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Bombay High Court Dismisses Revenue's Appeal on Allocation of Expenses in Section 80IB Deduction Case. Tribunal's Remand Upheld as Earlier Decision Not Challenged; Questions on Separate Unit Status and Depreciation Adjustment Admitted.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal dated ...

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Bombay High Court Dismisses Petition Challenging Rejection of TDS Refund Under Section 264 of Income Tax Act, 1961. Assessee Failed to Establish That Payments to Foreign Collaborator Were Not Royalty Under Section 9(1)(vi) Read with DTAA.

The petitioners, M/s BASF (India) Limited and Mr. P.A. Ramasamy, filed a writ petition challenging the order dated 28th February 2001 passed by the Co...

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High Court of Karnataka Allows Appeal in Income Tax Case — Disallows Reopening of Assessment Beyond Four Years Without Failure to Disclose Material Facts. Section 147 of Income Tax Act, 1961 Requires Full and True Disclosure for Reopening After Four Years.

The appellant, M/s. Safina Hotels Private Limited, filed its return of income for the assessment year 2001-02. The assessment was completed under Sect...

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Supreme Court Upholds Assessee in Income Tax Case on Remuneration of Karta as Managing Partner. Remuneration Paid for Personal Qualifications Not Assessable as Hindu Undivided Family Income Under Indian Income-tax Act, 1922.

The dispute concerned the tax treatment of remuneration received by the karta of a Hindu Undivided Family (HUF) as managing partner of two firms in wh...

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Bombay High Court Allows Appeal in Income Tax Derivative Loss Set-off Case. Loss from derivatives trading on recognized stock exchange held not speculative under Section 43(5)(d) of Income Tax Act, 1961, and can be set off against other business income under Section 70.

The appellant, Souvenir Developers (I) Pvt. Ltd., is a domestic company deriving income from toll collection business and also trading in shares and d...

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Bombay High Court Directs Immediate Refund of Undisputed Income Tax Refund Under Section 168(1) of Income Tax Act, 1961 — Failure to Release Admitted Refund Despite Reminders Constitutes Arbitrary Action

The petitioner, Group M Media India Private Limited, filed a writ petition before the Bombay High Court alleging failure by the respondents (income ta...

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Bombay High Court Dismisses Revenue Appeal in Income Tax Case, Holds Compensation for Loss of Agency as Capital Receipt. Amount received by assessee for giving up right to use trade mark and resigning as director is capital receipt not taxable under Section 2(24) and Section 4 of Income Tax Act, 1961.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal allowing the appeal of the assess...