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Supreme Court Upholds High Court in Capital Gains Tax Case — Accrual Occurs on Date of Award, Not Notification. Transfer of Capital Asset Under Section 45 of Income-tax Act, 1961 Is Complete Only When Compensation Is Determined by Collector's Award, Even if Possession Taken Earlier.

The case concerns the assessment year 1971-1972 for the assessee Amrik Singh HUF, whose land was acquired by the Haryana Government for a college play...

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Bombay High Court Allows Revenue's Appeal in Service Tax Case on Leasing of Wagons to Railways. Leasing of Wagons to Railways Constitutes 'Supply of Tangible Goods Services' Under Section 65(105)(zzzzj) of Finance Act, 1994.

The Commissioner of CGST, ST & Central Excise filed an appeal under Section 35G of the Central Excise Act, 1944, challenging the order dated 05/04/201...

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Bombay High Court Grants Stay on Tax Recovery in Gift of Shares Case Under Section 56(1) of Income Tax Act, 1961. Court allows stay of recovery pending appeal, subject to conditions protecting revenue, without deciding merits of taxability of gift of shares.

The petitioner, M/s. Nerka Chemicals Private Limited, a wholly owned subsidiary of Demuric Holdings Private Limited (DHPL), challenged an order dated ...

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Bombay High Court Allows Appeal of Non-Resident Company in Tax Case, Holds That 'Assessee Aggrieved' Includes Any Party Adversely Affected by CIT(A) Order Under Section 253(1) of Income Tax Act, 1961. The Court set aside the Tribunal's dismissal on maintainability and remanded for merits.

The appellant, M/s. Maersk BV (formerly Nedlloyd BV), a company incorporated in the Netherlands and tax resident there, was engaged in operating ships...

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Bombay High Court Allows Assessee's Reference in Income Tax Case - Interest on Sticky Loans Not Taxable on Accrual Basis. Interest Credited to Suspense Accounts by Financial Corporation Does Not Accrue as Income Under Income Tax Act, 1961 Until Actually Realized.

The case involved a reference under section 256(1) of the Income Tax Act, 1961, at the instance of the assessee, Maharashtra State Financial Corporati...

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Bombay High Court Allows Land Acquisition Compensation Enhancement Petitions Under National Highways Act — Held That Reference Court Must Consider Market Value Based on Sale Deeds and Potential of Land, Not Merely Government Rates. Claimants Entitled to Additional Amounts Under Land Acquisition Act.

The judgment concerns three writ petitions filed by legal heirs of deceased landowners whose agricultural lands were acquired for the construction of ...

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Madras High Court Dismisses Revenue's Appeal in Penalty Case for Wrongful DTAA Claim — No Concealment Found. Assessee's Bonafide Belief That India-China DTAA Applied to Hong Kong Based on Official Document Precludes Penalty Under Section 271(1)(c) of Income Tax Act, 1961.

The revenue appealed against the common order of the Income Tax Appellate Tribunal (ITAT) which set aside the levy of penalty under Section 271(1)(c) ...