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Search Results for "revenue income"

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High Court

Bombay High Court Quashes Reassessment Proceedings Against Company Resolved Under IBC — Clean Slate Principle Applies to Past Tax Claims. Section 31 of IBC binds tax authorities, and no reassessment can be initiated for pre-resolution period.

28 Aug 2024

The petitioners, Uttam Galva Metallics Ltd. (the corporate debtor) and its director, challenged reassessment proceedings initiated by the Income Tax D...

High Court

Bombay High Court Allows Revenue Expenditure Claim for Floor Height Raising in Warehouse to Prevent Flood Damage. Expenditure incurred to protect business and retain major customer is revenue expenditure under Section 37(1) of Income Tax Act, 1961.

9 Dec 2021

The appellant, Jetha Properties Private Limited, was a warehouse keeper operating a warehouse in an area prone to severe water logging during monsoon....

High Court

Bombay High Court Allows Writ Petition for Interest on Refund Under Section 244A of Income Tax Act, 1961 — Petitioner Entitled to Interest from Date of Payment of Tax to Date of Refund. The court held that interest on refund is payable under Section 244A from the date of payment of tax to the date of refund when the refund arises due to an appellate order reducing the tax liability.

16 Jun 2023

The petitioner, M/s. J. K. Industries, a registered partnership firm engaged in ship breaking, filed its return of income for Assessment Year 1984-85 ...

High Court

Bombay High Court Allows Assessee's Appeals in Transfer Pricing Adjustment Case Due to Department's Acceptance of Same Methodology in Earlier Years and Tribunal's Failure to Follow Co-ordinate Bench Precedent. The court set aside the ITAT order and remanded for fresh consideration, emphasizing the rule of consistency and binding nature of co-ordinate bench decisions under Section 260A of the Income Tax Act, 1961.

28 Jul 2023

The appellant, Cummins India Limited, filed three appeals under Section 260A of the Income Tax Act, 1961, against the order dated 28th September 2022 ...

High Court

Bombay High Court Allows Writ Petition Challenging Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reassessment Notice Quashed as Based on Mere Change of Opinion Where Original Assessment Under Section 143(3) Had Examined Section 54 Exemption Claim.

15 Mar 2022

The petitioner, Gagan Omprakash Navani, an individual assessed to tax, filed a return of income for Assessment Year 2016-2017 on 10 April 2017, declar...

High Court

Bombay High Court Allows Petition by TPAs Challenging TDS Notices Under Section 194J of Income Tax Act. Payments to Hospitals by TPAs for Health Insurance Claims Are Not Subject to TDS as They Are Not Fees for Professional or Technical Services.

3 May 2010

The petitioners, Dedicated Health Care Services TPA (India) Pvt. Ltd. and others, are Third Party Administrators (TPAs) registered with the Insurance ...

Supreme Court

Supreme Court Dismisses Appeal of NBFC in Income Tax Dispute on Set-off of Speculation Loss. Principal Business Determined by Actual Activities, Not Registration; Amendment to Explanation to Section 73 Held Prospective.

30 Apr 2019

The appeal arose from a judgment of the Calcutta High Court in an appeal under Section 260A of the Income Tax Act, 1961, concerning the assessment yea...

High Court

Bombay High Court Allows Appeal in Capital Gains Tax Case — Transfer of Property Under Development Agreement Held to Occur in Assessment Year 2001-02, Not 2002-03. The Court ruled that the transfer of possession and part performance under Section 53A of the Transfer of Property Act, 1882 triggered capital gains tax under Section 2(47)(v) of the Income Tax Act, 1961 in the year of the development agreement, reversing the Tribunal's finding.

17 Jan 2018

The case involves two appeals by Dr. Joao Souza Proenca and Ms. Sara Proenca, husband and wife, against a common order of the Income Tax Appellate Tri...

High Court

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.

9 Mar 2010

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...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Software Export Tax Exemption Case — ITAT's Factual Findings on Export Turnover and Profit Computation Upheld. The court held that no substantial question of law arose under Section 260A of the Income Tax Act, 1961, as the ITAT's findings were factual and based on evidence.

12 Feb 2014

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

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