Search Results for "Income Tax Act, 1961"

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"Bombay High Court Rules on Deemed Registration of Trusts Under Income Tax Act" "Trust's registration deemed granted due to CIT's delayed response."

The Bombay High Court ruled that the Respondent was entitled to a deemed registration under the Income Tax Act (Section 12AA) due to the failure of t...

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Income Tax Assessment of Rental Income for Leasing Companies: A Judicial Review. Evaluating the Taxable Nature of Leasing Income: Business Gains or House Property Income?

The Bombay High Court evaluated whether rental income from leasing properties should be classified as "Income from House Property" or "Income from Bus...

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Supreme Court Clarifies Deduction of Broken Period Interest for Banks Treating Securities as Stock-in-TradeDeduction Allowed as Revenue Expenditure for Banks Holding Securities as Stock-in-Trade

The Supreme Court addressed the treatment of broken period interest for tax purposes. The issue centered on whether broken period interest could be de...

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A Judicial Analysis of Bogus Purchases and Disallowances.

The Bombay High Court addressed three income tax appeals filed by Appellant challenging the findings of the Income Tax Appellate Tribunal (ITAT) and t...

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High Court Upholds Exemption for Shirdi Sai Baba Trust's Anonymous Donations Religious and Charitable Trust Entitled to Tax Exemption Under Section 115BBC(2)(b)

The Bombay High Court, involves the appeals by the Commissioner of Income Tax (CIT) challenging the Income Tax Appellate Tribunal's (ITAT) decision in...

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"High Court Denies Hindustan Unilever Ltd.’s Writ Petition Against Income Tax Demand; Directs Appeal as Remedy" "Jurisdictional authority and tax compliance obligations scrutinized in a high-value international intellectual property rights acquisition."

The Bombay High Court dismissed Hindustan Unilever Ltd.'s writ petition challenging a demand raised by the Deputy Commissioner of Income Tax under Sec...

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Double Taxation Due to Inadvertent Mistake Rectified: Bombay High Court Allows Revision Under Section 264. Commissioner’s Rejection of Revision Applications Overruled; Powers Under Section 264 Applied to Correct Over-Assessment.

This case involves three petitions filed by the assessee challenging the rejection of its revision applications under Section 264 of the Income Tax Ac...

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"Bombay High Court Quashes Tax Proceedings Against Uttam Value Steels Ltd. Post-Resolution Under IBC" "Resolution Plan Approval Under IBC Shields Corporate Debtor from Pre-Insolvency Tax Claims."

  1. Background of the Case: The petition was filed by Uttam Value Steels Ltd. and Mr. Subodh Karmarkar challenging multi...