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High Court of Gujarat Allows Appeal in Motor Accident Claim — Compensation Enhanced Based on Income Tax Returns. Deceased's Income Determined at Rs. 1,20,000/- per annum from IT Returns, Not Notional Income, Under Section 173 of Motor Vehicles Act, 1988.

The appellants, original claimants, filed an appeal under Section 173 of the Motor Vehicles Act, 1988, aggrieved by the judgment and award dated 22.12...

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Madras High Court Dismisses Revenue's Appeal in Penalty Case for Wrongful DTAA Claim — No Concealment Found. Assessee's Bonafide Belief That India-China DTAA Applied to Hong Kong Based on Official Document Precludes Penalty Under Section 271(1)(c) of Income Tax Act, 1961.

The revenue appealed against the common order of the Income Tax Appellate Tribunal (ITAT) which set aside the levy of penalty under Section 271(1)(c) ...

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Bombay High Court Rules in Favor of Insurance Corporation on Deduction of Bad Debt Reserve. Held That Crediting Reserve for Doubtful Debts Constitutes Write-Off Under Section 36(1)(vii) of Income Tax Act, 1961, and Rule 5(a) of First Schedule Does Not Apply.

In this appeal before the Bombay High Court, the assessee, a general insurance corporation, challenged the Income Tax Appellate Tribunal's decision re...

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Supreme Court Dismisses Revenue's Appeal on Carry Forward of Losses Under Income-tax Act, 1922. Loss Sustained by Partner in Dissolved Firm Can Be Set Off Against Profit from Another Firm if Same Business Continued by Assessee.

This appeal by the Commissioner of Income-tax arose from a dispute over the carry forward and set-off of business losses under the Income-tax Act, 192...

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Bombay High Court Dismisses Insurer's Appeal in Motor Accident Claim — Negligence Proved by Charge-Sheet and Income Assessed Notionally. The Court upheld the Tribunal's award of Rs. 7,92,000 to the dependents of the deceased, finding no error in the assessment of negligence or income.

The appeal arises from a motor accident claim where the deceased, Rajeshwar, died in a vehicular accident on 27 January 2015. The claimants, being his...

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COMMERCIAL ARBITRATION PETITION NO. 984 of 2018

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reopening Based on Mere Change of Opinion Without New Tangible Material is Invalid.

The petitioner, Everest Kanto Cylinder Ltd., a public limited company, filed its return of income for Assessment Year 2016-17 on 30 November 2015. The...