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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Assessee's claim for deduction under Section 80-IA allowed as substantial question of law not raised.

The case involves two cross appeals: ITA No.884/2007 filed by the Revenue (Commissioner of Income Tax and Income Tax Officer) and ITA No.60/2015 filed...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — ERAF Receipt Not Income of Assessee. Amount Received from Exchange Risk Administration Fund Treated as Advance/Liability Converted to Equity, Not Taxable Income Under Income Tax Act, 1961.

The Revenue filed two appeals under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT) dated ...