Search Results for "net profits"

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Search Results for "net profits"

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Supreme Court

"Landmark Judgment on Property Rights and Public Welfare in Mumbai" "Balancing property ownership with the collective good under India's constitutional framework."

5 Nov 2024

The Supreme Court examined whether Chapter VIII-A of the MHADA Act aligns with the principles of Article 39(b) of the Indian Constitution, which aims ...

High Court

Bombay High Court Allows Appeal in Income Tax Derivative Loss Set-off Case. Loss from derivatives trading on recognized stock exchange held not speculative under Section 43(5)(d) of Income Tax Act, 1961, and can be set off against other business income under Section 70.

6 May 2022

The appellant, Souvenir Developers (I) Pvt. Ltd., is a domestic company deriving income from toll collection business and also trading in shares and d...

Supreme Court

Supreme Court Allows Club's Appeal in Wealth Tax Case — Club Not Liable as Association of Persons Under Section 21AA of Wealth Tax Act. Members' Shares in Assets on Winding-Up Are Determinate Under Club Rules, and Club's Non-Commercial Character Excludes It from 'Association of Persons' in Taxing Statutes.

8 Sep 2020

The Supreme Court allowed the appeals filed by Bangalore Club against the judgment of the Karnataka High Court, which had held the Club liable to pay ...

High Court

High Court of Karnataka Quashes Withdrawal of Exemption Under Section 10(23C)(vi) of Income Tax Act for Educational Trust — Violation of Natural Justice. Order passed without providing opportunity of hearing and without considering objections violates principles of natural justice and Section 10(23C)(vi) of the Income Tax Act, 1961.

5 Feb 2018

The petitioners, M/s. Navodaya Education Trust and its trustees, filed writ petitions under Article 226 of the Constitution of India challenging an or...

High Court

High Court of Karnataka Quashes Criminal Proceedings Against Malaysian Resident in Q-Net Multi-Level Marketing Case. No Prima Facie Case Made Out for Cheating, Criminal Breach of Trust, or Money Circulation Scheme Under Sections 420, 406, 120B IPC and Section 4 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

15 Feb 2017

The petitioner, Naresh Balasubramaniam, a resident of Malaysia, filed a criminal petition under Section 482 of the Code of Criminal Procedure, 1973, s...

High Court

Bombay High Court Dismisses Revenue Appeals in Transfer Pricing Adjustment Cases — Holds That Arm's Length Price Determination Must Be Based on Reliable Comparable Data and Functional Analysis. The Tribunal's deletion of adjustments was upheld as it correctly applied functional comparability and permissible adjustments under Section 92C of the Income Tax Act, 1961 and Rule 10B of the Income Tax Rules, 1962.

5 Dec 2014

The judgment involves a batch of appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the orders of the Income Tax...

High Court

Karnataka High Court Allows Appeal in Income Tax Case on Capital Gains Liability of Firm on Partner's Retirement. Full Bench resolves conflict under Section 45(4) of Income Tax Act, 1961 regarding liability when retiring partner receives only money for his share without distribution of assets.

16 Sep 2013

The case involves an appeal under Section 260-A of the Income Tax Act, 1961, arising from an order dated 02.03.2006 in ITA No.1295/BANG/2004 for the a...

High Court

Bombay High Court Allows Assessee's Reference in Section 80HHC Deduction Case - Interest Income from Sister Concerns Held Includible in Business Profits. The court ruled that interest income derived from the business of export and forming part of business profits must be included in computing the deduction under Section 80HHC of the Income Tax Act, 1961.

18 Sep 2012

The case involves a reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal (ITAT) to the Bombay High Court. ...

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 Scrutiny. The court held that reopening based on same material considered during scrutiny assessment is invalid as it amounts to a change of opinion.

4 Mar 2010

The petitioner, Rallis India Limited, filed its return of income for assessment year 2004-2005 declaring a loss of Rs.52.87 crores, which included a d...

Supreme Court

Supreme Court Upholds Appellant in Income Tax Act Case Regarding Exemption for Charitable Trust Income from Managing Agency Business. Managing Agency Business Held to be Property and Income Therefrom Exempt Under Section 4(3)(i) of Indian Income-tax Act, 1922, Despite Revenue's Objections.

22 May 1957

The Supreme Court considered an appeal by J.K. Trust, Bombay, against the Commissioner of Income-tax/Excess Profits Tax, Bombay, concerning the taxabi...

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