Search Results for "Debts Deduction"

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Search Results for "Debts Deduction"

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High Court

Bombay High Court Dismisses Revenue's Appeal in Bank Taxation Case — Excess Cash at Counters Not Income, PF Dues Grace Period Allowed, Interest on Securities Not Accrued, Bad Debt Deduction Upheld, Advance Income Not Taxable. The court upheld the ITAT's order deleting additions and directing allowances on five issues under the Income Tax Act, 1961.

23 Apr 2010

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) for assessment year 2002-03, raising five questions of law. The fir...

High Court

Bombay High Court Quashes Reopening Notice in HDFC Bank Bad Debts Case — No Failure to Disclose Material Facts. Section 148 notice under Income Tax Act, 1961 set aside as reassessment based on change of opinion and lack of tangible material.

1 Mar 2022

The petitioner, HDFC Bank Ltd., a scheduled bank registered with RBI, filed its return of income for assessment year 2006-07 and claimed deductions un...

High Court

Madras High Court Allows Assessee's Appeal in Income Tax Exemption Case — Liquidated Damages, Underwriting Commission, and Structuring Fees Held Eligible for Section 10(23G) Exemption. Prior Decision on Liquidated Damages Followed; Underwriting Commission and Structuring Fees Deemed 'Interest' Under Explanation to Section 10(23G).

20 Jan 2026

The appellant, M/s IDFC Limited, a financial institution, filed a Tax Case Appeal under Section 260A of the Income Tax Act, 1961, challenging the orde...

High Court

Bombay High Court Considers Appeal Against Tribunal's Order Requiring Section 72A Approval for Amalgamated Company's Depreciation Claim. The Court Examines Whether Written Down Value of Assets Can Be Adjusted by Adding Unabsorbed Depreciation Without Central Government Approval.

9 Apr 2025

This appeal under Section 260A of the Income Tax Act, 1961 arose from the order of the Income Tax Appellate Tribunal, Mumbai, concerning assessment ye...

High Court

High Court of Karnataka Dismisses Revenue's Appeals in Co-operative Bank Tax Case — Interest Income from Non-Members Taxable Under 'Profits and Gains of Business or Profession'. Section 80P(4) of Income Tax Act, 1961 Excludes Co-operative Banks from Deduction Under Section 80P(2)(a)(i) for Interest Income from Non-Members.

22 Jun 2016

The case involves multiple appeals filed by the Revenue (Commissioner of Income Tax and other officers) under Section 260A of the Income Tax Act, 1961...

Tribunals

NCLAT Allows Appeal Against Dismissal of Section 7 IBC Application by Financial Creditor. Loan Agreement and Default Established Through Signed Documents and Acknowledgment of Debt.

30 Nov -0001

The present appeal was filed by Desana Impex Limited (Appellant), a Non-Banking Financial Corporation (NBFC) registered under the Companies Act, 2013 ...

High Court

Bombay High Court Dismisses MSEDCL's Application to Declare Arbitral Award Satisfied as Vexatious and Dilatory. Unilateral Deposit of Disputed Amount Without Decree-Holder's Consent Does Not Discharge Judgment-Debtor Under Section 31 CPC.

13 Mar 2018

The case involves a Chamber Summons filed by Maharashtra State Electricity Distribution Company Limited (MSEDCL), the unsuccessful respondent in an ar...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Deductions Under Sections 36(1)(vii) and 36(1)(iii) of the Income Tax Act, 1961. Tribunal's order setting aside Commissioner's revision under Section 263 upheld as Assessing Officer had made proper inquiries and formed an opinion.

5 Aug 2022

The appeal was filed by the Pr. Commissioner of Income Tax-14, Mumbai (appellant-revenue) under Section 260-A of the Income Tax Act, 1961, against the...

Supreme Court

Supreme Court Allows Revenue's Appeal in Income Tax Case on Unexplained Investment in Silver Bullion. Section 69A of Income Tax Act, 1961 Applicable Where Assessee Fails to Explain Source of Acquisition of Silver Found in Possession.

20 Sep 2022

The present appeals were filed by the Revenue against the judgment of the Rajasthan High Court which allowed the appeals of the assessee, Prakash Chan...

Supreme Court

Supreme Court Allows Deduction Under Section 80IA for Infrastructure Facility Despite Conversion of Firm to Company. The court held that the assessee-company, formed by conversion of a partnership firm, satisfied the condition of having an agreement with the government under Section 80IA(4)(i)(b) of the Income Tax Act, 1961, as the conversion did not create a new entity but a continuation of the same business.

5 Mar 2020

The case involves an appeal by the Commissioner of Income Tax, Udaipur, against the judgment of the Rajasthan High Court which allowed the deduction u...

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