Search Results for "capital expenditure"

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Search Results for "capital expenditure"

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Supreme Court

Supreme Court Interprets Tax Exemption Calculation Method Under Gujarat Tourism Incentive Scheme. The court held that exemption limits under the New Package Scheme of Incentives for Tourism Projects, 1995-2000, should be calculated based on tax payable, not gross receipts, as per the exemption notification dated 14.02.1997 under Section 29(1) of the Gujarat Entertainments Tax Act, 1977.

2 Feb 2023

The appeal arose from a judgment of the Gujarat High Court concerning the interpretation of tax exemption calculations under the Gujarat New Package S...

High Court

Bombay High Court Allows Writ Petition in Income Tax Case - Capital Gains Arising from Escrow Amount Taxable in Year of Receipt, Not in Year of Transfer. The court held that the right to receive the escrow amount was contingent on indemnity claims, and therefore, the income accrued only in the year when the contingency was resolved and the amount was actually received, not in the year of share transfer.

8 Apr 2022

The petitioner, Dinesh Vazirani, an individual resident of India, along with other promoters, held shares in WMI Cranes Ltd. They entered into a Share...

Supreme Court

Supreme Court Allows Appeal in Income Tax Deduction Case for Pharmaceutical Freebies. Expenses on Gifting Freebies to Medical Practitioners Are Deductible Under Section 37(1) of Income Tax Act, 1961, as Indian Medical Council Regulations Only Prohibit Acceptance, Not Gifting, Under Explanation 1.

22 Feb 2022

The dispute involved a pharmaceutical company, referred to as Apex, appealing against a High Court judgment that upheld orders disallowing part of its...

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

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

Bombay High Court Allows Department's Appeal in Part, Upholds Revenue Treatment of Transformer Repairs. Expenditure on repairs of damaged transformer held to be current repairs under Section 31 of Income Tax Act, 1961, not capital expenditure.

21 Oct 2011

The case involves three Income Tax Appeals filed by the Commissioner of Income Tax-I, Nagpur, under Section 260A of the Income Tax Act, 1961, against ...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 Income Tax Act for Lack of Fresh Material. Provision for Diminution in Value of Assets Already Disclosed and Considered in Original Assessment Cannot Form Basis for Reopening After Four Years.

21 Jun 2010

The petitioner, IOT Infrastructure & Energy Services Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, seeking to reopen its as...

High Court

Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Sections 147/148 of Income Tax Act, 1961 — Reopening Based on Change of Opinion on Rule 8 Loss Set-Off Held Invalid. The court held that Rule 8 of Income Tax Rules, 1962 applies to both income and loss, and loss from plantation division is a business loss allowable under Rule 8.

1 Apr 2010

The petitioner, Hindustan Unilever Limited, filed its return of income for assessment year 2004-2005 on 29 October 2004, showing net profit before tax...

High Court

Bombay High Court Dismisses Revenue Appeal in Income Tax Case — Upholds ITAT Order on Deductions for Gift Expenditure, Entertainment Expenses, Debenture Premium, and Investment Allowance. The court held that the assessee's claims were allowable under the Income Tax Act, 1961, and no substantial question of law arose.

25 Mar 2010

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT). The ...

Supreme Court

Supreme Court Allows Appeal in Bonus Calculation Dispute Involving Subsidiary Company. Service Fee Payment Under Technical Aid Agreement Held to Be Legitimate Expenditure, and Deduction of Bonus as Prior Charge Before Depreciation and Tax Ruled Improper Under Industrial Disputes Act, 1947.

6 May 1959

The dispute arose out of a claim for bonus by the workmen of Crompton Parkinson (Works) Private Ltd., Bombay, which was initially a wholly-owned subsi...

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