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High Court of Karnataka Dismisses Assessee's Appeal in Income Tax Case — Unexplained Cash Credit of Rs.40 Lakhs Confirmed as Income Under Section 68 of Income Tax Act, 1961. Assessee Failed to Prove Identity, Creditworthiness, and Genuineness of Loan Transactions.

The appellant, Shri Basayya R Nandegol, a civil contractor, filed his return of income for the assessment year 2007-08 declaring a total income of Rs....

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High Court of Karnataka Allows Writ Petition to Lift Attachment of Mortgaged Properties in Favor of State Financial Corporation Over Income Tax Recovery. Priority of secured creditor under Section 46A of State Financial Corporations Act, 1951 prevails over Crown debt for income tax arrears.

The petitioner, Karnataka State Industrial Investment Development Corporation Ltd., a State owned Corporation and a Financial Institution governed by ...

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Bombay High Court Allows Stay of Demand for Slum Rehabilitation Authority in Income Tax Exemption Case — Prima Facie Case Established for Section 11 Exemption Despite Section 2(15) Proviso. Statutory Authority's Non-Profit Slum Rehabilitation Activities Held Charitable, Not Commercial.

The Petitioner, Slum Rehabilitation Authority, a statutory body established under the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment...

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Supreme Court Upholds Assessee Bank in Tax Dispute Over Appreciation of Blocked Foreign Exchange. Appreciation in Value of Pakistani Rupee Remittances Due to Devaluation Held Capital Receipt, Not Revenue Under Section 10 of Indian Income-tax Act, 1922.

The litigation concerned the tax treatment of appreciation in the value of foreign exchange held by a bank abroad, which arose upon devaluation of the...

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Bombay High Court Allows Deduction for Record Production Bonus and Other Expenditures in Income Tax Reference. Payment of record production bonus not hit by section 36(1)(ii) as it was not paid out of profits but as an incentive for extra labour.

This is an income tax reference at the instance of the Revenue (Commissioner of Income Tax) against the assessee, M/s. Tata Iron & Steel Company Limit...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Block Assessment Case Due to Consistency Principle. ITAT's order upheld as Revenue failed to challenge similar deletions in related assessees' cases.

The case involves an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging an order of the Income Tax Appellate Trib...