Search Results for "Interest Disallowance"

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Search Results for "Interest Disallowance"

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Supreme Court

Supreme Court Partly Allows Appeals in Income Tax Dispute Over Disallowance of Fees and Taxes Under Section 40(a)(iib) of Income-tax Act, 1961. The Court upheld the High Court's finding that gallonage fee, licence fee, and shop rental for FL9 licences were disallowable as exclusive levies on a State Government undertaking, while those for FL1 licences were not exclusive, and surcharge on sales tax and turnover tax were not fees or charges under Section 40(a)(iib) of the Income-tax Act, 1961.

3 Jan 2022

The appeals arose from a common judgment of the High Court of Kerala in income tax matters involving Kerala State Beverages Manufacturing & Marketing ...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Cannot Be Imposed When Assessment Appeal Is Pending on Substantial Questions of Law. The court held that when the assessment order is under challenge and the appeal has been admitted on substantial questions of law, the issue is debatable and penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be imposed.

3 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) which had di...

Supreme Court

Supreme Court Dismisses Assessee in Income Tax Matter as Loss from Share Sale Not Arising in Ordinary Course of Business. Assessee Purchased Shares at Above Market Price as Part of Scheme for Acquisition of Managing Agency, Making Transaction Extraordinary.

7 Aug 1969

The assessee, Star Company Limited, was a public limited company engaged in the business of dealing in shares and securities. During the assessment ye...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Cannot Be Imposed When Assessment Appeal Is Pending on Substantial Questions of Law. The court held that when the assessment order is under challenge and the appeal has been admitted on substantial questions of law, the issue is debatable and penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be imposed.

3 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) which had di...

High Court

Madras High Court Allows Assessee's Appeal in Income Tax Exemption Case — Liquidated Damages, Underwriting Commission, and Structuring Fees Held Eligible for Section 10(23G) Exemption. Prior Decision on Liquidated Damages Followed; Underwriting Commission and Structuring Fees Deemed 'Interest' Under Explanation to Section 10(23G).

20 Jan 2026

The appellant, M/s IDFC Limited, a financial institution, filed a Tax Case Appeal under Section 260A of the Income Tax Act, 1961, challenging the orde...

Supreme Court

Supreme Court Dismisses Assessee's Appeal in Income Tax Deduction Dispute Over Commission Paid to General Manager. Expenditure disallowed as excess over reasonable remuneration was not laid out wholly for business purposes under Section 10(2)(xv) of the Income-tax Act, 1922.

2 Aug 1968

This appeal arose from an income-tax assessment where the assessee, a woollen manufacturer, had appointed one V as General Manager. The terms of appoi...

High Court

High Court Dismisses Revenue Appeal in Income Tax Penalty Case — No Substantial Question of Law Arises. Penalty under Section 271(1)(c) of Income Tax Act, 1961 cannot be imposed for mere disallowance of claim without finding of concealment or furnishing inaccurate particulars.

21 Jun 2018

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal dated 29.12.2016, w...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Unexplained Cash Credit Addition Deleted as Assessee Proved Identity, Creditworthiness, and Genuineness of Transaction Under Section 68 of Income Tax Act, 1961. The court held that once the assessee provides evidence of identity, creditworthiness, and genuineness, the onus shifts to the revenue to prove that the amount represents the assessee's own income.

19 Mar 2015

The revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed appeals under Section 260-A of the Income Tax Act, 1961, chall...

High Court

Bombay High Court Dismisses Revenue's Appeal in Bank Taxation Case — Excess Cash at Counters Not Income, PF Dues Grace Period Allowed, Interest on Securities Not Accrued, Bad Debt Deduction Upheld, Advance Income Not Taxable. The court upheld the ITAT's order deleting additions and directing allowances on five issues under the Income Tax Act, 1961.

23 Apr 2010

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) for assessment year 2002-03, raising five questions of law. The fir...

High Court

Bombay High Court Dismisses Revenue's Application for Reference 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 the Income Tax Act, 1961.

16 Aug 2005

The case involves an application under section 256(2) of the Income Tax Act, 1961, filed by the Commissioner of Income Tax, Mumbai City III, against t...

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