Search Results for "income-tax assessment"

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Search Results for "income-tax assessment"

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High Court

Bombay High Court Allows Deduction for Retrenchment Compensation Reimbursed by Assessee to Subsidiary Under Contractual Agreement. The court held that retrenchment compensation paid by the subsidiary and reimbursed by the assessee under a contractual agreement is allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961, as it was incurred for commercial expediency and business reorganization.

26 Aug 2016

The case pertains to an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, for the Assessment Year 1980-81. The assessee, The Wall...

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 Appeal in Income Tax Case on Double Deduction Under Sections 80IA and 80HHC. Section 80IA(9) Mandates Reduction of Profits Allowed as Deduction Under Section 80IA(1) While Computing Deduction Under Any Other Provision Under Heading 'C' of Chapter VIA of the Income Tax Act, 1961.

10 Jan 2011

The appellant, Associated Capsules Private Limited, is engaged in the manufacture of Empty Hard Gelatin Capsules and PVDC Capsules. It set up four ind...

High Court

Bombay High Court Allows Condonation of Delay in Filing Income Tax Return for Refund Claim. CBDT's Rejection of Condonation Application Set Aside as Reasons for Delay Were Genuine and Not Habitual.

3 Dec 2014

The petitioner, Artist Tree Pvt. Ltd., engaged in dealing in artifacts and finances, filed a return of income for Assessment Year 1997-1998 on 14 Sept...

High Court

Bombay High Court Allows Revenue's Appeal on Indexation Benefit for Redemption of Non-Cumulative Preference Shares. Redemption of preference shares is a 'transfer' under Section 2(47) of the Income Tax Act, 1961, and indexation benefit under Section 48 is not available as preference shares are in the nature of debt.

27 Apr 2012

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961, arose from a decision of the Income Tax Appellate Tribunal dated 19 December...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Cooperative Society Entitled to Deduction Under Section 80P(2)(e) on Ginning and Pressing Charges. Reopening of Assessment Based on Change of Opinion Not Justified.

8 Dec 2015

The case involves an appeal by the Commissioner of Income Tax-I, Nagpur against the order of the Income Tax Appellate Tribunal (ITAT) which upheld the...

High Court

Bombay High Court Allows Change in Stock Valuation Method and Grants Export Market Development Allowance for Packing Expenses in Income Tax Reference. The court held that a bona fide change to a more scientific method of stock valuation is permissible, and packing expenses for exports qualify for deduction under Section 35B of the Income Tax Act, 1961.

8 Sep 2016

The case involves an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal for the opinion of th...

High Court

Bombay High Court Allows Revenue Appeals in Income Tax Cases on Disallowance of Interest Expenditure on Tax-Free Securities. Held that Section 14A of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962 mandates disallowance of expenditure incurred in relation to income not includible in total income, and the Assessing Officer must record satisfaction before invoking Rule 8D.

16 Apr 2019

The judgment involves a batch of appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging orders of the Income Tax App...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Architect Allowed Deduction Under Section 80O for Foreign Exchange Receipts. Architectural Designs Constitute Intellectual Property Eligible for Deduction Under Section 80O of the Income Tax Act, 1961.

30 Mar 2010

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal dated ...

High Court

Bombay High Court Allows Revenue Appeal in Section 80HHC Deduction Case — Net Interest on Fixed Deposits Cannot Be Considered for Computing Export Profits Deduction. The court held that Explanation (baa) to Section 80HHC of the Income Tax Act, 1961 requires exclusion of ninety per cent of gross interest receipts, not net interest, as the provision does not allow set-off of interest paid against interest received.

19 Mar 2010

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITA...

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