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Supreme Court Allows Revenue's Appeals in Income Tax Case on Disallowance of Excess Cane Price Paid by Cooperative Society. Excess Payment Over Statutory Price Under Sugarcane (Control) Order, 1966 Held Not Deductible as Business Expenditure Under Section 37(1) of Income Tax Act, 1961.

The case involves a batch of appeals by the Commissioner of Income Tax, Bombay against the assessee, Tasgaon Taluka Sahakari Sikhar Karkhana Limited, ...

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Bombay High Court Upholds Revenue Expenditure Classification for Technical Consultancy and Labour Housing in Income Tax Reference. Payments for feasibility studies and labour welfare held deductible as revenue expenditure under Income Tax Act, 1961.

The case pertains to an income tax reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the Revenue department. The assessee...

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Bombay High Court Allows Revenue Appeal in Part on Mutuality Principle for Effluent Treatment Association. Interest on Bank Deposits Held Taxable as Income from Investments, Not Covered by Mutuality.

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

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Bombay High Court Allows Tax Appeal in Expenditure Tax Reassessment Case Due to Non-Compliance with Natural Justice Principles. Reassessment Order Set Aside for Failure to Furnish Reasons and Dispose Objections as Mandated by GKN Driveshaft.

The appellant, Fomento Resorts & Hotels Ltd., filed a return under the Expenditure Tax Act, 1987 for assessment year 1997-98 showing nil chargeable ex...