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Supreme Court Allows Revenue Appeals in Income Tax Special Audit Time Extension Case. Assessing Officer Had Suo Motu Power to Extend Time Under Section 142(2C) Even Before 2008 Amendment.

The case involves a batch of appeals by the Commissioner of Income Tax against the judgment of the Delhi High Court, which had dismissed the Revenue's...

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Bombay High Court Allows Revenue Appeal in Part on Reimbursement of Expenses Taxability Under Income Tax Act, 1961 — Reimbursement of Actual Expenses Not Taxable as Income, but Interest Under Section 234B is Mandatory.

The appeal by the Revenue under the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tribunal (ITAT) for the assessment year 199...

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Bombay High Court Dismisses Insurance Company's Appeal in Motor Accident Claim. Insurance Company Liable to Pay Compensation as Breach of Policy Condition Not Proved and No Contributory Negligence Established.

The case arises from a motor accident claim filed by the legal representatives of Suyog Bajirao Jagdale, who died due to injuries sustained in a road ...

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Bombay High Court Allows Appeal in Income Tax Case on Allocation of R&D Expenses. ITAT's presumption of benefit from head office R&D expenses to manufacturing units without factual nexus is unsustainable under Income Tax Act, 1961.

The appellant, Zandu Pharmaceuticals Works Limited, is a company engaged in manufacturing ayurvedic medicines and ointments. It has a head office and ...

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High Court of Madras Considers Interplay of Section 40A(7) and Section 43B for Deduction of Gratuity Provision. The Court Examined Whether Specific Provision Overrides Requirement of Actual Payment, but Final Verdict Not Available in Provided Excerpt.

The case concerned an appeal by the assessee, a manufacturer of specialty chemicals, against the disallowance of a provision for gratuity of Rs.31,24,...

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High Court of Bombay at Goa Allows Tax Appeal on Valuation of Work in Progress in Real Estate — Accounting Standard AS-7 Must Be Followed for Correct Profit Computation. Tribunal's Reliance on Precedent Without Notice Violates Natural Justice.

The appellant, Kayji Real Estate Pvt. Ltd., a company incorporated under the Companies Act, 1956, filed an appeal under the Income Tax Act, 1961, chal...