Search Results for "net profits"

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Search Results for "net profits"

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High Court

Bombay High Court Dismisses Assessee's Appeal in Income Tax Case on Dividend Distribution Tax Rate. DDT under Section 115-O is a tax on the company, not on shareholders, and the India-UK DTAA does not provide a lower rate for DDT.

27 Apr 2026

The Bombay High Court dismissed a batch of seven appeals filed by Foseco India Ltd. under Section 260A of the Income Tax Act, 1961, challenging a comm...

High Court

Bombay High Court Allows Appeal in Income Tax Deduction Dispute — Section 33AC Reserve Not to Reduce Base for Section 80-I Deduction. The Court held that the deduction under Section 33AC for creation of a reserve for acquisition of a new ship does not reduce the profits and gains derived from a ship for computing the deduction under Section 80-I of the Income-tax Act, 1961.

23 Aug 2024

The case involves two appeals filed by M/s. Tolani Ltd., a public limited company engaged in the shipping business, against the Deputy Commissioner of...

Supreme Court

Supreme Court Allows Assessee's Appeal in Income Tax Deduction Case Under Section 80-IB for Duty Drawback and DEPB Receipts. Court Held That Duty Drawback and DEPB Receipts Are Profits Derived From Business Under Section 80-IB of Income Tax Act, 1961, as They Reimburse Manufacturing and Exporting Costs, Following Meghalaya Steels Limited and Topman Exports Precedents.

10 Apr 2023

The Supreme Court of India heard an appeal by an assessee, a partnership firm engaged in manufacturing and exporting wooden handicraft items, against ...

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 Allows Deduction Under Section 80HH on Gross Profits Without Deducting Depreciation and Investment Allowance. The Court Overruled Motilal Pesticides and Held That Section 80HH Deduction Is Computed on 'Profits and Gains' Not 'Income'.

1 Mar 2019

The Supreme Court considered a batch of civil appeals concerning the interpretation of Section 80HH of the Income Tax Act, 1961, for the Assessment Ye...

High Court

Bombay High Court Allows Decree-Holder's Revision in Eviction Suit — Licensee Bank Must Pay Mesne Profits at Market Rate. Court holds that mesne profits must be determined based on market rent prevailing at the time of determination, not the contractual license fee, and that the trial court's order directing payment at Rs.5.25 per sq.ft. per month was erroneous.

18 Mar 2015

The dispute arose from a commercial property consisting of three shops in Mumbai. The plaintiff, Mridangraj Hiralal Suchak, was a tenant and had induc...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case on Computation of Deduction Under Section 80HHC for Book Profits Under Section 115JB. The court held that the deduction under Section 80HHC for computing book profits under Section 115JB must be quantified with reference to the profits as per accounts adjusted under Section 115JB, not the normal computation under Chapter IV-D.

9 Jul 2010

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

High Court

Bombay High Court Allows Revenue Appeal in Section 80HHC Deduction Case — Net Interest on Fixed Deposits Cannot Be Considered for Computing Export Profits Deduction. The court held that Explanation (baa) to Section 80HHC of the Income Tax Act, 1961 requires exclusion of ninety per cent of gross interest receipts, not net interest, as the provision does not allow set-off of interest paid against interest received.

19 Mar 2010

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITA...

High Court

Bombay High Court Dismisses Revenue's Appeal in Section 32AB Deduction Case. Deduction under Section 32AB of the Income Tax Act, 1961 is to be computed on the profits of each eligible business unit separately without setting off losses from another eligible business unit, where separate accounts are maintained.

25 Oct 2005

The case involves an appeal by the Revenue under section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT...

Supreme Court

Supreme Court Upholds Revenue in Income-tax Depreciation Dispute — Additional Depreciation Not Admissible When Assessee Accepted Special Formula Instead of Rule 33 Method. The Court Held That Allowance Under Section 10(2)(vi-a) of Income-tax Act, 1922 Requires Computation of World Profits Under the Second Method in Rule 33, Which Was Not Applied.

14 Mar 1969

The assessee, a non-resident shipping company with a local office in Calcutta, submitted returns for assessment years 1952-53 to 1956-57 disclosing ta...

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