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High Court

Bombay High Court Allows Revision Petition in Income Tax Refund Interest Calculation Case — Held that Section 214 Amendment Applies to Pending Proceedings and Assessing Officer Must Recompute Interest. The court directed the assessing officer to recompute interest under Section 214 of the Income Tax Act, 1961, while giving effect to the appellate order.

13 Dec 2005

The petitioner, M/s Ultramarine & Pigments Ltd., filed a writ petition challenging the order dated 30th January 1992 passed by the Commissioner of Inc...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Reasons. Notice Under Section 148 of Income Tax Act, 1961 Set Aside as Assessing Officer Failed to Record and Disclose Reasons for Reopening Assessment Completed Under Section 143(3).

16 Aug 2005

The petitioner, Tanna Builders Pvt. Ltd., filed its return for assessment year 1985-86 on 28th June 1985. The Assessing Officer completed the assessme...

High Court

Bombay High Court Dismisses Revenue Appeal in Income Tax Case — Funds Collected by Sugar Cooperative from Cane Growers Held Not Trading Receipts. The Court followed Supreme Court precedent in CIT v. Shri Chhatrapati Sahakari Sakhar Karkhana Ltd. (270 ITR 1) and its own Division Bench in Krishna Sahakari Sakhar Karkhana Ltd. v. CIT (229 ITR 1) to hold that various funds and deposits collected from cane growers are not trading receipts.

8 Aug 2005

The Revenue appealed under Section 260A of the Income Tax Act against the order of the Income Tax Appellate Tribunal. The Tribunal had deleted additio...

High Court

Bombay High Court Dismisses Revenue's Application in Income Tax Reference — Reassessment Notice Barred by Limitation and Deduction Under Section 80P(2)(a)(i) for Interest on Government Securities Held Against Statutory Reserve Fund by Co-operative Bank is Allowable. The court upheld the Tribunal's finding that the reassessment proceedings initiated under section 148 were time-barred and that the interest income on Government securities is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961.

16 Aug 2005

The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, seeking a reference to the Hig...

High Court

Bombay High Court Dismisses Revenue's Application in Co-operative Bank Deduction Case — Interest on Government Securities Earmarked Against Statutory Reserve Fund Held Eligible for Deduction Under Section 80P(2)(a)(i) of Income Tax Act, 1961. The court found no question of law arose as the ITAT's decision followed the Supreme Court's ruling in Madhya Pradesh Co-op. Bank Ltd. v. Addl. CIT.

16 Aug 2005

The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, against the Maharashtra State ...

High Court

Bombay High Court Dismisses Revenue's Application Under Section 256(2) of Income Tax Act, 1961 — Co-operative Bank's Interest on Government Securities Held Eligible for Deduction Under Section 80P(2)(a)(i). The Court upheld the Tribunal's finding that interest income from securities forming part of statutory reserve fund is attributable to the business of banking and qualifies for deduction.

16 Aug 2005

The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, seeking a reference to the Hig...

High Court

Bombay High Court Allows Deduction for Spouse's Foreign Travel Expenses Accompanying Director on Business Trip. The court held that the Tribunal was right in allowing the assessee's claim for foreign travel expenses of the spouse of a director under Section 37(1) of the Income Tax Act, 1961, as the expenditure was incurred wholly and exclusively for business purposes.

19 Aug 2005

The case pertains to an income tax reference under Section 256(1) of the Income Tax Act, 1961, by the Commissioner of Income-tax, Bombay City-I, again...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Section 80IB Deduction Case. Proportionate deduction for housing units with built-up area below 1500 sq.ft. is permissible under Section 80IB of the Income Tax Act, 1961, as the condition applies unit-wise.

22 Sep 2020

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITAT) date...

High Court

High Court of Karnataka Allows Revenue to Withdraw Appeal in Income Tax Case — Liberty Granted to Raise Similar Questions in Other Appeals. Appeal under Section 260-A of Income Tax Act, 1961 dismissed as withdrawn without prejudice.

9 Jul 2020

The present appeal was filed by the Revenue under Section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (I...

High Court

High Court Dismisses Revenue's Appeal as Withdrawn in Income Tax Case — Liberty Granted to Raise Similar Questions in Other Appeals. The appeal under Section 260-A of the Income Tax Act, 1961, was withdrawn by the revenue without prejudice to raising similar issues in other appeals.

9 Jul 2020

The case is an appeal filed by the revenue (Pr. Commissioner of Income Tax and Deputy Commissioner of Income Tax) under Section 260-A of the Income Ta...

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