Search Results for "estimated profit"

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Search Results for "estimated profit"

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High Court

High Court of Bombay Dismisses Revenue's Appeal in Bogus Purchase Case — GP Rate Restricted to 15% on Alleged Bogus Purchases. The court held that when purchases are accepted as genuine but from bogus parties, only the profit element embedded in such purchases can be taxed, not the entire purchase amount.

13 Oct 2025

The case pertains to an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate ...

High Court

Bombay High Court Dismisses Revenue's Appeal in Bogus Purchases Case — Upholds Profit Rate Estimation. The court held that where purchases are proved genuine except for two parties, the disallowance can be restricted to profit margin and 100% disallowance is not warranted under Section 69C of the Income Tax Act, 1961.

5 Mar 2025

The case involves an appeal by the Principal Commissioner of Income Tax (revenue) against the order of the Income Tax Appellate Tribunal (ITAT) for th...

Supreme Court

Supreme Court Allows Appeals by State Bank of India in Jet Airways Insolvency Case — Holds Performance Bank Guarantee Cannot Be Adjusted Against Resolution Plan Payment and Non-Implementation Leads to Liquidation. The Court ruled that the SRA's failure to pay airport dues and employee dues constituted non-implementation of the Resolution Plan under Section 33(3) IBC, 2016, and the PBG cannot be set off against the first tranche payment.

13 Nov 2024

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Limited, initiated by State Bank of India (SBI) under S...

High Court

Bombay High Court Quashes Reassessment Notices Under Section 148 of Income-Tax Act, 1961 for Lack of Reasonable Belief of Income Escaping Assessment. Notices Issued Beyond Four Years Without Fresh Material Held Invalid.

6 May 2022

The petitioner, Sea Sagar Construction Co., a partnership firm, filed three writ petitions challenging notices dated 19 January 2012 issued under Sect...

High Court

Bombay High Court Allows Writ Petition in SVLDRS Case — Directs Designated Committee to Recompute Tax Dues Based on Confirmed Demand. Petitioner's declared tax dues under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 must be computed on the confirmed demand amount of Rs.39,47,420/- and not on the higher amount in the show cause notice.

11 Feb 2022

The petitioner, Munish Rajkumar Mahajan, proprietor of KDS Security Services, filed a writ petition under Article 226 of the Constitution of India bef...

Supreme Court

Supreme Court Upholds High Court Decision Quashing Labour Cess Demand Under Building and Other Construction Workers' Welfare Cess Act, 1996. The Court held that the cess demand was invalid as the contract work did not constitute 'building or other construction work' under Section 2(1)(d) of the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996, and the levy under Sections 3(1) and (2) of the Cess Act was not applicable.

12 May 2021

The Supreme Court of India, in a civil appellate jurisdiction, addressed a special leave petition under Article 136 of the Constitution of India. The ...

High Court

Bombay High Court Partially Sets Aside Arbitral Award in Union of India v. Richa Constructions — Interest on Delayed Payment of Running Account Bills and Compensation for Loss of Profit on Unexecuted Work. The court upheld the award of simple interest at 12% per annum on delayed payment of running account bills but set aside the award of interest on interest, and reduced the compensation for loss of profit from 10% to 7.5%.

3 Jun 2019

The Union of India filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996, challenging an arbitral award dated 29 March 2017,...

High Court

Bombay High Court Dismisses Petition Challenging Airport Authority's Demand for Vacant Possession of Premises. Lease Agreement for Flying Club Premises at Juhu Aerodrome Terminated Due to Non-Payment of Rent and Unauthorized Subletting.

24 Jan 2018

The petitioners, M/s. Bombay Flying Club and its Honorary Secretary, filed a writ petition under Article 226 of the Constitution of India challenging ...

High Court

Bombay High Court Dismisses Appeal by Municipal Corporation Against Rejection of Petition to Set Aside Arbitral Award. Arbitrator's Findings on Contractual Interpretation and Delay Held Final Under Section 30 of Arbitration Act, 1940.

5 May 2017

The appellant, Municipal Corporation of Greater Bombay, had invited tenders for re-construction of Zakariya Bunder road in May 1989. Respondent no.1 s...

High Court

Bombay High Court Quashes Reassessment Notices for Lack of Reasonable Belief of Income Escapement — Section 148 Income Tax Act, 1961. Reopening of assessments based on mere change of opinion without tangible material is invalid.

21 Dec 2016

The petitioner, Amar Hotchand Nagpal, a finance and estate broker, challenged three notices dated 23rd September 1997 issued under Section 148 of the ...

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