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Supreme Court Allows Revenue Appeal in Income Tax Matter, Holding Bonus Shares Converted into Stock-in-Trade are Taxable as Business Profits. Bonus Shares Initially Received as Capital Held Converted by Assessee Dealer into Stock-in-Trade, Making Sale Proceeds Taxable Under Income-tax Act, 1922.

The dispute concerned the tax treatment of sale proceeds of bonus shares received by a dealer in shares and securities. The assessee, a firm dealing i...

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Supreme Court Allows Revenue's Appeal in Income Tax Deduction Dispute — High Court Exceeded Jurisdiction by Reappraising Factual Findings. Compensation Paid Through Assessee to Former Agents Not Deductible Under Section 10(2)(xv) of Income-tax Act, 1922, as No Overriding Title Established.

The respondent, a subsidiary of Imperial Chemical Industries (London), acted as sole selling agent in India for I.C.I. (Export) Ltd., another subsidia...

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Bombay High Court Dismisses Petition Challenging Modvat Credit Lapse Provisions in Finance Act, 1999. Retrospective Validation of Rules Causing Lapse of Accumulated Credit Upheld as Within Legislative Competence and Not Violative of Fundamental Rights.

The petitioner, Coral Cosmetics Limited, a company incorporated under the Companies Act, 1956 and registered as a Small Scale Industry, was engaged in...

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PUBLIC INTEREST LITIGATION NO.66 OF 2003

The public interest litigation was filed by a journalist challenging the decision of the State of Maharashtra under Section 37 of the Maharashtra Regi...

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Supreme Court Allows Appeal in NHAI Contract Dispute — BOQ Rate Applies to Increased Quantity Without Design Change. Variation Clause 52.2 Not Attracted Where Quantity Increase Due to Employer's Erroneous Estimate, Not Engineer's Instruction or Design Change.

The dispute arose out of a contract awarded by the National Highways Authority of India (NHAI) to Somdatt Builders-NCC-NEC(JV) for four-laning of a hi...

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Constitution Of India – Income Tax Act, 1961 – Section 12A – Advisory Communication – Maintainability Of Appeal – Jurisdiction Of Income Tax Appellate Tribunal

Bombay High Court held – Advisory communication from Director of Income Tax (Exemptions) regarding modification of objects did not amount to cancell...

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Bombay High Court Allows Writ Petition in Electricity Meter Dispute — Supplementary Bill Period Limited to Six Months Prior to Dispute Date. Section 26(6) of Indian Electricity Act, 1910 restricts assessment to six months before the dispute is raised, not from the date of defect detection.

The petitioner, M/s Coventry Springs & Engineering Co. Ltd., challenged an order dated 8.4.1994 passed by the appellate authority under the Indian Ele...

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KAHC010028192013_1

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Revision Case for Lack of Proper Inquiry. Commissioner's order under Section 263 set aside as no inquiry was conducted before passing the revision order.

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tribunal which had set asid...