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Supreme Court Dismisses Revenue's Appeal in Income Tax Assessment Nullity Case Due to Amalgamation. Assessment in Name of Non-Existent Entity Held Void Despite Participation by Successor Company.

The Supreme Court dismissed the appeal filed by the Revenue against the judgment of the Delhi High Court which had upheld the Income Tax Appellate Tri...

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Supreme Court Dismisses Appeal of NBFC in Income Tax Dispute on Set-off of Speculation Loss. Principal Business Determined by Actual Activities, Not Registration; Amendment to Explanation to Section 73 Held Prospective.

The appeal arose from a judgment of the Calcutta High Court in an appeal under Section 260A of the Income Tax Act, 1961, concerning the assessment yea...

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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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Supreme Court Allows Revenue's Appeal in Income Tax Case — Upholds Addition Under Section 68 for Unexplained Share Capital. Assessee Failed to Prove Identity, Creditworthiness, and Genuineness of Investor Companies Despite Receiving Share Premium at Rs. 190 per Share.

The present appeal arises from a judgment of the Delhi High Court in an income tax appeal concerning the assessment year 2009-10. The respondent-asses...

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Supreme Court Dismisses Challenge to Prospective Withdrawal of Tax Deduction Benefit Under Section 35AC(7) of Income Tax Act. Charitable Trust Lacks Locus Standi to Challenge Amendment Affecting Donors' Deductions.

The appellant, Prashanti Medical Services & Research Foundation, a charitable trust registered under the Bombay Public Trust Act, 1950, established a ...

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Supreme Court Allows Union of India's Appeal Against Interim Restraint in Black Money Act Prosecution. High Court Erred in Holding That Notification Under Section 86(1) Made the Act Retrospective; Act Applies Prospectively From Assessment Year 2016-17.

The Supreme Court heard an appeal by the Union of India against an interim order of the Delhi High Court that restrained the authorities from taking a...

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Supreme Court Dismisses Appeal Against High Court Order Upholding Settlement Commission's Order in Income Tax Settlement Case. Settlement Commission's Order Passed Pursuant to High Court's Interim Direction Held Valid Despite Statutory Time Limit Under Section 245HA of Income Tax Act, 1961.

The appellants, partners of a business, were subjected to a search under Section 132 of the Income Tax Act, 1961. Notices under Section 153A were issu...