Search Results for "Development Deduction"

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Madras High Court Dismisses Revenue's Appeals in Insurance Company Tax Case — Upholds ITAT Order on Disallowance of Claims and Deductions. The court held that the assessee's method of accounting for outstanding claims and the deduction under Section 80M were correctly allowed by the Tribunal.

The case involves a batch of appeals filed by the Principal Commissioner of Income Tax, Chennai, under Section 260A of the Income Tax Act, 1961, again...

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"Supreme Court Clarifies Legislative Competence on Alcohol Regulation: Potable vs Industrial Alcohol" "A landmark judgment addressing the scope of State and Union powers on regulating alcohol under the Indian Constitution."

The Supreme Court of India revisited the legislative competence concerning the regulation of alcohol under the Constitution. The court examined whethe...

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Bombay High Court Allows Petition Quashing Reservation Condition in Development Permission Dispute. MHADA Housing Reservation Deleted by Sanctioned Modification to Development Plan, Municipal Corporation Cannot Insist on Compliance.

The petitioner, Cosmos Constructions, a partnership firm, owned land at Chitalsar, Manpada, Thane. The Thane Municipal Corporation (TMC) imposed Condi...

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Supreme Court Allows Land Losers' Appeal in Land Acquisition Compensation Case Due to Improper Reliance on Government Floor Rates. Market Value Must Be Determined Based on Sale Exemplars Under Section 18 of Land Acquisition Act, 1894, as Small Sale Instances Cannot Be Ignored for Large Tracts.

The dispute arose from the acquisition of lands in Sultanpur, Gurugram, for constructing Express Highway Phase VII under the Land Acquisition Act, 189...

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High Court of Karnataka Allows Appeal of Co-operative Credit Society for Deduction Under Section 80P(2)(a)(i) of Income Tax Act, 1961 — Registration Under Karnataka Co-operative Societies Act, 1959 Does Not Disqualify for Deduction Under Section 80P(2)(a)(i) of Income Tax Act, 1961.

The appellant, Venugram Multipurpose Co-operative Credit Society Ltd., is a co-operative credit society registered under the Karnataka Co-operative So...

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High Court of Bombay at Goa Allows Tax Appeal in Income Tax Deduction Case — Rear Courtyard Not Part of Built-Up Area for Section 80-IB(10) Computation. The court held that the Tribunal cannot inquire into matters beyond the lis between the parties.

The appellant, M/s. Commonwealth Developers, a partnership firm, filed its return of income for the assessment year 2006-07 declaring a total income o...