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Karnataka High Court Adjudicates Writ Petitions Challenging Mandatory Pre-Deposit under Section 35F of Central Excise Act, 1944. The court examined whether the mandatory deposit requirement violated Articles 14, 19(1)(g) and 265 of the Constitution of India.

The High Court of Karnataka heard a batch of writ petitions filed by several assessees, including Hindustan Petroleum Corporation Ltd., Prestige Garde...

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Supreme Court Upholds Disallowance of Bad Debt Claim in Income Tax Case Due to Debt Not Incurred in Assessee's Business. Debt Claimed Under Section 10(2)(xi) of Income Tax Act, 1922 Fails as Tribunal Found it Neither Related to Money-Lending Nor Other Business.

The appeal before the Supreme Court arose from income‑tax proceedings concerning the disallowance of a bad debt claim by the assessee, a registered ...

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High Court of Bombay at Goa Dismisses Revenue Appeal in Income Tax Case — Valuation of Low Grade Iron Ore Closing Stock Upheld. Tribunal justified in relying on coordinate bench order for consistent valuation method under Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax, Goa, under Section 260A of the Income Tax Act, 1961, challenging the order of the In...

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Bombay High Court Allows Revenue's Appeal in FII Capital Gains Tax Case — Remands to ITAT for Fresh Consideration of Article 24 DTAA Compliance. Interpretation of Article 24 of India-Singapore DTAA requires examination of whether capital gains were subject to tax in Singapore on receipt basis.

The case involves an appeal by the Commissioner of Income Tax (IT) - 2 against an order of the Income Tax Appellate Tribunal (ITAT) dated 24 March 201...

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Madras High Court Allows Assessee's Appeal in Income Tax Penalty Case — Typographical Error in Return Does Not Attract Penalty Under Section 271(1)(c). Bonafide belief and full disclosure of transaction negate mens rea for concealment.

The appellant, Ms. Saritha Jain, an income tax assessee, sold her shares in M/s. Vision Health Services (P) Ltd., an Indian company, to M/s. Perot Sys...

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Bombay High Court Allows Loss Deduction for Confiscated Foreign Currency in Income Tax Reference. Foreign currency confiscated by customs authorities under FERA held allowable as business loss under Income Tax Act, 1961, even though treated as undisclosed income.

The case involves an income tax reference by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) for the assessment year 1982-83...

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Bombay High Court Dismisses Petition Challenging Rejection of Waiver of Interest Under Sections 234A, 234B, 234C of Income Tax Act, 1961. Petitioner failed to deposit unutilized capital gains in specified account, leading to levy of interest.

The petitioner, Humayun Suleman Merchant, filed a writ petition challenging the order dated 5th October 2004 passed by the Chief Commissioner of Incom...