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Bombay High Court Rules on Disallowance Under Rule 6D and Allowability of Spouse's Foreign Travel Expenses. Disallowance under Rule 6D of Income-tax Rules, 1962 must be computed on annual per employee basis, not per trip; expenditure on wife's foreign trip allowable if wholly and exclusively for business.

The case is an income tax reference under Section 256(1) of the Income-tax Act, 1961, arising from a dispute between the Commissioner of Income-tax, B...

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High Court of Karnataka Dismisses Revenue Appeal in Income Tax Case — Tribunal's Deletion of Addition on Transport Creditors Upheld. Assessee's claim for transport creditors allowed as ITAT found no justification for addition under Section 260A of Income Tax Act, 1961.

The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) dated 27.11.2...

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Bombay High Court Allows Revenue's Appeal in Rental Income Classification Case. Rental income from leasing unsold units of a commercial complex constructed by a real estate developer is assessable as business income, not income from house property.

The case involves multiple appeals filed by the Commissioner of Income Tax against the common order of the Income Tax Appellate Tribunal (ITAT) which ...

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Bombay High Court Dismisses Revenue Appeal in Raymond Ltd. Tax Case — Multiple Disallowances Deleted by ITAT Upheld. Pre-operative expenses, technical know-how payments, debenture issue costs, and lease rent deductions allowed as revenue expenditure under Income Tax Act, 1961.

The Commissioner of Income Tax-2, Mumbai (Revenue) appealed against the decision of the Income Tax Appellate Tribunal (ITAT) dated 22 March 2007 for A...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Transaction Charges. Transaction charges paid to stock exchanges are not fees for technical services under Section 194J of the Income Tax Act, 1961, as stock exchanges perform regulatory and administrative functions.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) regarding the assessment y...

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Bombay High Court Quashes Reassessment Notices for HUF Assessee in Income Tax Case — Lack of Reasonable Belief of Income Escaping Assessment. Notices under Section 148 of Income Tax Act, 1961 set aside as reasons for reopening were based on mere change of opinion and not on fresh tangible material.

The petitioner, a Hindu Undivided Family (HUF) carrying on cotton ginning and pressing business, challenged four notices dated 30 March 2004 issued un...

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Madras High Court Allows Appeal in Income Tax Reassessment Case — Misappropriation by Partner's Relative Not Covered Under Section 40A(2) of Income Tax Act, 1961. Reassessment based on same material held invalid as change of opinion.

The assessee, M/s.Karpaga Vinayagar Papers, a partnership firm, filed its income tax return for Assessment Year 2001-2002 admitting a total income of ...