Search Results for "Income Tax Act, 1922"

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Supreme Court Dismisses Revenue’s Appeal, Holding Compensation for Partial Termination of Agency is Capital Receipt. Termination of Agency for Territory Outside Hyderabad State Results in Sterilisation of Capital Asset, Not Taxable as Business Income Under Indian Income-tax Act, 1922.

The dispute arose from the income tax assessment of Messrs. Vazir Sultan & Sons, a registered firm, for the assessment year 1951-52. The firm was appo...

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Supreme Court Upholds Assessment of Hindu Deities as Individuals under Income-tax Act. Hindu Idol is Juristic Entity and "Individual" in Section 3 Includes Artificial Juridical Persons.

The case arose from income-tax assessment proceedings concerning the income from properties of two Hindu deities. The Income-tax Officer had initially...

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Bombay High Court Dismisses Revenue's Appeal on Allocation of Expenses in Section 80IB Deduction Case. Tribunal's Remand Upheld as Earlier Decision Not Challenged; Questions on Separate Unit Status and Depreciation Adjustment Admitted.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal dated ...

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Supreme Court Upholds Assessee in Income Tax Dispute Regarding Tribunal's Jurisdiction to Remand on New Grounds. Tribunal Has Power Under Section 33(4) of Income-tax Act, 1922 to Entertain New Arguments and Order Remand Despite Procedural Rules.

The Supreme Court addressed five consolidated civil appeals arising from a reference made by the Income-tax Appellate Tribunal, Bombay Bench 'A'. The ...

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Bombay High Court Upholds Tribunal's Decision on Competency of Income Tax Officer to Assess Under Estate Duty Act. Assessment by Income Tax Officer, Trust-cum-Estate Duty Circle Held Non-Est for Lack of Proper Appointment.

The case pertains to a reference under Section 64(1) of the Estate Duty Act, 1953, made by the Collector of Estate Duty, Nagpur, against the order of ...

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Supreme Court Dismisses Assessee Bank's Appeal in Income-Tax Case on Taxability of Dividend Income Received After Merger of State. Dividend Encashed in Taxable Territories After Merger, Not Deemed Paid on Declaration Date Under Section 16(2) of Income-tax Act, 1922, Thus Taxable in Year of Receipt.

The Supreme Court dismissed the appeal of Benaras State Bank Ltd. against the Commissioner of Income-tax, Lucknow, in a dispute concerning the taxabil...

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Bombay High Court Allows Revision Petition Under Section 264 of Income Tax Act Despite Retrospective Amendment After Assessment Order. Commissioner Must Consider Retrospective Amendment as Law Deemed to Exist on Date of Assessment Order.

The petitioner, Kalpesh M. Nagda, filed his return of income for Assessment Year 2003-2004 on 25 November 2003, declaring total income of Rs.48,22,312...

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Supreme Court Upholds Revenue's Treatment of Profit-Sharing Payment as Capital Expenditure under Income-tax Act, 1922. Payment of Annual Percentage of Net Profits to Seller Government for Acquisition of Industrial Undertakings Held Capital in Nature, Not Revenue Deduction Under Section 10(2)(xv).

The appellant company, Travancore Sugars and Chemicals Ltd., was formed to take over certain industrial undertakings from the Government of the erstwh...