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Search Results for "taxable income"

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High Court

Bombay High Court Allows Appeal in Income Tax Case on Development Agreement — Receipt of Rs.1,00,92,750/- Held as Capital Receipt Not Taxable. The court held that the Tribunal erred in interpreting the development agreement and that the compensation for settlement of dispute was a capital receipt under the Income Tax Act, 1961.

19 Apr 2024

The appeal was filed by Sunil Pran Sikand, legal heir of Pran Kishan Sikand, against an order of the Income Tax Appellate Tribunal (ITAT) dated 20th S...

High Court

Bombay High Court Quashes Reassessment Notice for Non-Compliance with Time Limit and Approval Requirement under Income Tax Act, 1961. The order under Section 148A(d) and notice under Section 148 for AY 2018-19 were invalid as they were passed after three years from the end of the assessment year without approval of the Principal Chief Commissioner.

15 Feb 2023

The petitioner, Mrs. Chitra Supekar, a housewife, challenged the notice dated 20th March 2022 issued under Section 148A(b) of the Income Tax Act, 1961...

Supreme Court

Supreme Court Upholds Constitutional Validity of Section 43B(f) of Income Tax Act — Leave Encashment Deduction Allowed Only on Actual Payment. Clause (f) is not arbitrary or violative of Article 14 as it serves a legitimate purpose of preventing abuse and ensuring employee welfare.

24 Apr 2020

The Supreme Court in this appeal considered the constitutional validity of clause (f) of Section 43B of the Income Tax Act, 1961, which was inserted b...

High Court

Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

22 Feb 2019

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

High Court

Bombay High Court Dismisses Revenue's Appeal in Joint Venture Taxation Case — Income Taxable Only in Hands of Actual Executor. ITAT's concurrent finding that joint venture did not execute contract and income was already assessed in hands of constituent member upheld.

2 Mar 2015

The case involves an appeal by the Commissioner of Income Tax-I, Nagpur, against the order of the Income Tax Appellate Tribunal (ITAT), Nagpur, in res...

High Court

Bombay High Court Quashes ITAT's Interim Refund Order in Pending Appeal — Tribunal Cannot Direct Refund Without Adjudicating Merits Under Income Tax Act, 1961. The court held that the Income Tax Appellate Tribunal lacks jurisdiction to grant interim relief without hearing the main appeal, as it would render the appeal infructuous and cause prejudice to the revenue.

4 Feb 2014

The Director of Income Tax (Exemption), Mumbai, filed a writ petition challenging an order dated 25 November 2013 passed by the Income Tax Appellate T...

High Court

Bombay High Court Quashes Special Audit Order Under Section 142(2A) of Income Tax Act for Lack of Application of Mind. Assessing Officer Failed to Record Satisfaction Regarding Nature and Complexity of Accounts, and Did Not Consider Assessee's Reply, Violating Principles of Natural Justice.

12 Aug 2013

The petitioner, Hiranandani Foundation, a trust registered under Section 12A of the Income Tax Act, 1961, runs educational and medical institutions wi...

High Court

Bombay High Court Allows Lower TDS Rate for Consortium in Mumbai Monorail Project — Section 197 Certificate Granted at 0.11% Based on Estimated Tax Liability. The Court held that the absence of prior assessment does not disentitle an Association of Persons from obtaining a certificate for deduction of tax at a lower rate under Section 197 of the Income Tax Act, 1961.

28 Apr 2010

The Petitioner, Larsen & Toubro Ltd. and Scomi Engineering Berhad, formed a consortium (Association of Persons) to execute the Mumbai Monorail Project...

High Court

Bombay High Court Dismisses Union of India's Suit Alleging Fraudulent Assignment of Insurance Policies to Defraud Income-Tax Authorities. Court holds that assignment of life insurance policies under the Married Women's Property Act, 1874 is not fraudulent and cannot be challenged by a creditor under Section 53 of the Transfer of Property Act, 1882.

2 May 2006

The suit was filed by the Union of India seeking a declaration that the assignment of seven life insurance policies by the original defendant no. 3 (S...

Supreme Court

Supreme Court Dismisses Revenue Appeal on Deduction for Bank's Settlement of Claims for Stolen Pledged Jewellery. Payment to Constituents for Stolen Jewellery Held Allowable as Business Expenditure Under Section 10(2)(xv) of Indian Income-tax Act, 1922.

15 Sep 1966

The case concerned a claim for deduction under Section 10(2)(xv) of the Indian Income-tax Act, 1922 by a bank for amounts paid to constituents whose p...

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