Search Results for "Short Term Capital Loss"

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Search Results for "Short Term Capital Loss"

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High Court

Bombay High Court Allows Revenue's Appeals in Part in Income Tax Dispute Involving Disallowances Under Section 14A, Section 37, and Section 10B. The court held that Section 14A disallowance requires satisfaction of AO, scientific research expenditure not allowable, demurrage is business expenditure, and Section 10B deduction remanded.

7 May 2021

The case involves appeals by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which had partly allowed the...

Supreme Court

Supreme Court Dismisses Revenue's Appeal in Income Tax Act Case Upholding Revisional Jurisdiction. Commissioner Validly Set Aside Assessment Order as Payment to Shareholders Was Not 'Cost of Improvement' Under Capital Gains Computation Under Sections 48 and 263 of Income Tax Act, 1961.

6 Apr 2023

The dispute arose from an income tax assessment concerning the sale of a property named 'Paville House' by the respondent assessee, a company engaged ...

High Court

Bombay High Court Allows Revision Application of Lessor in Rent Control Exclusion Case. Company That Lost Rent Control Protection Due to High Paid-Up Share Capital Cannot Regain It by Subsequent Reduction.

4 Oct 2024

The case involves a dispute between M/s. Depe Global Shipping Agencies Pvt. Ltd. (Plaintiff/Lessor) and M/s. Mather and Platt (India) Ltd. (Defendant/...

High Court

Madras High Court Allows Appeal in Income Tax Bad Debt Write-Off Case — Assessee Entitled to Deduction for Debts Written Off in Books Even if Not Recognized by Debtor. The court held that under Section 36(1)(vii) read with Section 36(2) of the Income Tax Act, 1961, the only condition for deduction of bad debts is that the debt must be written off as irrecoverable in the books of the assessee, and there is no requirement of acknowledgment by the debtor.

27 Jan 2025

The appellant, M/s. Citadel Fine Pharmaceuticals Ltd., filed a return of income for assessment year 2009-10 under the Income Tax Act, 1961. The Assess...

High Court

Bombay High Court Partially Allows Revenue's Appeal in Raymond Ltd. Tax Case — Disallowance of Foreign Expenses on Directors' Relatives Upheld, Pre-operative Expenses Held Revenue in Nature. The court held that foreign expenses on relatives of directors are not allowable as business expenditure, while pre-operative expenses for establishing a new division are capital in nature.

20 Mar 2012

The case is an appeal by the Revenue against an order of the Income Tax Appellate Tribunal (ITAT) dated 22 March 2007 for Assessment Year 1992-93. The...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Exemption Claim Under Section 54 Not Erroneous as Purchase Was Within One Year Before Transfer

12 Jun 2023

The petitioner, Shriprakash Ramshringar Pandey, was the Managing Director of a company and filed his income tax return for Assessment Year 2012-13 on ...

High Court

Bombay High Court Allows Appeal in Income Tax Deduction Dispute — Section 33AC Reserve Not to Reduce Base for Section 80-I Deduction. The Court held that the deduction under Section 33AC for creation of a reserve for acquisition of a new ship does not reduce the profits and gains derived from a ship for computing the deduction under Section 80-I of the Income-tax Act, 1961.

23 Aug 2024

The case involves two appeals filed by M/s. Tolani Ltd., a public limited company engaged in the shipping business, against the Deputy Commissioner of...

High Court

Bombay High Court Quashes Reassessment Notices in Income Tax Case Due to Lack of Independent Application of Mind by AO. Dividend Stripping Provision Under Section 94(7) of Income Tax Act, 1961 Not Applicable Where Assessee Suffered Net Loss on Sale of Mutual Fund Units Exceeding Dividend Received.

8 Mar 2024

The petitioner, Karan Maheshwari, an individual investor in shares, stocks, securities, and mutual funds, challenged a show cause notice dated 20 Augu...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Revision Case — Tribunal's Order Not Erroneous or Prejudicial to Revenue. Transfer of Shares for Debt Settlement and Lease Premium Income Treated as Capital Receipts, Not Revenue.

22 Oct 2012

The appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal (Tribunal) dated 21...

High Court

Bombay High Court Examines Constitutional Validity of Section 2(24)(xviii) of Income Tax Act, 1961 — Petitioner Challenges Taxation of Capital Subsidies as Income. The Court considered whether inclusion of subsidies and incentives in the definition of income under Section 2(24)(xviii) violates constitutional provisions and real income theory.

4 Dec 2023

The writ petition arose from a challenge to the constitutional validity of sub-clause (xviii) to Section 2(24) of the Income Tax Act, 1961, inserted b...

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