Search Results for "revenue income"

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Search Results for "revenue income"

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Supreme Court

Supreme Court Dismisses Assessee’s Appeal in Income Tax Excess Dividend Case — Interpretation of 'Rate Applicable to Total Income' Under Finance Act, 1951. The rate applicable is the rate actually applied to the company’s taxable income, not the statutory rate prescribed, for computing additional income tax on excess dividend.

9 Oct 1958

The dispute arose from the assessment of Rajputana Agencies Ltd., a private limited company in Saurashtra, for the assessment year 1952-53. The compan...

Supreme Court

Supreme Court Clarifies Deduction of Broken Period Interest for Banks Treating Securities as Stock-in-TradeDeduction Allowed as Revenue Expenditure for Banks Holding Securities as Stock-in-Trade

16 Oct 2024

The Supreme Court addressed the treatment of broken period interest for tax purposes. The issue centered on whether broken period interest could be de...

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

Madras High Court Allows Assessee's Appeal in MAT Computation Case — Capital Gain on Sale of Fixed Assets Cannot Be Added to Book Profit Under Section 115JB When Not Credited to Profit and Loss Account. The Court held that the Assessing Officer cannot rework book profit under Section 115JB by including capital gains directly absorbed in the balance sheet, as the computation under Section 115JB must be based on the profit as shown in the profit and loss account prepared in accordance with the Companies Act.

20 Mar 2026

The appellant, M/s PVP Corporate Parks Pvt. Ltd., a private limited company engaged in leasing and renting of amenities and buildings, filed its incom...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Transfer Pricing Adjustment Case — No Substantial Question of Law Arises. The court upheld the ITAT's decision to delete the transfer pricing adjustment made by the Revenue, finding that the comparable selection and benchmarking analysis were correctly applied under Section 92C of the Income Tax Act, 1961.

12 Sep 2025

The Revenue filed appeals under Section 260A of the Income Tax Act, 1961, against a common order dated 08.11.2024 passed by the Income Tax Appellate T...

Supreme Court

Supreme Court Dismisses Assessee's Appeal Against Inclusion of Interest Credits as Taxable Income Under Section 4(1)(a) of Income-tax Act, 1922. Mercantile System Credit Entries for Interest from Own Shop in Native State Treated as Income Received in British India.

3 Oct 1958

The assessee, ordinarily resident in British India, carried on business at Khurja and Aligarh in India and at Chistian in the Indian State of Bahawalp...

High Court

Bombay High Court Deliberates on Tax Exemption and Classification of Lease Transactions in Income Tax Reference concerning Scientific Research Centre. Assessee's claim for exemption under Section 11 of Income Tax Act, 1961 hinges on whether activities constitute general public utility, whether construction and letting out of World Trade Centre amounts to business, and whether receipts are revenue in nature.

25 Oct 2012

The Income Tax Reference No. 78 of 1998 arose from the Income Tax Appellate Tribunal's common order dated 29th March, 1996, for assessment years 1989-...

High Court

Madras High Court Allows Assessee's Appeal in Income Tax Case — Sundry Credits Treated as Business Income Eligible for Deduction Under Section 80-IB. The Court held that once the Assessing Officer accepted the genuineness of the sundry creditors for the purpose of Section 68, the addition must be treated as business income and not income from other sources, entitling the assessee to deduction under Section 80-IB.

2 Apr 2026

The appeal was filed by the assessee, M/s AKR Poly Industries, a firm engaged in manufacturing disposable plastic cups and a registered small-scale un...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Transfer Pricing Adjustment Case — Held that ITAT Correctly Deleted Addition for Non-Compete Fee Paid to AE Without Adequate Justification. The court found no substantial question of law as the Tribunal's findings were factual and not perverse.

14 Aug 2015

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed appeals under Section 260A of the Income Tax Act, 1961 against...

Supreme Court

Supreme Court Upholds Banking Company's Claim for Rebate on Gross Interest from Tax-Free Securities. Notification under Section 60-A, Income-tax Act, 1922 Interpreted Independently to Allow Rebate on Entire Interest Received Without Deducting Expenses.

23 Nov 1965

The case arose out of an assessment dispute for the assessment year 1956-57 involving a banking company, South Indian Bank Ltd., which had received in...

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