Search Results for "future income taxable"

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Search Results for "future income taxable"

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Supreme Court

Supreme Court Restores Enhanced Compensation in Motor Accident Claim Case — Future Prospects and Multiplier Correctly Applied by Tribunal. The Court held that the Tribunal's assessment of income based on income tax returns, addition of 40% future prospects, multiplier of 14, and deduction of 1/3rd for personal expenses were correct under Section 166 of the Motor Vehicles Act, 1988.

1 Jan 2025

The appeal arises from a judgment of the High Court of Judicature at Patna dated 04.07.2022 in Miscellaneous Appeal No. 804 of 2017, which reduced the...

High Court

Bombay High Court Allows Writ Petition of Bank Against Income Tax Settlement Commission Order — Interest on Government Securities Accrued But Not Received Held Not Taxable Under Section 5 of Income Tax Act, 1961. The court held that under the mercantile system of accounting, interest on securities accrues only on due dates of payment, not on a day-to-day basis, and thus interest not due as on 31st March 1997 is not taxable in that assessment year.

23 Jun 2023

The petitioner, Indusind Bank Ltd., a private sector bank, filed its return of income for Assessment Year 1997-98 on 1st December 1997, declaring an i...

High Court

Bombay High Court Allows Appeal of Assessee in Income Tax Case — Write-off of Advances and Expenses Held Allowable as Business Loss Under Section 28 of Income Tax Act, 1961. The court held that amounts advanced to a business associate in the course of business dealings and written off as irrecoverable are deductible as business loss.

9 Jun 2023

The appellant, Mahindra and Mahindra Ltd., a public limited company engaged in manufacturing and trading, filed an appeal under Section 206A of the In...

High Court

Bombay High Court Allows Revenue's Appeal in Transfer Pricing Case Due to Non-Application of Mind by ITAT. Tribunal's order set aside for failing to consider the TPO's detailed analysis and rejecting comparables without proper reasoning under Section 92C of the Income Tax Act, 1961.

27 Feb 2020

The appeal was filed by the Pr. Commissioner of Income Tax - 6 under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appe...

Supreme Court

Supreme Court Allows Appeal in Income Tax Case: Subscriptions Received Under Collective Investment Schemes Held to be Capital Receipts Not Income. Peerless General Finance's Subscriptions Not Forfeited During Assessment Years, Hence Not Taxable as Income.

9 Jul 2019

The appeal arose from a dispute between The Peerless General Finance and Investment Company Ltd. (appellant) and the Commissioner of Income Tax (respo...

High Court

Bombay High Court Allows Claimant's Appeal for Enhanced Compensation in Motor Accident Case — Functional Disability of Barber Assessed at 100% Due to Leg Injury. Compensation Enhanced from Rs.2,38,100 to Rs.9,96,000 Under Section 166 of Motor Vehicles Act, 1988.

16 Aug 2018

The appellant, Sunil @ Bapu Damodar Jagtap, a barber aged 49 years, sustained a permanent disability due to a leg injury in a motor vehicle accident. ...

High Court

High Court of Bombay at Aurangabad Partially Allows MSRTC Appeal in Motor Accident Claim — Reduces Compensation by Removing 50% Future Prospects Addition for Self-Employed Deceased. The Court held that for self-employed persons, addition towards future prospects is not permissible under the Motor Vehicles Act, 1988, and modified the award accordingly.

28 Jul 2017

The Maharashtra State Road Transport Corporation (MSRTC) appealed against the judgment and order dated 11.04.2016 passed by the Motor Accident Claims ...

High Court

Bombay High Court Dismisses Insurance Company's Appeal Against Compensation Award in Motor Accident Claim — Negligence Proved and Quantum Upheld. Deceased's Income Reduced to Rs.2,800 per Month but 50% Future Prospects and Multiplier of 18 Applied Correctly.

23 Oct 2015

The case arises from a motor accident claim filed by the parents of a deceased 25-year-old man who died in a vehicular accident. The claimants, Ramrao...

High Court

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.

29 Oct 2010

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...

High Court

Bombay High Court Quashes Reopening of Assessments for Life Insurance Company Due to Change of Opinion and Lack of Full Disclosure. Reassessment notices under Section 147 of Income Tax Act, 1961 for AY 2002-03, 2003-04, and 2004-05 held invalid as the Assessing Officer had already examined the method of computation under Section 44 of Insurance Act, 1938 during original assessment.

8 Mar 2010

The petitioner, ICICI Prudential Life Insurance Company Limited, is a life insurance company registered under the Insurance Act, 1938. It filed its re...

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