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Search Results for "revenue loss"

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High Court

High Court of Bombay Examines Income Tax Appeal on Section 32AB Deduction for Additional Sugarcane Price Paid After Account Finalization. Assessee Contends That Profits Under Section 32AB Must Follow Audited Profit and Loss Account Under Parts II and III of Schedule VI of Companies Act, 1956, While Revenue Deducts Post-Year Additional Cane Price in Computing Deduction.

5 Aug 2025

The High Court of Bombay heard an income tax appeal filed by a manufacturing company engaged in producing toffees, confectionery and sugar candy again...

High Court

High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case Due to Low Tax Effect and Lack of Substantial Question of Law. CBDT Circular No.17/2019 bars appeals where tax effect is below prescribed limit, and the court found no perversity in ITAT's order regarding Section 263 revision proceedings.

22 Jan 2021

The case involves an appeal by the Pr. Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) in respect of the asse...

High Court

Bombay High Court Considers Treatment of Sales Tax Incentives as Capital or Revenue Receipt Under Income Tax Act, 1961. Appeals Filed Under Section 260A Addressed Conflicting ITAT Decisions on State Government Incentive Schemes for Backward Areas.

3 Jul 2025

The judgment concerns two income tax appeals under Section 260A of the Income Tax Act, 1961, heard together by the Bombay High Court. The central issu...

High Court

Bombay High Court Quashes Reopening of Assessment in Income Tax Case — Change of Opinion Not Permissible Beyond Four Years. Reassessment Notice Under Section 148 of Income Tax Act, 1961 Set Aside as No Failure to Disclose Material Facts Was Alleged.

14 Mar 2012

The petitioner, Shriram Foundry Ltd., challenged a notice dated 10 February 2011 issued under Section 148 of the Income Tax Act, 1961, seeking to reop...

Supreme Court

Supreme Court Allows Appeal in Income Tax Case: Subscriptions Received Under Collective Investment Schemes Held to be Capital Receipts Not Income. Peerless General Finance's Subscriptions Not Forfeited During Assessment Years, Hence Not Taxable as Income.

9 Jul 2019

The appeal arose from a dispute between The Peerless General Finance and Investment Company Ltd. (appellant) and the Commissioner of Income Tax (respo...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Interest on Funds Advanced to Sister Concern Not Justified When Own Funds Exceed Advances. The court upheld the Tribunal's finding that no disallowance under Section 36(1)(iii) of the Income Tax Act, 1961 is warranted when the assessee's own funds are sufficient to cover advances to sister concerns.

7 Oct 2015

The case involves appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, against the common order of the Income Tax Appellate Tr...

High Court

Bombay High Court Quashes Reassessment Notice for Club Membership Fees as Revenue Expenditure. Payment of entrance and subscription fees to Willington Sports Club held to be revenue expenditure, not capital expenditure, as it was for short-term membership renewal and did not create an enduring benefit.

13 Oct 2023

The petitioner, Swiss Re Services India Pvt Ltd, filed a writ petition challenging a notice dated 29 March 2010 issued under Section 148 of the Income...

High Court

Bombay High Court Upholds Reopening of Assessment Under Section 147(a) for Income Tax on Minimum Guarantee Receipts from Film Sale. Assessee's Failure to Disclose Full Consideration for Sale of Movie 'Charas' Justifies Reassessment Despite Partial Acceptance of Addition.

17 Nov 2017

The case involves an income tax reference at the instance of the assessee, who sold a movie titled 'Charas' to M/s. Prakash Pictures on a minimum guar...

High Court

KAHC010028192013_1

26 Sep 2014

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High Court

Bombay High Court Quashes Reassessment Notices in Income Tax Case Due to Lack of Independent Application of Mind by AO. Dividend Stripping Provision Under Section 94(7) of Income Tax Act, 1961 Not Applicable Where Assessee Suffered Net Loss on Sale of Mutual Fund Units Exceeding Dividend Received.

8 Mar 2024

The petitioner, Karan Maheshwari, an individual investor in shares, stocks, securities, and mutual funds, challenged a show cause notice dated 20 Augu...

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