Search Results for "business income incidental"

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Bombay High Court Issues Notice in Service Matter Challenging Deletion of Names ...
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Search Results for "business income incidental"

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High Court

Bombay High Court Allows Appeals in Income Tax Classification Dispute — Rent Income from Leasing Properties Held Assessable as Business Income. The Court ruled that where the assessee's main object is leasing and it conducts systematic business activity, rental income is assessable under 'Profits and gains of business or profession' under Section 28 of the Income Tax Act, 1961, not under 'Income from house property'.

21 Oct 2024

The case involves a batch of appeals under Section 260A of the Income Tax Act, 1961, filed by National Leasing Limited (later National Realty Pvt. Ltd...

Supreme Court

Supreme Court Upholds Validity of Section 29A of the Insolvency and Bankruptcy Code, 2016, Disqualifying Related Parties of Corporate Debtors from Submitting Resolution Plans. The Court holds that the disqualification under Section 29A(c) applies to persons acting jointly or in concert with a disqualified person, and that the provision is not retrospective in operation.

3 Oct 2024

The Supreme Court of India delivered a landmark judgment on the interpretation and validity of Section 29A of the Insolvency and Bankruptcy Code, 2016...

Supreme Court

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.

20 Sep 2022

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...

Supreme Court

Supreme Court Reinstates Prosecution of Public Servant and Spouse in Prevention of Corruption Act Case for Disproportionate Assets. High Court's Discharge Order Quashed as It Erred in Re-appreciating Evidence at Charge Framing Stage Under Section 239 CrPC, Failing to Consider Prima Facie Case Based on FIR and Charge Sheet Materials.

5 Sep 2022

The Supreme Court heard appeals by the State of Tamil Nadu against the Madras High Court's judgment discharging a public servant and his wife from pro...

Supreme Court

Supreme Court Allows NCDC's Appeal in Income Tax Dispute Over Deduction of Grants as Revenue Expenditure. Grants disbursed by a statutory corporation as part of its business are deductible under Section 37 of the Income Tax Act, 1961, regardless of the capital nature of the source funds.

11 Sep 2020

The National Co-operative Development Corporation (NCDC), established under the National Co-operative Development Corporation Act, 1962, is a statutor...

High Court

Bombay High Court Allows Assessee's Reference, Holds Interest Income as Business Income in Mining Company's Diversification into Money Lending. Amendment of Memorandum and Articles of Association to include banking and money lending, coupled with actual lending activities, established money lending as a business under Section 28 of Income Tax Act, 1961.

8 Mar 2017

The case involves five Income Tax References filed by M/s Central Provinces Manganese Ore Company Limited, Nagpur, against the Commissioner of Income ...

High Court

High Court of Karnataka Dismisses Revenue Appeals in Income Tax Exemption Cases for Charitable Trusts and Religious Institutions. Held that registration under Section 12AA and exemption under Section 11 of the Income Tax Act, 1961 cannot be denied solely on the ground of commercial activities if they are incidental to the charitable object.

22 Feb 2016

The High Court of Karnataka heard a batch of appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961, challenging the orders of t...

High Court

Bombay High Court Allows Revenue's Appeal in Income Tax Case on Interest Income Classification. Interest income from bank deposits, intercorporate deposits, call money, debentures, and from Income Tax Department held not to be business income for deduction under Section 80HHC of the Income Tax Act, 1961.

30 Sep 2014

The Revenue Department filed appeals under Section 260-A of the Income Tax Act, 1961 against the orders of the Income Tax Appellate Tribunal (ITAT) fo...

High Court

Bombay High Court Allows Revenue's Appeal in Slot Chartering Income Tax Case — Slot Chartering Income Not Exempt Under India-UK Tax Treaty. Income from slot chartering is taxable under Section 44B of the Income Tax Act, 1961, as it does not constitute 'operations of ships' under Article 9 of the India-UK Double Taxation Avoidance Agreement.

6 Aug 2012

The case involves two appeals by the Director of Income Tax (International Taxation) against a common order of the Income Tax Appellate Tribunal (ITAT...

Supreme Court

Supreme Court Dismisses NCDC's Appeals in Income Tax Deduction Case — Dividends, Interest, and Service Charges Not 'Derived From' Long-Term Finance Business. The Court held that the restrictive phrase 'derived from' in Section 36(1)(viii) of the Income Tax Act, 1961, excludes ancillary income such as dividends, interest on deposits, and service charges from the deduction.

30 Nov -0001

The Supreme Court dismissed a batch of appeals filed by the National Cooperative Development Corporation (NCDC) against the Assistant Commissioner of ...

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