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High Court of Karnataka Hears Revenue's Appeals Against ITAT Decision Favoring Assessee on Deduction of Distributable Surplus Payment to Brand Owner. Court Examines Whether Payment is Allowable Under Section 37 of Income Tax Act, 1961 or Constitutes Application of Income or Diversion by Overriding Title.

The present set of five tax appeals arises under Section 260-A of the Income Tax Act, 1961, filed by the Revenue against the common order of the Incom...

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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 Allows CSR Expenditure Deduction Under Section 37(1) of Income Tax Act, 1961 — CSR Expenditure Held to Be Incurred Wholly and Exclusively for Business Purposes. Reassessment Notice Under Section 148 Quashed as Based on Change of Opinion.

The petitioner, Voltas Limited, a company engaged in air conditioning and refrigeration business, filed its return of income for Assessment Year 2015-...

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High Court of Karnataka Reserves Judgment on Challenge to Fringe Benefit Tax Provisions. Petitions question constitutional validity of Chapter XII-H of Income Tax Act, 1961 as violative of Article 14 and beyond legislative competence.

The High Court of Karnataka at Bengaluru heard three writ petitions filed by M/s T.T.K. Prestige Ltd. and another, M/s N. Rangarao & Sons, and Karnata...

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Supreme Court Dismisses Assessee's Claim to Treat Compensation as Capital Receipt Under Income Tax Act. Lump sum payment received by managing agent for reduction in remuneration held to be revenue receipt as it was in lieu of future profits and not for loss of managing agency.

The assessee firm, M/s. Godrej & Company, was appointed managing agent of a limited company for thirty years from November 9, 1933, under an agreement...

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Bombay High Court Allows Revenue Appeals in Part, Remands for Fresh Consideration of Exemption Under Section 10(23C)(iiiab) of Income Tax Act, 1961 — Tribunal's Order Set Aside for Not Considering Whether Assessee is Wholly or Substantially Financed by Government.

The case involves three appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging two orders of the Income Tax Appellat...

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Karnataka High Court Considers Criminal Appeal in Disproportionate Assets Case Under Prevention of Corruption Act. Appellant Challenges Conviction Alleging Miscalculation of Income and Improper Sanction Under Sections 13(1)(e) and 13(2) of the Prevention of Corruption Act, 1988.

The appellant, a former Electrical Attender in the Public Works Department, was convicted by the trial court under Section 13(1)(e) read with Section ...