Search Results for "assessee company"

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Search Results for "assessee company"

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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Interest on Government Grants Held as Additional Grant, Not Taxable Income. Interest earned on grants kept in fixed deposits pending utilization is not income from other sources but part of the grant itself.

10 Apr 2015

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) appealed against the order of the Income Tax Appellate Tribunal (ITA...

High Court

Bombay High Court Dismisses Petitioner's Challenge to Reopening of Assessment Under Section 147 of Income Tax Act, 1961 — Reopening Based on Tangible Material from Investigation Wing and Not a Mere Change of Opinion. Failure to Disclose Primary Facts During Original Assessment Justifies Reopening Within Four Years.

8 Sep 2023

The petitioner, Vaman Prestressing Co. Pvt. Ltd., filed two writ petitions challenging the reopening of its assessment for the Assessment Year 2006-07...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Derivative Transaction Case. Exchange Traded Derivatives Held Not Speculative Under Section 43(5) of Income Tax Act, 1961, with Retrospective Application of Clause (d) of Proviso.

18 Apr 2011

The case involves an appeal by the Commissioner of Income-tax, Central-IV against the order of the Income Tax Appellate Tribunal (ITAT) in favor of th...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Service Tax Case on Residential Complex Construction. Construction of Residential Complex for ITC Limited for Use as Guest House Not Taxable as Commercial or Industrial Construction Service Under Section 65(105)(zzq) of Finance Act, 1994.

4 Jul 2018

The case involves an appeal by the Revenue (Commissioner of Central Excise, Service Tax & Customs) against the order of the Customs, Excise & Service ...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Mere Change of Opinion Not Sufficient to Reopen Assessment After Four Years. The court held that where the original assessment was completed under Section 143(3) after due inquiry, reopening beyond four years requires failure to disclose material facts, which was not established.

18 Jul 2011

The petitioner, Nihilent Technologies Private Limited, a private limited company engaged in software development, challenged a notice dated 29 March 2...

High Court

Karnataka High Court Allows Revenue's Revision Petition in Input Tax Credit Dispute Under KVAT Act — Input Tax Credit Denied for Purchases from Unregistered Dealers. The court held that input tax credit is not available for purchases from unregistered dealers under Section 9(2)(b) of the Karnataka Value Added Tax Act, 2003, and the assessee failed to produce tax invoices from registered dealers.

31 Jul 2014

The State of Karnataka, through the Department of Finance, filed revision petitions under Section 65(1) of the Karnataka Sales Tax Act, 1957, challeng...

High Court

Bombay High Court Quashes Attachment and Sale of Residential Bungalow in Income Tax Recovery Proceedings. Order Beyond Limitation Period Under Rule 68B(3) of Second Schedule and Non-Compliance with Proclamation Requirements Render Sale Invalid.

5 Jun 2017

The case involved a writ petition under Article 226 of the Constitution of India challenging the attachment and proposed sale of a residential bungalo...

High Court

Bombay High Court Allows Appeal Against CESTAT Pre-deposit Order in Service Tax Valuation Dispute — Free Electricity Not Consideration. The court held that electricity supplied free of cost by customers to the service provider is not consideration for taxable service under Section 67 of Finance Act, 1994, and thus not includible in value.

9 Jul 2012

The appellant, M/s Inox Air Products Limited, is engaged in setting up air separation plants at customers' premises, which are leased to customers and...

High Court

Bombay High Court Allows Appeal in Part on Additional Barge Freight Liability and Depreciation on Leased Trucks in Income Tax Case. The Court held that liability for additional barge freight accrued in subsequent year despite mercantile accounting, and remanded issues of depreciation on leased trucks and Section 80HHC deduction for fresh consideration.

18 Oct 2013

The appeal arises from a decision of the Income Tax Appellate Tribunal (ITAT) dated 02.01.2006 for Assessment Year 1997-98. The assessee, Damodar Mang...

High Court

Bombay High Court Upholds Penalty for Concealment of Income in Income Tax Reference. Minimum penalty under Section 271(1)(c) of the Income Tax Act, 1961 sustained for suppression of net profit of Rs.9,11,521/-.

22 Aug 2017

The case pertains to an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, arising from proceedings for the Assessment Year 1987-8...

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