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Bombay High Court Dismisses Revenue's Appeal in Income Tax Revision Case — Tribunal's Order Not Erroneous or Prejudicial to Revenue. Transfer of Shares for Debt Settlement and Lease Premium Income Treated as Capital Receipts, Not Revenue.

The appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal (Tribunal) dated 21...

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Bombay High Court Allows Tax Appeal Against ITAT Order for Lack of Reasoning and Failure to Decide Legal Issue. Tribunal's Remand of Deduction Dispute Under Section 33AC of Income Tax Act Set Aside for Non-Compliance with Rule 27 of ITAT Rules.

The appellant, New Era Shipping Ltd., challenged an order of the Income Tax Appellate Tribunal (ITAT) dated 19.07.2011. The ITAT had set aside the Com...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Deletion Upheld for Bonafide Claims. Claims for deduction under Section 35D and diminution in value of shares were bonafide and not concealment, following CIT vs. Reliance Petroproducts Pvt. Ltd.

The case involves an appeal by the Commissioner of Income Tax under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appel...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Change of Opinion. Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Based on Mere Change of Opinion Without New Material is Invalid.

The petitioner, M/s. Rabo India Finance Limited, a non-banking financial company, challenged a notice dated 28.3.2011 issued under Section 148 of the ...

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Bombay High Court Partly Allows Revenue's Appeal on Disallowance of Legal and Professional Charges in Income Tax Case. Tribunal's Order Set Aside Regarding Legal Expenses but Upheld on Depreciation and Section 54EC Deduction.

The appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal dated 19/1/2010 in ...

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Bombay High Court Dismisses Revenue's Appeals in Cooperative Sugar Factory Tax Deduction Cases. Provision for Contribution to Research Institute Not Allowable Under Section 35(1) Without Actual Payment; Concessional Sugar Sale to Members Not Subject to Section 40A Addition.

The case involves three tax appeals filed by the Commissioner of Income Tax against cooperative sugar factories. The common question of law was whethe...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case, Allows Additional Deduction Claim Without Revised Return. Assessee's claim for deduction under Section 43B of Income Tax Act, 1961, though not made in original return, is admissible before appellate authorities.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal (ITAT) which upheld the assessee's...

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High Court of Karnataka Dismisses Appeal in Income Tax Reassessment Case — No Substantial Question of Law Arises. Reassessment notice under Section 148 of Income Tax Act, 1961 upheld as validly issued within four years from end of assessment year.

The appellant, M/s. Kanhaiyalal Dudheria, a partnership firm, filed appeals under Section 260A of the Income Tax Act, 1961, against the orders of the ...