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Search Results for "assessee company"

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High Court

Bombay High Court Allows Deduction for Salary Arrears and Exgratia Bonus in Income Tax Appeal — Liability Under Palekar Award Accrued in Relevant Year. The Court held that provision for additional salary and wages arising from Justice Palekar Award and exgratia bonus paid over and above eligible bonus under Payment of Bonus Act are allowable as business expenditure under Section 37(1) of Income Tax Act, 1961.

8 Mar 2024

The appellant, Indian Express Newspapers (Bombay) Ltd., engaged in printing and publishing, filed an appeal against the order of the Income Tax Appell...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material Beyond Four Years. Reassessment Cannot Be Based Solely on Subsequent Year's Assessment Order Without Allegation of Failure to Disclose Material Facts.

24 Jan 2012

The Petitioner, Sitara Diamond Pvt. Ltd., filed a writ petition under Article 226 of the Constitution challenging a notice dated 20 June 2011 issued u...

High Court

Bombay High Court Upholds Reassessment Order and Penalty in Income Tax Reference — Limitation Period and Show-Cause Notice Validity Upheld. The court held that the reassessment order for assessment year 1959-60 was within limitation under Section 153(2)(a) of the Income Tax Act, 1961, and the penalty notice under Section 271(1)(c) was valid despite use of 'etc' and 'or'.

24 Nov 2015

The case is an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, arising from proceedings against M/s R. B. Shreeram Durgaprasad,...

High Court

High Court of Karnataka Quashes ITAT's Rectification Order in Income Tax Case — Tribunal Exceeded Jurisdiction Under Section 254(2) by Reviewing Its Own Decision. Mistake Apparent from Record Must Be Obvious and Not Require Re-appreciation of Evidence.

23 Sep 2023

The petitioner, M/s. I.G. Petrochemicals Ltd., an assessee under the Income Tax Act, 1961, filed a writ petition challenging the order dated 05.09.202...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Fresh Material. Section 148 Notice Based on Mere Change of Opinion Without New Tangible Material is Invalid.

10 Feb 2023

The petitioner, Konark Life Spaces, a registered partnership firm, challenged a notice under Section 148 of the Income Tax Act, 1961 dated 30 March 20...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Reassessment Based on Mere Change of Opinion is Invalid. The court held that where the Assessing Officer had already considered the issue of set-off of short-term capital gain during scrutiny assessment, reopening after four years without fresh material is impermissible.

31 Aug 2021

The petitioner, First Source Solutions Limited, engaged in contact centre and transaction processing services, had two SEZ units for AY 2012-13. The P...

High Court

Bombay High Court Allows Appeal in Income Tax Case on Allocation of R&D Expenses. ITAT's presumption of benefit from head office R&D expenses to manufacturing units without factual nexus is unsustainable under Income Tax Act, 1961.

12 Sep 2012

The appellant, Zandu Pharmaceuticals Works Limited, is a company engaged in manufacturing ayurvedic medicines and ointments. It has a head office and ...

Supreme Court

Supreme Court Allows Revenue Appeal: Rectification Under Section 35 of Income-tax Act Valid for Mistake Arising from Retrospective Amendment. Retrospective Operation of Proviso to Section 18-A(5) Renders Original Assessment Order Erroneous on Face of Record.

28 Apr 1958

The dispute arose from the retrospective amendment of Section 18-A(5) of the Indian Income-tax Act, 1922 by the Indian Income-tax (Amendment) Act, 195...

High Court

High Court of Karnataka Allows Revenue's Appeal in Income Tax Reopening Case — CBDT's Rejection of Assessee's Objection Upheld. The Court held that the Assessing Officer's satisfaction based on tangible material is sufficient for reopening under Section 148 of the Income Tax Act, 1961, and the Single Judge erred in quashing the reopening notice.

2 Jul 2021

The present writ appeal arises out of an order dated 6.1.2020 passed by the learned Single Judge in W.P.No.18419/2018 (Vasudev Adigas Fast Foods Pvt.L...

High Court

Bombay High Court Dismisses Revenue Appeal in Income Tax Case on Interpretation of Explanation to Section 73 — Share Trading Loss Not Speculative Where Non-Speculative Income Exceeds Loss. The court held that gross total income for the exception includes all income chargeable under the Act, and if non-speculative income exceeds speculative loss, the exception applies.

2 Feb 2012

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tribunal (ITAT) which had u...

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