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Supreme Court Dismisses Assessee's Appeal: Profit from Share Sales Held as Trading Income, Not Capital Gain. Purchase and Quick Resale of Shares with Borrowed Funds and Debiting Interest as Revenue Expenditure Indicated a Well-Planned Scheme to Earn Profits under the Income Tax Act, 1922.

The assessee firm, Juggilal Kamlapat, Kanpur, was engaged in promoting companies and financing sister concerns of the J.K. Group. During the assessmen...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Revision Case — Tribunal's Order Not Erroneous or Prejudicial to Revenue. Transfer of Shares for Debt Settlement and Lease Premium Income Treated as Capital Receipts, Not Revenue.

The appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal (Tribunal) dated 21...

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Bombay High Court Dismisses Writ Petition Challenging DRT Orders on Limitation Act Applicability to RDDBFI Act Appeals. Court Holds Section 5 of Limitation Act Applies to Appeals Under Section 30 of RDDBFI Act, Rejecting Petitioners' Argument That Special Statute Excludes Limitation Act.

The petitioners, owners of apartments in Jupiter Complex, Nagpur, challenged orders of the Debts Recovery Tribunal (DRT) and Debts Recovery Appellate ...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Case — Revised Return Barred by Limitation Under Section 139(5) of Income Tax Act, 1961. Assessing Officer Cannot Entertain Claim Made After Expiry of Time for Filing Revised Return.

The appellant-assessee, M/s. Shriram Investments, filed a return of income on 19 November 1989 for the assessment year 1989-90 under the Income Tax Ac...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Block Assessment Case — Unexplained Investment of Rs. 1,50,000 Not Assessable as Undisclosed Income. The court held that the assessee had satisfactorily explained the source of investment and the addition was based on mere suspicion.

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Bangalore, dated 3...

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High Court Dismisses Revenue's Appeal in Software Export Tax Exemption Case. ITAT's finding that assessee's software development services qualify as 'computer software' under Section 10B of Income Tax Act, 1961 upheld.

The present appeal was filed under Section 260-A of the Income Tax Act, 1961 by the Income Tax Department (appellants) against the order dated 19.01.2...