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Supreme Court Allows Revenue's Appeal in Income Tax Case on Unexplained Investment in Silver Bullion. Section 69A of Income Tax Act, 1961 Applicable Where Assessee Fails to Explain Source of Acquisition of Silver Found in Possession.

The present appeals were filed by the Revenue against the judgment of the Rajasthan High Court which allowed the appeals of the assessee, Prakash Chan...

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Bombay High Court Allows Assessee in Income Tax Reference Under Section 256(1) of Income Tax Act, 1961 — Profits on Sale of Machinery Not Taxable Under Section 41(2) as Depreciation Was Claimed by Dissolved Firm, Not by Assessee.

The case involves a reference under Section 256(1) of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal, Mumbai, for the opinion of the Bo...

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High Court of Bombay at Goa Allows Tax Appeal in Part on Demurrage Disallowance and Education Cess Deduction — Demurrage paid to non-resident buyers not taxable under section 172 of Income Tax Act, 1961 as occasional shipping; Education Cess allowable as deduction in year of payment.

The judgment concerns two tax appeals filed by Sesa Goa Limited against the Joint Commissioner of Income Tax, Range 1, Panaji Goa, arising from assess...

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KAHC010028192013_1

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High Court of Karnataka Allows University's Revision Petitions in VAT Dispute — Supply of Textbooks and Uniforms to Students Not Taxable as 'Sale'. Educational Institution Providing Essential Items to Students as Part of Education Is Not a Dealer Under KVAT Act, 2003.

The case involves sales tax revision petitions filed by Manipal University under Section 65(1) of the Karnataka Value Added Tax Act, 2003 (KVAT Act). ...