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Bombay High Court Quashes TPO Order in Transfer Pricing Adjustment for Demerger Transaction. Held that transfer pricing provisions under Section 92 of Income Tax Act, 1961 do not apply to a demerger approved by High Court where assets and liabilities are transferred at book value without any consideration.

The petitioner, Times Global Broadcasting Company Ltd, a wholly owned subsidiary of Benett, Coleman and Company Ltd (BCCL), was engaged in distributio...

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Supreme Court Allows Appeals Against Speaker's Inaction on Disqualification Petitions Under Tenth Schedule. The Court directed the Speaker to decide disqualification petitions within four months, holding that failure to act within reasonable time warrants judicial intervention.

The appeals arose from the 2017 Manipur Legislative Assembly elections, which resulted in a hung assembly. The Indian National Congress won 28 seats, ...

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Karnataka High Court Dharwad Bench Hears Revenue Appeal Against ITAT Order Deleting Penalty Under Section 271(1)(c) for Assessment Year 2006-07 Due to Defective Notice; Questions Validity of Penalty Initiation Despite Retrospective Amendment to Section 271(1B)

The appeal before the High Court of Karnataka, Dharwad Bench, arose from the order of the Income Tax Appellate Tribunal, Bengaluru, which had allowed ...

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Bombay High Court Dismisses Writ Petition Challenging Disqualification of MLAs Under Tenth Schedule. Speaker's Order Upheld as Valid Exercise of Constitutional Authority Under Article 191(2) and Paragraph 2(1)(a) of Tenth Schedule.

The petitioner, Girish Chodankar, filed a writ petition under Article 226 of the Constitution challenging the order of the Speaker of the Goa Legislat...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Classification Dispute. Rental Income from Property Held as Stock-in-Trade is Business Income, Not Income from House Property Under Section 22 of Income Tax Act, 1961.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which held that the rent a...