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Madras High Court Allows Assessee's Appeal in Income Tax Case — Unabsorbed Depreciation Set-off Against Section 69 Addition Upheld. Addition of Unaccounted Stock Treated as Business Income Under Section 32(2) of Income-Tax Act, 1961.

The case involves an appeal by M/s.Sivasakthi Threads (assessee) against the order of the Income-Tax Appellate Tribunal which upheld the rejection of ...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Case — Revised Return Barred by Limitation Under Section 139(5) of Income Tax Act, 1961. Assessing Officer Cannot Entertain Claim Made After Expiry of Time for Filing Revised Return.

The appellant-assessee, M/s. Shriram Investments, filed a return of income on 19 November 1989 for the assessment year 1989-90 under the Income Tax Ac...

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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.

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

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High Court of Karnataka Dismisses Revenue's Appeal in Trust Registration Cancellation Case. ITAT's order restoring registration under Section 12AA of Income Tax Act, 1961 upheld as Commissioner lacked jurisdiction to cancel registration after expiry of limitation period.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, challenging an order of the Income Tax Appellate Tribunal (...

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Bombay High Court Dismisses Revenue's Appeal in Asset Management Company Tax Case — Notional Addition Based on SEBI Ceiling Not Permissible. Investment advisory fees actually charged, not the maximum permissible under SEBI regulations, constitute taxable income.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which upheld the CIT (A)'s...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Held Invalid as There Was No Failure to Disclose Material Facts and No New Tangible Material.

The petitioner, Multiscreen Media Private Limited, a company engaged in providing audiovisual television software and related activities, filed return...