Search Results for "allowable expenditure"

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Search Results for "allowable expenditure"

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High Court

Bombay High Court Allows Deduction for Bad Debts and Provision for Bad Debts Under Sections 36(1)(vii) and 36(1)(viia) of Income-tax Act, 1961 — Independent Deductions Permitted Without Double Deduction. The Court held that the two deductions are independent and the proviso to Section 36(1)(vii) only limits the deduction under that clause to the extent the bad debt exceeds the credit balance in the provision account made under Section 36(1)(viia).

19 Sep 2024

The case involves two appeals by the assessee, The United Western Bank Ltd. (merged with Industrial Development Bank of India), against the order of t...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasonable Belief and Change of Opinion. Reassessment Beyond Four Years Invalid Without Proof of Failure to Disclose Material Facts.

30 Jun 2023

The petitioner, Vedanta Limited (formerly Sterlite Opportunities and Ventures Limited), challenged a notice dated 28 March 2008 issued under Section 1...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Reopening Based on Mere Change of Opinion on Allowability of Sales Promotion and Physician Sample Expenses is Invalid.

10 Feb 2023

The petitioner, Abbott India Limited (successor of Solvay Pharma India Ltd.), challenged a notice dated 27 March 2015 issued under Section 148 of the ...

High Court

High Court of Bombay at Goa Allows Tax Appeal in Part on Demurrage Disallowance and Education Cess Deduction — Demurrage paid to non-resident buyers not taxable under section 172 of Income Tax Act, 1961 as occasional shipping; Education Cess allowable as deduction in year of payment.

28 Feb 2020

The judgment concerns two tax appeals filed by Sesa Goa Limited against the Joint Commissioner of Income Tax, Range 1, Panaji Goa, arising from assess...

High Court

Bombay High Court Allows Assessee's Appeal in Income Tax Case — Forfeited Amount Under Abandoned Contract Held as Revenue Expenditure. Amount forfeited for failure to complete purchase of windmill project treated as business loss deductible under Section 37(1) of Income Tax Act, 1961, not capital expenditure.

13 Mar 2019

The appellant, an individual assessee, filed his return of income for the assessment year 2009-2010 claiming a deduction of Rs.90,00,000/- as revenue ...

High Court

High Court of Karnataka Dismisses Revenue Appeals in Income Tax Exemption Cases for Charitable Trusts and Religious Institutions. Held that registration under Section 12AA and exemption under Section 11 of the Income Tax Act, 1961 cannot be denied solely on the ground of commercial activities if they are incidental to the charitable object.

22 Feb 2016

The High Court of Karnataka heard a batch of appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961, challenging the orders of t...

High Court

Bombay High Court Dismisses Revenue's Appeal in MAT Credit Case — Credit for Brought Forward MAT Must Be Given Before Computing Interest Under Section 234B of Income Tax Act, 1961. The Court held that MAT credit reduces the tax payable on assessment and must be deducted from gross demand before charging interest under Section 234B.

6 Apr 2010

The appeal by the Revenue arose from an order of the Income Tax Appellate Tribunal dated 20 June 2007, concerning assessment year 2000-2001. The asses...

High Court

Bombay High Court Dismisses Revenue's Appeal in Keyman Insurance Premium Deduction Case. Partnership Firm's Premium on Partner's Life Insurance Held Allowable as Business Expenditure Under Section 37(1) of Income Tax Act, 1961.

31 Mar 2010

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal (ITAT) which had co...

High Court

Bombay High Court Quashes Reassessment Notices for HUF Assessee in Income Tax Case — Lack of Reasonable Belief of Income Escaping Assessment. Notices under Section 148 of Income Tax Act, 1961 set aside as reasons for reopening were based on mere change of opinion and not on fresh tangible material.

5 Sep 2006

The petitioner, a Hindu Undivided Family (HUF) carrying on cotton ginning and pressing business, challenged four notices dated 30 March 2004 issued un...

High Court

Bombay High Court Upholds Assessee in Income Tax Reference on Section 80M Deduction. Deduction under Section 80M is to be computed on gross dividend income without deducting interest and other expenditure incurred for earning such dividend, as per Section 80AA read with Section 80M of the Income Tax Act, 1961.

30 Sep 2005

The case involved a reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal to the Bombay High Court. The ass...

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