Search Results for "Interest Deduction"

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Bombay High Court Dismisses NHAI Appeals in Land Acquisition Compensation Disput...
Bombay High Court Issues Notice in Service Matter Challenging Deletion of Names ...
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Search Results for "Interest Deduction"

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Supreme Court

Supreme Court Decides Tax Deduction at Source Liability for Cellular Mobile Service Providers Under Income Tax Act, 1961 - The Court clarified that obligation under Section 194-H requires principal-agent relationship between payer and payee as per Section 182 of Contract Act, 1872, and payments must be for services in buying/selling goods or asset transactions, not being securities.

28 Feb 2024

The Supreme Court delivered a common judgment addressing appeals by the Revenue and assessees, who were cellular mobile telephone service providers, c...

Supreme Court

Supreme Court Partially Allows Land Acquisition Compensation Appeals by Modifying Deduction Percentage. The Court enhanced compensation from Rs.11,30,000 to Rs.13,54,200 per acre after reducing the deduction from 50% to 40% when applying sale instances of smaller plots to determine market value under the Land Acquisition Act, 1894.

10 Mar 2022

The Supreme Court heard a group of appeals concerning compensation for lands acquired under the Land Acquisition Act, 1894. The Chandigarh Administrat...

Supreme Court

Supreme Court Allows Appeal in Income Tax Deduction Case for Pharmaceutical Freebies. Expenses on Gifting Freebies to Medical Practitioners Are Deductible Under Section 37(1) of Income Tax Act, 1961, as Indian Medical Council Regulations Only Prohibit Acceptance, Not Gifting, Under Explanation 1.

22 Feb 2022

The dispute involved a pharmaceutical company, referred to as Apex, appealing against a High Court judgment that upheld orders disallowing part of its...

High Court

High Court of Karnataka Allows Enhancement of Compensation in Motor Accident Claim — Deduction of Insurance Premium from Compensation Set Aside. Claimants entitled to full compensation without deduction of premium paid by employer under group insurance scheme.

4 Mar 2021

The claimants, mother, father, and brother of the deceased Sagar N, filed an appeal under Section 173(1) of the Motor Vehicles Act, 1988, against the ...

High Court

High Court of Karnataka Enhances Compensation in Motor Accident Claim Case — Deceased was a 60-year-old agriculturist earning Rs.6,000 per month; Tribunal's notional income of Rs.4,500 per month enhanced to Rs.6,000 per month with multiplier of 9 and 1/3rd deduction for personal expenses.

8 Jan 2021

The appeal was filed by the claimants (wife and children of the deceased Buddappa) under Section 173(1) of the Motor Vehicles Act, 1988, against the j...

High Court

High Court of Karnataka Allows Assessee's Appeal in Income Tax TDS Case — Provision for Interest on Delayed Payments Not Subject to TDS Under Section 194A of Income Tax Act, 1961. The court held that a mere provision for contingent interest liability does not amount to 'payment' or 'credit' to a specific payee, and thus no obligation to deduct tax at source arises.

2 Feb 2016

The appellant, M/s Karnataka Power Transmission Corporation Limited, a government undertaking engaged in power transmission, filed appeals under Secti...

High Court

High Court of Bombay at Goa Allows Appeal in Part Regarding Computation of Deduction Under Section 80HHC of Income Tax Act, 1961 — Receipts from Hire of Barges, Proceeds of Services, Repairs of Vessels, and Extraction Charges Held Part of Total Turnover for Export Deduction.

7 May 2015

The appellant, Sesa Goa Ltd., is a company engaged in the business of mining and export of iron ore. For the assessment year 1996-1997, the appellant ...

High Court

Bombay High Court Dismisses Revenue's Appeal in Euro Issue Expenditure Deduction Case — Expenditure Incurred for Raising Capital Abroad Held Deductible as Cost of Acquisition Under Section 48 of Income Tax Act, 1961. No Tax Deduction at Source Required Under Section 195 for Payments to Non-Residents for Services Rendered Outside India.

3 Jul 2014

The case involves an appeal by the Director of Income Tax (International Taxation) against the order of the Income Tax Appellate Tribunal (ITAT) dated...

High Court

Bombay High Court Upholds Deduction for Initial Contribution to Superannuation Fund Under Section 37 of Income Tax Act, 1961 — Rules 87 and 88 Held Not to Override Section 36(1)(iv). The court allowed deduction under Section 37 for the entire initial contribution to the superannuation fund in respect of past service liability of employees admitted for the first time.

30 Sep 2005

The case is an income tax reference under Section 256 of the Income Tax Act, 1961, arising from the Income Tax Appellate Tribunal's order. The Commiss...

High Court

Bombay High Court Upholds Tribunal's Decision Allowing Interest Deduction Under Section 36(1)(iii) for Dealer in Shares. Interest on Borrowed Funds for Investment in Shares Held as Stock-in-Trade is Business Expenditure, Not to be Reduced from Dividend Income Under Section 57(iii) of Income Tax Act, 1961.

30 Sep 2005

This is a reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the Revenue, arising from the order of the Income Tax Appella...

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