoholic beverages in India. It entered into a Dis...

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Bombay High Court Dismisses Revenue's Appeal in Film Production Expenditure Disallowance Case. Expenditure on Positive Prints and Advertisement for Film 'KAAL' Held Allowable Under Section 37 of Income Tax Act, 1961 as Rule 9A Does Not Exclude General Deduction Provision.

The case involves two appeals filed by the Revenue against the common order of the Income Tax Appellate Tribunal (ITAT) relating to the assessment yea...

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Bombay High Court Allows Appeal Against Condition of Security for Vacating Arrest of Cargo in Admiralty Suit - Cargo Owner Not Liable for Demurrage and Port Charges as They Are Not Party to Contract of Carriage

The appellant, Best Food International Pvt. Ltd., filed an appeal under Clause 15 of the Letters Patent against an order dated 4th February 2010 passe...

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Bombay High Court Rules on Disallowance Under Rule 6D and Allowability of Spouse's Foreign Travel Expenses. Disallowance under Rule 6D of Income-tax Rules, 1962 must be computed on annual per employee basis, not per trip; expenditure on wife's foreign trip allowable if wholly and exclusively for business.

The case is an income tax reference under Section 256(1) of the Income-tax Act, 1961, arising from a dispute between the Commissioner of Income-tax, B...