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Bombay High Court Upholds Tribunal's Decision on Competency of Income Tax Officer to Assess Under Estate Duty Act. Assessment by Income Tax Officer, Trust-cum-Estate Duty Circle Held Non-Est for Lack of Proper Appointment.

The case pertains to a reference under Section 64(1) of the Estate Duty Act, 1953, made by the Collector of Estate Duty, Nagpur, against the order of ...

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Supreme Court Allows Revenue's Appeal on Compensation for Loss of Agency as Revenue Receipt Under Section 10 of Income-tax Act. Compensation for Loss of One Among Many Agencies in Normal Course of Business is Taxable Revenue Receipt.

The case involved a dispute over the taxability of compensation received by the respondent, a multi-agency concern, upon termination of one of its num...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Assessee's claim for deduction under Section 80-IA allowed as substantial question of law not raised.

The case involves two cross appeals: ITA No.884/2007 filed by the Revenue (Commissioner of Income Tax and Income Tax Officer) and ITA No.60/2015 filed...

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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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Supreme Court Clarifies Law on Dividend in Liquidation Under Section 2(6A)(c) of Income-tax Act, 1922. Distribution on Liquidation Attributed to Accumulated Profits to be Determined on the Basis of Accumulated Profits Immediately Before Liquidation.

The respondent company was placed under voluntary winding up by resolution dated August 23, 1952. Its paid-up capital was Rs. 25 lakhs and accumulated...

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High Court of Karnataka Hears Batch of Writ Petitions Challenging Late Filing Fee Under Section 234E of Income Tax Act. Petitioners Seek Declaration that Section 234E is Unconstitutional and Violative of Articles 14, 265, and 277.

This batch of writ petitions was filed before the High Court of Karnataka under Articles 226 and 227 of the Constitution of India challenging the cons...

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KAHC010217682014_1

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