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Bombay High Court Dismisses Revenue's Appeal in Bogus Purchase Case, Upholds ITAT's 25% Disallowance. Court holds that when purchases are not bogus but from non-genuine parties, estimation of profit element at 25% is reasonable.

The present appeal was filed by the Pr. Commissioner of Income Tax-19 under Section 260A of the Income Tax Act, 1961 against the order dated 03rd May,...

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Bombay High Court Allows Writ Petition Challenging Rejection of Lower TDS Certificate Under Section 195(2) of Income Tax Act, 1961. Court holds that Assessing Officer must consider application on merits and cannot reject it solely because non-resident seller had not filed tax returns.

The petitioner, Rohan Developers Pvt. Ltd., a company engaged in property development, sought to purchase a 1/8th undivided share in a property from M...

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Supreme Court Dismisses Assessee's Appeal in MODVAT Credit Deduction Case Under Section 43B of Income Tax Act. Unutilised MODVAT Credit and Sales Tax Recoverable Account Not Allowable as Deduction Without Actual Payment of Excise Duty Liability.

The Supreme Court dismissed appeals by Maruti Suzuki India Ltd. against the Delhi High Court judgment dated 07.12.2017, which upheld the disallowance ...

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Bombay High Court Allows Assessee's Appeals on Cenvat Credit for Inputs Used in Exempted Goods, Partially Allows Revenue's Appeals on Education Cess. Tractors are exempted goods despite education cess, but separate accounts are required under Rule 6 of Cenvat Credit Rules, 2004.

The judgment concerns multiple appeals filed by M/s. Mahindra & Mahindra Ltd. (Assessee) and the Commissioner of Central Excise (Revenue) against a co...

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High Court of Bombay at Goa Dismisses Revenue's Appeal in Tax Case — Charter Hire Charges Not Excessive Under Section 40A(2)(a) of Income Tax Act. Concurrent findings of fact that charges were based on Barge Owners Association rates upheld.

The case involves two tax appeals filed by the Commissioner of Income Tax against M/s. Goa Minerals Pvt. Ltd. under Section 260A of the Income Tax Act...

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Bombay High Court Allows Appeal in Income Tax Case: Investment in Shares of Private Company for Acquiring Control Held as Capital Asset, Not Stock-in-Trade. Shares held for 31 months with transfer restrictions cannot be treated as trading asset under Income Tax Act, 1961.

The appellant, Accra Investments Private Ltd., filed an appeal under Section 260A of the Income Tax Act, 1961 against the order dated 25 April 2012 of...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Case Regarding Exemption Under Section 4(3)(vii) of Income-tax Act, 1922. Receipt Held to be Business Income, Not Exempt as Casual or Non-Recurring Receipt, as it Arose from Services Rendered in the Course of Business.

The assessee firm, Ram Kumar Agarwalla and Brothers, carried on business as share brokers and paper merchants. Together with D, a chartered accountant...