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Madras High Court Dismisses Revenue's Appeal in Deemed Dividend Case — Advances from Sister Concern for Software Development Held Not Deemed Dividend Under Section 2(22)(e) of Income-Tax Act, 1961. Business Transactions in Ordinary Course Excluded from Deemed Dividend Provisions.

The Revenue filed an appeal under Section 260A of the Income-Tax Act, 1961 against the order of the Income-Tax Appellate Tribunal, Chennai 'C' Bench d...

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High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Disallowance Under Section 14A and Capital Expenditure on Bridge Construction. Tribunal's findings that no expenditure was incurred for earning dividend income and that bridge contribution was revenue expenditure upheld.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal, Panaji Bench, which had partly a...

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Supreme Court Remands Income Tax Appeal Dismissed as Infructuous Due to Company Dissolution Under Section 560(5) of Companies Act, 1956. High Court Failed to Consider Relevant Provisions of Companies Act and Income Tax Act Regarding Continuing Liability of Dissolved Companies.

The appeal arose from a judgment of the Rajasthan High Court dismissing the Income Tax Department's appeal under Section 260A of the Income Tax Act, 1...

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Bombay High Court Quashes Reopening of Assessment in Income Tax Case — Change of Opinion Not Permissible Beyond Four Years. Reassessment Notice Under Section 148 of Income Tax Act, 1961 Set Aside as No Failure to Disclose Material Facts Was Alleged.

The petitioner, Shriram Foundry Ltd., challenged a notice dated 10 February 2011 issued under Section 148 of the Income Tax Act, 1961, seeking to reop...

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Bombay High Court Quashes Penalty Proceedings in Income Tax Case Due to Delay in Issuance of Notice Under Section 271(1)(c) of Income Tax Act, 1961. Notice Issued After 8 Years from Filing of Return Held Barred by Limitation.

The applicants, Indian Plywood Manufacturing Co. Ltd. and others, filed income tax returns for the assessment year 1992-93 on 13th September 1992. The...