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Bombay High Court Allows Second Appeal in Property Dispute Involving Will and Gift Deed Validity. Court sets aside concurrent findings of courts below, remands matter for fresh consideration on issue of due execution of gift deed and will.

The appellant, Surekha Murgendra Kalyanshetti, filed a second appeal against the judgment and decree of the District Court, Kolhapur, which dismissed ...

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Bombay High Court Quashes Reopening of Assessment Under Section 148 of Income-tax Act, 1961 for Lack of Fresh Material. Reassessment Based on Change of Opinion on Commission Payment to Directors Held Invalid as All Issues Were Examined During Original Assessment.

The Petitioner, M/s. Dalal & Broacha Stock Broking Pvt. Ltd., a stock broking company, filed its return of income for Assessment Year 2008-09 declarin...

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Supreme Court Dismisses Revenue's Appeal in Income Tax Matter — Assessee Entitled to Section 25(4) Benefit. Business Was Carried on at Commencement of Amendment Act 7 of 1939, as Determined from Partnership Deed and Interpretation of Commencement Under General Clauses Act.

The dispute arose under the Indian Income Tax Act, 1922, concerning the entitlement of the assessee firm to exemption under section 25(4) for the asse...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Valid Approval Under Section 151. Reassessment Notice Issued Beyond Six Years Without Proper Sanction from Specified Authority Held Invalid.

The petitioner, Vibrant Securities Pvt. Ltd., a member of the Bombay Stock Exchange and National Stock Exchange, challenged a reassessment notice date...

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Madras High Court Allows Appeals of Shareholders in Capital Receipt Case — One Million Euros Received from Vedior NV Held Exempt as Capital Receipt. Compensation for Loss of Right of First Refusal and Non-Compete Agreement Treated as Capital Receipt Not Chargeable to Tax Under Income Tax Act, 1961.

The case involves two appeals by shareholders (K. Pandiarajan and R. Hemalatha) against the order of the Income Tax Appellate Tribunal (ITAT) which up...

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High Court of Karnataka Allows Partition Appeal in Family Property Dispute — Reverses Trial Court's Dismissal of Suit for Partition and Separate Possession. Court Holds That Plaintiff Proved Joint Family Status and Entitlement to Share in Suit Properties, Directs Preliminary Decree for Partition.

The appellant, Sri. Chandrashekar S/o Channabasanagouda Harti, filed a suit for partition and separate possession of suit schedule properties against ...

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Karnataka High Court Hears Appeal Against Trial Court Decree Declaring Oral and Registered Gift Deeds Void in Partition Suit. Trial Court Had Found That Widow Did Not Acquire Absolute Title Under Section 14(1) of Hindu Succession Act, 1956, and Gift by Her Was Not Binding on Other Legal Heirs.

This Regular First Appeal arises from a partition suit filed by the legal heirs of late Anandarao Jadhav against the legal representatives of his brot...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Notice Issued Beyond Four Years Based on Same Material as Original Assessment Held Invalid.

The petitioner, Vibrant Securities Private Limited, a company engaged in stock broking and proprietary trading, challenged a notice under section 148 ...

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Bombay High Court Allows Second Appeal in Partition Suit — Finds Substantial Question of Law on Adverse Possession and Limitation. Court holds that the first appellate court failed to properly consider the plea of adverse possession and limitation, and remands the matter for fresh consideration.

The case involves a second appeal arising from a partition suit. The appellants, original plaintiffs, filed a suit for partition and separate possessi...