Search Results for "proportionate deduction"

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Search Results for "proportionate deduction"

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High Court

Bombay High Court Allows Developer's Challenge to Deemed Conveyance in TDR Case — Principle of Land Division Proportionate to Built-Up Area Applicable When TDR Distributed Across Layout. The Court set aside the Competent Authority's order granting conveyance of 929.84 sq.mtrs and remanded for fresh consideration under Section 11(3) of MOFA, holding that GR dated 22 June 2018 does not mandate conveyance of only plinth and appurtenant area.

25 Jun 2026

The Petitioner, Neelkanth Mansions & Infrastructure Private Limited, is a developer of a large integrated project named 'Neelkanth Greens' at Majiwada...

Supreme Court

Supreme Court Allows Assessee Banks in Income Tax Act Section 14A Dispute Over Disallowance of Interest Expenditure. Court held that when assessee banks have sufficient interest-free own funds exceeding investments in tax-free bonds and shares, no proportionate disallowance of interest under Section 14A is permissible, as investments are presumed to be made from interest-free funds.

9 Sep 2021

The Supreme Court of India addressed a batch of civil appeals concerning the interpretation of Section 14A of the Income Tax Act, 1961, in the context...

Supreme Court

Supreme Court Upholds Tax Deduction at Source on Guarantee Money Paid to Non-Resident Cricket Boards for Matches Played in India. Income from matches held in India is deemed to accrue in India under Section 9(1)(i) of the Income Tax Act, 1961, attracting TDS under Section 194E.

29 Apr 2020

The case concerns an appeal by PILCOM (PAK-INDO-LANKA JOINT MANAGEMENT COMMITTEE), a committee formed by the cricket boards of Pakistan, India, and Sr...

Supreme Court

Supreme Court Upholds Constitutional Validity of Section 43B(f) of Income Tax Act — Leave Encashment Deduction Allowed Only on Actual Payment. Clause (f) is not arbitrary or violative of Article 14 as it serves a legitimate purpose of preventing abuse and ensuring employee welfare.

24 Apr 2020

The Supreme Court in this appeal considered the constitutional validity of clause (f) of Section 43B of the Income Tax Act, 1961, which was inserted b...

High Court

High Court of Bombay at Goa Allows Tax Appeal in Sesa Industries Limited v. Commissioner of Income-tax: Profit from Sale of Slag, a By-product in Pig Iron Manufacture, is Eligible for Deduction Under Section 80-IB of the Income-tax Act, 1961.

18 Apr 2019

The appellant, Sesa Industries Limited, an assessee under the Income-tax Act, 1961, filed a tax appeal under Section 260-A against the order of the In...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Held that interest on borrowed capital used for acquiring a capital asset is allowable as deduction under Section 36(1)(iii) of the Income Tax Act, 1961, and depreciation on assets acquired under a hire purchase agreement is allowable under Section 32.

12 Jun 2018

The case involves appeals filed by the Revenue (Pr. Commissioner of Income-Tax and Deputy Commissioner of Income-Tax) against the orders of the Income...

High Court

Bombay High Court Allows Revenue's Appeal in Rental Income Classification Case. Rental income from leasing unsold units of a commercial complex constructed by a real estate developer is assessable as business income, not income from house property.

9 Apr 2015

The case involves multiple appeals filed by the Commissioner of Income Tax against the common order of the Income Tax Appellate Tribunal (ITAT) which ...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Assessment Reopened Beyond Four Years Without Allegation of Failure to Disclose Material Facts. Reopening Based on Change of Opinion and Audit Objection Held Invalid.

27 Nov 2013

The petitioner, M/s. Lalitha Chem Industries Pvt. Ltd., is engaged in the business of manufacturing chemicals with units at Tarapur and Silvasa. For A...

High Court

Bombay High Court Allows Deduction Under Section 80IB(10) for Housing Project Despite Prior Construction on Same Plot — Conditions of Commencement After 1-10-1998 and Approval After That Date Satisfied for New Building 'E'. The court held that each building can be a separate housing project if approved after the cutoff date, and the assessee is eligible for deduction.

28 Mar 2012

The case involves two appeals by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal allowing deduction under Sectio...

High Court

Bombay High Court Upholds Assessee in Income Tax Reference on Section 80M Deduction. Deduction under Section 80M is to be computed on gross dividend income without deducting interest and other expenditure incurred for earning such dividend, as per Section 80AA read with Section 80M of the Income Tax Act, 1961.

30 Sep 2005

The case involved a reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal to the Bombay High Court. The ass...

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