Search Results for "income computation"

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Search Results for "income computation"

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High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Taxability of Sale Proceeds of Self-Generated Trade Mark and Brand Name. The Court held that the receipt of consideration for trade mark and design was not taxable as capital gains in the absence of a specific provision for cost of acquisition of self-generated assets prior to the amendment to Section 55(2) of the Income Tax Act, 1961 effective from 1/4/2002.

12 Jun 2012

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 d...

High Court

Bombay High Court Dismisses Revenue's Appeal in Section 14A Disallowance Case — Upholds ITAT's Finding of No Satisfaction Recorded by AO. The Court held that the Assessing Officer must record satisfaction regarding the correctness of the assessee's claim before invoking Rule 8D for disallowance under Section 14A of the Income Tax Act, 1961.

20 Feb 2023

The appeal was filed by the Revenue (Pr. Commissioner of Income Tax-14) against the order of the Income Tax Appellate Tribunal (ITAT) dated 5th April ...

High Court

Bombay High Court Quashes Assessment Order for Violation of Section 144C(11) Time Limit — DRP Directions Issued Beyond Nine-Month Period Invalid. The court held that the Dispute Resolution Panel's directions under Section 144C(5) of the Income Tax Act, 1961 must be issued within nine months from the end of the month in which the draft assessment order is received, and failure renders the assessment order void.

14 Feb 2022

The petitioner, Shell India Markets Private Limited, a company engaged in retailing petroleum products and supplying lubricants, challenged an assessm...

Supreme Court

Supreme Court Upholds Assessee in Income Tax Act Case Due to Arbitrary Stay Provision. The Third Proviso to Section 254(2A) of the Income Tax Act, 1961, Was Struck Down as It Automatically Vacated Stay Orders After 365 Days Without Considering Assessee's Responsibility for Delay, Violating Article 14 of the Constitution of India.

6 Apr 2021

The Supreme Court of India addressed a batch of civil appeals concerning the constitutional validity of the third proviso to Section 254(2A) of the In...

High Court

Bombay High Court Partially Allows Insurance Company's Appeal in Motor Accident Claim — Reduces Compensation Due to Reliance on Income Tax Return Filed After Death. Tribunal erred in considering post-death income tax return for computing deceased's income; notional income of Rs. 10,000 per month applied instead.

25 Jul 2023

The case arises from a motor accident claim where the deceased, Jitendra Hiraral Pawar, died in a car accident on 13th April 2015. The claimants, his ...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Assessment Reopened Beyond Four Years Based on Same Facts Already Considered During Original Assessment Under Section 143(3) — Held That Change of Opinion Does Not Justify Reopening.

23 Sep 2011

The petitioner, Sanand Properties Pvt. Ltd., filed a writ petition under Article 226 of the Constitution challenging a notice dated 11 January 2011 is...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Deduction Case — ITAT Correct in Allowing Deduction Under Section 80IB on Gross Total Income Without Separate Disallowance Under Section 40(a)(ia). The Court held that deduction under Section 80IB(10) is to be computed on the gross total income of the eligible business, and disallowance under Section 40(a)(ia) cannot be made separately from the eligible business income.

11 Sep 2015

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) regarding the computation ...

High Court

Bombay High Court Examined Challenge to Form No. 3 under Direct Tax Vivad se Vishwas Act, 2020 for Recovery of Interest under Section 244A Income-tax Act, 1961. The core dispute involved whether interest under Section 244A granted before filing declaration under the VSV Act could be withdrawn while issuing Form No.3.

15 Sep 2021

The writ petition before the Bombay High Court arose from a challenge to Form No. 3 dated 11 December 2020 issued under the Direct Tax Vivad se Vishwa...

Supreme Court

Supreme Court Enhances Compensation for Heirs of Deceased in Motor Accident Claim, Clarifies 'Just Compensation' Principles Under Motor Vehicles Act, 1988

6 Feb 2026

The Supreme Court heard an appeal by claimants dissatisfied with the compensation awarded by the High Court in a motor accident claim case. The victim...

High Court

Bombay High Court Allows Writ Petition of Bank Against Income Tax Settlement Commission Order — Interest on Government Securities Accrued But Not Received Held Not Taxable Under Section 5 of Income Tax Act, 1961. The court held that under the mercantile system of accounting, interest on securities accrues only on due dates of payment, not on a day-to-day basis, and thus interest not due as on 31st March 1997 is not taxable in that assessment year.

23 Jun 2023

The petitioner, Indusind Bank Ltd., a private sector bank, filed its return of income for Assessment Year 1997-98 on 1st December 1997, declaring an i...

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