Search Results for "deduction under Section 80HHC"

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Bombay High Court Dismisses Revenue Appeal in Raymond Ltd. Tax Case — Multiple Disallowances Deleted by ITAT Upheld. Pre-operative expenses, technical know-how payments, debenture issue costs, and lease rent deductions allowed as revenue expenditure under Income Tax Act, 1961.

The Commissioner of Income Tax-2, Mumbai (Revenue) appealed against the decision of the Income Tax Appellate Tribunal (ITAT) dated 22 March 2007 for A...

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Bombay High Court Dismisses Revenue's Appeal in Depreciation Claim Case. Depreciation Being Optional Cannot Be Thrust Upon Assessee When There Is Total Loss Under Section 80IB of Income Tax Act, 1961.

The Revenue appealed against the Income Tax Appellate Tribunal's order allowing the assessee's appeal. The assessee, a company engaged in hotel busine...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasonable Belief. Reassessment Based on Borrowed Satisfaction from Investigation Wing Without Independent Application of Mind by Assessing Officer is Invalid.

The Petitioner, Nirmal Bang Securities Pvt. Ltd., challenged a notice dated 30th March 2007 issued under Section 148 of the Income Tax Act, 1961 for r...

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Bombay High Court Allows Department's Appeal in Part, Upholds Revenue Treatment of Transformer Repairs. Expenditure on repairs of damaged transformer held to be current repairs under Section 31 of Income Tax Act, 1961, not capital expenditure.

The case involves three Income Tax Appeals filed by the Commissioner of Income Tax-I, Nagpur, under Section 260A of the Income Tax Act, 1961, against ...

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Bombay High Court Quashes Reassessment Notices for HUF Assessee in Income Tax Case — Lack of Reasonable Belief of Income Escaping Assessment. Notices under Section 148 of Income Tax Act, 1961 set aside as reasons for reopening were based on mere change of opinion and not on fresh tangible material.

The petitioner, a Hindu Undivided Family (HUF) carrying on cotton ginning and pressing business, challenged four notices dated 30 March 2004 issued un...

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Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Unabsorbed Depreciation Set-Off and Book Profit Adjustments Under Section 115JB of Income Tax Act, 1961 Not Justified for Reopening.

The petitioner, Voltas Limited, filed a writ petition challenging a notice dated 30 March 2011 issued under Section 148 of the Income Tax Act, 1961, s...