Search Results for "section 260A"

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Search Results for "section 260A"

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High Court

Madras High Court Allows Assessee's Appeal in MAT Computation Case — Capital Gain on Sale of Fixed Assets Cannot Be Added to Book Profit Under Section 115JB When Not Credited to Profit and Loss Account. The Court held that the Assessing Officer cannot rework book profit under Section 115JB by including capital gains directly absorbed in the balance sheet, as the computation under Section 115JB must be based on the profit as shown in the profit and loss account prepared in accordance with the Companies Act.

20 Mar 2026

The appellant, M/s PVP Corporate Parks Pvt. Ltd., a private limited company engaged in leasing and renting of amenities and buildings, filed its incom...

Supreme Court

Supreme Court Upholds Revenue in Income Tax Reassessment Case on Limitation and Computation Grounds. Reassessment under Sections 147 and 148 of Income Tax Act, 1961 Held Valid as Assessee Failed to Disclose Material Facts, and Notice Served on Partnership Firm Was Proper Despite Section 282(2) Argument.

23 Jan 2024

The dispute arose from reassessment proceedings under the Income Tax Act, 1961, involving a partnership firm engaged in publishing newspapers and peri...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case — Gain on Pre-payment of Deferred VAT/Sales Tax Held as Revenue Receipt. The court held that the benefit arising from prepayment of deferred sales tax liability at a discounted NPV is a revenue receipt taxable under Section 41(1) of the Income Tax Act, 1961, as it represents a remission or cessation of a trading liability.

5 Feb 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) dated...

High Court

Bombay High Court Allows Appeal in Income Tax Case — Disallowance of Business Expenditure Set Aside. Tribunal erred in disallowing Rs.11,76,540/- as business expenditure under Income Tax Act, 1961 without proper appreciation of evidence.

6 Jul 2018

The appellant-assessee, Indian Galvanics Cyrium Foils Ltd., a closely held industrial company engaged in manufacturing copper foils at Gandhi Nagar, f...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Prospective Application of Section 234D. Interest Under Section 234D of the Income Tax Act, 1961 Cannot Be Charged for Assessment Year 2002-03 as the Provision Applies Only From Assessment Year 2004-05.

12 Sep 2012

The appeal by the revenue under section 260A of the Income Tax Act, 1961 challenged an order dated 24/11/2010 of the Income Tax Appellate Tribunal in ...

High Court

Bombay High Court Dismisses Revenue's Appeal in Ship Breaking Scrap Addition Case. ITAT's deletion of addition upheld as based on proper appreciation of evidence and industry practice.

20 Jul 2012

The case involves an appeal by the Commissioner of Income Tax (Revenue) under Section 260A of the Income Tax Act, 1961, against an order of the Income...

High Court

Bombay High Court Dismisses Tax Appeals in Income Tax Case — Commission and Deposit Additions Upheld as Findings of Fact. No Substantial Question of Law Arises Under Section 260A of the Income Tax Act, 1961.

15 Feb 2012

The appellant, Vijay Narayandas Rizwani, was an assessee carrying on business of distribution of country liquor. For the assessment year 1994-95, he f...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case on Computation of Deduction Under Section 80HHC for Book Profits Under Section 115JB. The court held that the deduction under Section 80HHC for computing book profits under Section 115JB must be quantified with reference to the profits as per accounts adjusted under Section 115JB, not the normal computation under Chapter IV-D.

9 Jul 2010

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 for As...

High Court

Bombay High Court Allows Revenue Appeal in DEPB Taxation Case - Face Value of Duty Entitlement Passbook Chargeable Under Section 28(iiib) at Accrual, Excess Over Face Value Under Section 28(iiid) at Sale. The court held that the Tribunal erred in holding that the entire sale proceeds of DEPB are not profits under Section 28(iiid) and that face value should be deducted from sale proceeds.

28 Jun 2010

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961 arose from a decision of the Special Bench of the Income Tax Appellate Tribun...

High Court

High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Filing of Statement Under Section 209A Does Not Automatically Lead to Underestimation of Advance Tax for Section 216 Interest. Interest under Section 216 of Income Tax Act, 1961 requires a finding of underestimation of income or profits, not merely a difference between estimated and actual income.

22 Aug 2005

The case involves an appeal by the Commissioner of Income Tax (Revenue) against the order of the Income Tax Appellate Tribunal which upheld the deleti...

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