Loss In Derivatives Is Not A Speculative Transaction And Can Be Set Off Against Business Income Of Assessee: Kerala High Court

3 days, 13 hours ago

Assessing Incidental Transactions In Financial Companies: A Taxation Conundrum

Live Law

In ordinary business discourse, it is a commonly accepted bitter truth that sometimes debtors are unable to pay their debts. Whether an incidental transaction is integral to a business enterprise or not often becomes hard to discern especially in the cases of financial services companies. In the said case, the assessee, a financial company engaged in the business of, inter …

Business Court Services Debt Income Bad Transaction

5 days, 16 hours ago

Ayurvedic Treatment Is Only Incidental To Facilities Provided By Assessee In Resort, Liable To Be Taxed: Kerala High Court

Live Law

The Kerala High Court stated that ayurvedic treatment is only incidental to facilities provided by assessee in a resort, hence liable to be taxed. Therefore, the main activities of the assessee are not running the hospital but providing a resort and other facilities and the Ayurvedic treatment is only incidental to that of the facilities” observed the Division Bench of …

Treatment Order Resort Ker Assessee Ayurvedic

1 week, 1 day ago

Burden Is On Assessee To Show Entitlement For Capital Gains Tax Exemption On Sale Of Agricultural Land: Kerala High Court

Live Law

The Kerala High Court stated that burden of proof is on assessee to prove that he is entitled to capital gains tax exemption on sale of agricultural land. Jayasankaran Nambiar and Easwaran S. observed that “it is significant in this regard to observe that the claim of the assessee, being for exemption from the levy of income tax as applicable …

High Court Tax Income Tax Land Kerala High Court Income Capital Gains

1 week, 1 day ago

Fair Market Value Of Shares Determined By Statutory Methods Can't Be Rejected By Income Tax Department: Karnataka High Court

Live Law

The Karnataka High Court stated that fair market value of shares determined by statutory methods can't be rejected by the income tax department. The Division Bench of Justices Krishna S Dixit and Ramachandra D. Huddar was addressing a case where the revenue has challenged the order passed by the Tribunal where the Tribunal held that the valuation report on DCF …

Income Tax Income Tribunal Method Shares Valuation Fair Market Value

Income Tax Act | Principal Commissioner Has Authority To Cancel Registration Of Assessee Without Waiting For Decision From Assessing Authority: Kerala HC

Live Law

The Kerala High Court stated that principal commissioner has authority to cancel registration of assessee without waiting for decision from assessing authority. Jayasankaran Nambiar and Easwaran S. observed that “the provisions of Section 12AA independently empower the Principal Commissioner to consider whether or not the circumstances mentioned in Section 12AA and 12AA of the Income Tax Act exist as a …

Income Tax Registration Order Commissioner Authority Principal Assessee

2 weeks, 1 day ago

Income Tax | Whether There Was Proper Notice Or Not Is Disputed Question Of Fact, Can't Be Challenged Under Article 226: Kerala High Court

Live Law

The Kerala High Court stated that the issue as to whether there was a proper notice or not is a disputed question of fact and cannot be challenged under Article 226 of the Constitution of India. “…….As rightly observed by the learned Single Judge, the question as to whether there was a proper notice or not is certainly a disputed …

India Kerala High Court Question Single Assessee Kerala High Proper Notice

3 weeks, 2 days ago

Tax Monthly Digest: February 2025

Live Law

SUPREME COURT Income Tax Act | Offence Committed Before Show-Cause Notice Compoundable As Covered By 'First Offence' In Compounding Guidelines: Supreme Court Case title: VINUBHAI MOHANLAL DOBARIA Vs CHIEF COMMISSIONER OF INCOME TAX Case no. The Division Bench of Justices R. Raghunandan Rao and Harinath N. observed that “the time permit set out under 73 of the Act is mandatory …

India Delhi Supreme Court High Court Constitution Court Gujarat

3 weeks, 4 days ago

Enterprise Manufacturing Specified Items In Designated States Can Seek Tax Deduction U/S 80IC Income Tax Act Without Agreement With Govt: Delhi HC

Live Law

The Delhi High Court has held that Section 80IC of the Income Tax Act, 1961, which contemplates tax incentives for enterprises operating in specific industries and locations in India, does not require such enterprises to enter into an agreement with the Government. It had sought deductions as contemplated under Section 80IC but the same were denied citing non-compliance with Rule …

Court States Income Tax Enterprise Agreement State Section 80Ic

1 month ago

AO Becomes 'Functus Officio' After Closure Of Assessment, Must Put Relevant Incriminating Material To Assessee To Re-Confer Jurisdiction: Delhi HC

Live Law

The Delhi High Court has made it clear that after the closure of assessment proceedings, the Assessing Officer becomes 'functus officio' and to re-confer jurisdiction upon the AO to initiate re-assessment proceedings, relevant incriminating material ought to be put to the assessee. A division bench of Chief Justice Devendra Kumar Upadhyaya and Justice Tushar Rao Gedela made the observation while …

India Court Proceedings Scn Entity Functus Officio Relevant Incriminating Material

1 month ago

Cash Seized From Assessee Cannot Be Retained By GST Dept Or IT Dept Prior To Finalisation Of Proceedings: Kerala High Court

Live Law

The Kerala High Court stated that illegal cash seizure by GST Department and handing over to Income Tax Department is illegal under Section 132A of the Income Tax Act. Jyasankaran Nambiar and Easwaran S. held that “Cash amount seized from the premises of the assessee cannot be retained either by the GST Department of the State or the Income Tax …

Tax Income Department Gst Income Tax Department Assessee Gst Department

1 month, 1 week ago

Transaction Value Is Not The Only Basis For Assessment Of Duty: CESTAT

Live Law

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal has stated that the transaction value is not the only basis for assessment of the duty. When rejecting the transaction value, the customs officer does not modify the transaction value but only rejects it as the assessable value for determination of the duty.” In this case, the assessee …

Tribunal Value Officer Commissioner Stat Transaction Copper

1 month, 1 week ago

Tax Weekly Round-Up: February 10 - February 16, 2025

Live Law

NEW INCOME TAX BILL New Income Tax Bill 2025: Concept Of "Tax Year" To Be Introduced Instead Of "Assessment Year", "Financial Year" To Remain Unchanged The new Income Tax bill is set to introduce the concept of 'Tax Year'. In such circumstances, the provisions of Section 21 of the Act would not be applicable and the period of limitation would …

India Supreme Court High Court Tax Court Customs Income Tax

1 month, 2 weeks ago

Tax Weekly Round-Up: February 03 - February 09, 2025

Live Law

SUPREME COURT Income Tax Act | Offence Committed Before Show-Cause Notice Compoundable As Covered By 'First Offence' In Compounding Guidelines: Supreme Court Case title: VINUBHAI MOHANLAL DOBARIA Vs CHIEF COMMISSIONER OF INCOME TAX Case no. What Is The Time Period Surviving U/S 149 Of Income Tax Act For Issuing Reassessment Notices: Delhi High Court Explains Case title: Kanwaljeet Kaur v. …

Delhi Tax Court Customs Title Income Tax Act Delhi High Court

1 month, 2 weeks ago

Direct Tax Annual Digest 2024: Part I

Live Law

ITAT Deletes Additions Against Unsuspecting Investor In A 'Penny Stock' To Make Quick Profit The Mumbai Bench of Income Tax Appellate Tribunal has held that the assessee was an unsuspecting investor who transacted in a 'penny stock' with a view to earning a quick profit, and since his involvement in any dubious transaction relating to price rigging or connection with …

India Justice Delhi Mumbai Kolkata Supreme Court High Court

1 month, 2 weeks ago

What Is The Time Period Surviving U/S 149 Of Income Tax Act For Issuing Reassessment Notices: Delhi High Court Explains

Live Law

The Delhi High Court has interpreted the Supreme Court's decision in Union of India v. Rajeev Bansal to elucidate the time period surviving under Section 149 of the Income Tax Act, 1961 for issuing reassessment notices. Further, the period between the date of issuance of the impugned reassessment notices up to the date of the decision rendered by the Supreme …

Supreme Court High Court Tax Court Reassessment Income Tax Income Tax Act

1 month, 3 weeks ago

Money In Bank Account Is 'Property', Liable For Provisional Attachment U/S 281B Of Income Tax Act: Kerala High Court

Live Law

The Kerala High Court held that cash in bank account is a 'property' liable for provisional attachment under section 281B of the Income Tax Act. The Division Bench of Justices Sathish Ninan and Shoba Annamma Eapen observed that “mere fact that Bank account is not explicitly provided under Section 281B of the Income Tax Act, unlike the GST Act, 2017 …

Tax Property Income Tax Income Tax Act Bank Kerala High Court Income

1 month, 3 weeks ago

Tax Weekly Round-Up: January 20 - January 26, 2025

Live Law

SUPREME COURT Supreme Court Sets Aside Excise Duty Demand On Oil Marketing Companies For Inter-Supply Of Petroleum Products Case Title: Bharat Petroleum Corporation Ltd. versus Commissioner of Central Excise Nashik Commissionerate Case no. A bench comprising Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar said that the petition filed by BJP leader Ashwini Upadhyay was "badly drafted" and …

Karnataka Justice Delhi Supreme Court Tax Court Customs

Proceedings Initiated Against Income Tax Assessee After His Death Cannot Be Continued Against Legal Representative: Karnataka HC

Live Law

The Karnataka High Court has said proceedings initiated against an Income Tax Assessee by issuing notice after his demise cannot be continued against his/her legal representative. A division bench of Justice Krishna S Dixit and Justice G Basavaraja said, “Had the proceedings been initiated against the Assessee during his lifetime, they could have continued against the legal representatives of the …

Legal Tax Legal Representatives Income Notice Proceedings Kar

2 months ago

Kochi Corporation seeks full freedom in charging entertainment tax

The Hindu

The Kochi Corporation has asked the Seventh State Finance Commission to give it full control over charging entertainment tax as per its bylaw and to avoid a situation of the State government giving unilateral concessions. The introduction of a maintenance grant in place of property exchange tax and vehicle tax compensation has resulted in loss worth crores to the civic …

Tax Local Bodies State Sfc

2 months ago

[Income Tax] Assessing Officer Not Only An Adjudicator But Also An Investigator, Cannot Remain Oblivious To Claim Without Enquiry: Kerala HC

Live Law

The Kerala High Court stated that the Income Tax Commissioner can exercise Revisional Jurisdiction under Section 263 of the Income Tax Act, 1961. Jayasankaran Nambiar and Easwaran S. observed that “The role of the assessing officer under the Income Tax Act, 1961 is not only that of an adjudicator but also of an investigator and he cannot remain oblivious in …

Income Tax Order Income Officer Act Assessee 263

2 months, 1 week ago

Tax Annual Digest 2024: Part I

Live Law

Reopening Of Assessment Inspired From 'Review' & 'Change Of Opinion' By Subsequent AO Is Deprecated: Madras HC While setting aside the order disposing of assessee's objection for re-opening of assessment pursuant to the issue of notice u/s 148 of the Income tax Act, 1961 and the consequent reassessment order, the Madras High Court held that there is no scope for …

India Supreme Court High Court Court Bombay High Court Customs Natural Justice

2 months, 1 week ago

[Income Tax] Allahabad HC To Examine Whether Proceedings U/S 148A(b) Initiated Prior To 01.09.2024 Would Be Saved After Enforcement Of The Finance (No.2) Act, 2024

Live Law

The Lucknow Bench of the Allahabad High Court has sought state response on the question of maintainability of proceedings under Section 148A of the Income Tax Act initiated prior to 01.09.2024, if at all, would be saved after enforcement of the Finance Act, 2024 w.e.f. 01.09.2024 especially in view of sub-Section- of Section 152 of the Income Tax Act, 1961 …

Finance Tax Income Tax Order Income 2024 Notice

2 months, 1 week ago

Tax Weekly Round-Up: 6th January - 12th January 2025

Live Law

SUPREME COURT Reduction In Share Capital Amounts To Transfer Of Capital Asset Under Income Tax Act : Supreme Court Case Name: PRINCIPAL COMMISSIONER OF INCOME TAX-4 & ANR v. M/S. : While directing that the order under Section 73 of the Goods and Service Tax Act, 2017 uploaded in the “Additional Notices and Tabs” on the GST portal be treated …

India Delhi Tax Court Customs Income Tax Title

2 months, 2 weeks ago

Income Tax Act | Reassessment Notice To Merged Entity U/S 148A(d) Not Invalid Merely Because SCN Was Issued In Name Of Ceased Entity: Delhi HC

Live Law

The Delhi High Court has made it clear that merely because notice under Section 148A of the Income Tax Act, 1961 is issued in the name of an amalgamating company which had ceased to exist, subsequent notice issued under Section 148A in the name of merged entity cannot be declared invalid. Given the nature of the proceedings under Section 148A …

Income Tax Income Proceedings Act Issued Petitioner 148

2 months, 2 weeks ago

Income Tax Dept Can Invoke S.159 When Reassessment Notice Was Issued During Lifetime Of Deceased Assessee: Delhi HC

Live Law

The Delhi High Court has held that Section 159 of the Income Tax Act can be invoked to proceed against the legal representative of an assessee, only in cases where the reassessment notice was issued to the assessee during his lifetime, not after. At the outset, the division bench of Justices Yashwant Varma and Dharmesh Sharma noted that “Section 159 …

Legal Court Reassessment Income Tax Notice Act Issued

2 months, 3 weeks ago

Reassessment U/S 150 Of Income Tax Act Can't Be Initiated On Mere 'Incidental' Findings Of Appellate Authority: Delhi High Court

Live Law

The Delhi High Court has held that Section 150 of the Income Tax Act, 1961 can be invoked for reassessment only to give effect to a 'conclusive finding' by an appellate authority regarding escapement of income by an assessee. Both terms demand a direct and substantive nexus to the matter under adjudication and cannot extend to incidental or ancillary conclusions.” …

Court Reassessment Order Income Capital Direction Effect

2 months, 3 weeks ago

Tax Monthly Digest: December 2024

Live Law

SUPREME COURT Subsequent Purchaser Of Imported Vehicle Cannot Be Asked To Pay Customs Duty; Liability On Importer : Supreme Court Case Title: Nalin Choksey v. The Commissioner Of Customs, Kochi The Supreme Court ruled that the 'subsequent purchaser' of an imported motor car cannot be called an 'importer' to attract the liability under the Customs Act, 1962 to pay customs …

India Delhi Mumbai Supreme Court Court Customs Income Tax

2 months, 3 weeks ago

Tax Weekly Round-Up [23rd December - 29th December 2024]

Live Law

HIGH COURTS Bombay HC ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening Case Title: Imperial Consultants and Securities vs. Deputy CIT Case no. Amendment In Finance Act Can't Retrospectively Affect Vested Right Of Taxpayer To Adjudicate Settlement Application U/S 245: Calcutta HC Case Title: Pradeep …

Justice Tax Court Customs Assessment Income Tax Act Income

2 months, 3 weeks ago

Kerala High Court Allows State To Acquire Nedumpala Estate and Elstone Tea Estate In Wayanad For Rehabilitation Of Landslide Victims

Live Law

The Kerala High Court on Friday held that the State can take over the Nedumbala estate and Elstone tea estates in Wayanad for rehabilitation purposes post the July 30 landslide, under the Disaster Management Act, 2015. Justice Kauser Edappagath also said that the government shall determine the total amount of compensation to be awarded to the petitioners for taking over/acquiring …

Disaster Kerala Tea Properties Disaster Management Compensation Court

2 months, 3 weeks ago

Income From Capital Gains On Certain Assets Which Are Excluded U/S 10(38) Of IT Act Must Be Included While Computing Book Profits: Delhi HC

Live Law

The Delhi High Court held that proviso to Sec 10 cannot be read in reverse to mean that if gains are not included as book profits u/s 115JB, the same are liable to be included as income for purposes of assessment to tax under the normal provisions. The Division Bench of Acting Chief Justice Vibhu Bakhru and Justice Swarana Kanta …

Income Capital Gains Sec Book Bench Gains Profits

2 months, 3 weeks ago

No Penalty Can Be Levied U/S 271B Of IT Act If No Prejudice Is Caused To Dept On Account Of Belated Furnishing Of Audit Report: Kerala HC

Live Law

The Kerala High Court held that circumstances under which AO can absolve a taxpayer from payment of penalty u/s 271B are discernible from a reading of Sec 273B, which states that no penalty can be imposed on an assessee u/s 271B for breach of the provisions, if he proves that there was "reasonable cause" for the said failure. The Division …

Penalty Audit Delay Report Cause Sec Bench

3 months ago

Mistake Committed By Assessee Was Inadvertent & Technical; No Wrongful Availment Of ITC: Kerala High Court Quashes Demand Order

Live Law

The Kerala High Court while quashing the demand order stated that there has been no wrong availment of credit, and that the only mistake committed by the assessee was an inadvertent and technical one, where he had omitted to mention the IGST figures separately in Form GSTR 3B. Jayakumar observed that “……The mistake was also insignificant because it is not …

Credit Form Mistake Assessee Igst Gstr Sgst

3 months ago

Mistake Committed By Assessee Was Inadvertent & Technical; No Wrongful Availment Of ITC: Kerala High Court Quashes Demand Order

Live Law

The Kerala High Court while quashing the demand order stated that there has been no wrong availment of credit, and that the only mistake committed by the assessee was an inadvertent and technical one, where he had omitted to mention the IGST figures separately in Form GSTR 3B. Jayakumar observed that “……The mistake was also insignificant because it is not …

Credit Form Mistake Assessee Igst Gstr Sgst

3 months, 1 week ago

Tax Weekly Round-Up: December 09 - December 15, 2024

Live Law

HIGH COURTS Allahabad HC Assesee Cannot File For Requisite Documents Once Plea Is Accepted And Notice Is Issued: Allahabad High Court Case Title: M/s Laxmi Telecom v. State of U.P. Form 26B Under Income Tax Rules Not Required For Refund Once Form 5 Under 'Vivad Se Vishwas' Act Is Issued: Allahabad High Court Case Title: Dish TV India Limited v. …

Delhi Mumbai Tax Customs Income Tax Title Income

Assessee Can Confine Settlement Under Direct Tax Vivad Se Vishwas Act To Disputes Which Were Subject Matter Of Its Appeal: Delhi HC

Live Law

The Delhi High Court has held that under the Direct Tax Vivad Se Vishwas Act, 2020, an Assessee is entitled to confine the settlement of disputes which were subject matter of its appeal, and exclude the disputes which were subject matter of the Revenue's appeal for the same assessment year. It thus allowed a real estate company's plea against the …

Appeal Tax Income Tax Settlement Disputes Act Matter

3 months, 2 weeks ago

[IT Act] Section 80IB Doesn't Mandate Setting Off Losses Of One Eligible Unit Against Profits Of Another Eligible Unit: Mumbai ITAT

Live Law

The Mumbai ITAT recently clarified that an industrial undertaking was not required to set off the losses incurred by it in one eligible unit against the profits earned from another eligible unit for the purpose of calculating deduction u/s 80-IB. As per Section 80-I of Income tax Act, 1961, where the gross total income of an assessee includes any profits …

Loss Income Industrial Department Act Total Bench

3 months, 2 weeks ago

Genuine Short-Term Capital Loss From Sale Of Shares Can't Be Prevented From Being Set Off Against Long-Term Capital Gain: Mumbai ITAT

Live Law

The Mumbai ITAT held that a taxpayer is not prevented from arranging her affairs within the legal framework and through legitimate means to reduce his tax liability. While pointing that the Income Tax Statute does not require the assessee to pay more tax, the Division Bench of Saktijit Dey and Amarjit Singh observed that “short-term capital loss derived by assessee …

Loss Sale Capital Term Bench Shares Gain

3 months, 2 weeks ago

How gains through margin trading facility transactions are taxed in India

Live Mint

The margin trading facility is a powerful financial instrument. The tax treatment of this interest depends on whether the income from MTF transactions is categorized as capital gains or business income. While interest expenses on borrowed funds are capped at 20% of dividend income for dividends, no specific provision under the Income Tax Act allows the deduction of interest expenses …

Income Capital Gains Set Itr Losses Transactions Ltcg

3 months, 3 weeks ago

Provisions Of Foreign Trade Policy Cannot By Itself Authorise Levy Of Interest U/S 28AA Of Foreign Trade Act: Kerala High Court

Live Law

The Kerala High Court stated that the provisions of the Foreign Trade Policy cannot by itself authorise the levy of interest under Section 28AA of the Foreign Trade Act, 1992, as such levy must be supported by plenary legislation. The Bench of Justice Gopinath P. was considering a case where the assessee challenged the interest imposed upon him under the …

Policy Trade Interest Foreign Act Scheme Levy

3 months, 3 weeks ago

Loss Of FD Investments Doesn't Qualify As 'Trading Loss' For Deduction From Income U/S 28 Of Income Tax Act: Telangana HC

Live Law

The Telangana High Court has held that the loss of fixed deposit investments by an assessee does not qualify as a 'trading loss' for the purposes of claiming deduction from income under Section 28 of the Income Tax Act, 1961. Assessee claimed the aforesaid amount as deduction on the ground that the same is a trading loss under Section 28 …

Business Loss Income Tax Income Assessee Section 28 Trading Loss

3 months, 3 weeks ago

Only Income From Investment Made By Charitable Institution In Violation Of S.13(1)(d) Income Tax Act Is Liable To Tax: Telangana HC

Live Law

The Telangana High Court has held that the benefit of exemption under Section 11 of the Income Tax Act, 1961, can be denied only on income from such investments made by charitable or religious institutions, which are in violation of Section 13 of the Act. In the case at hand, the Andhra Pradesh State Civil Supplies Corporation Limited, a charitable …

Tax Court Investment Violation Companies Income Act

3 months, 3 weeks ago

Tax Weekly Roundup: November 25 - December 01, 2024

Live Law

HIGH COURTS Allahabad HC Time Extension Notification Dated 24.04.2023 Valid Only From 31.03.2023, Not Before: Allahabad High Court Case Title: M/s A.V. Review Plea Against SLP Constitutes "Disputed Tax" U/S 2: Delhi High Court Case title: NRA Iron And Steel Pvt Ltd v. Income Tax Department & Ors. S.99A Customs Act | Final Report Containing Audit Findings Can Be Drawn …

Justice Delhi Writ Petition Court Customs Title Delhi High Court

4 months ago

Grants For Daily Expenses Are Not Consideration For Services Rendered By Assessee, Not Liable To Tax: Kerala High Court

Live Law

The Kerala High Court stated that financial grants provided to the assessee for covering daily operational expenses do not qualify as payment for any services that the assessee might be providing and are not liable to tax. The Bench of Justice Gopinath P. observed that “The assessee has only received grants to meet its day-to-day expenses including salary, allowances etc. …

Services Order Goods Ged Assessee Consideration Tax Kerala

4 months ago

Grants For Daily Expenses Are Not Consideration For Services Rendered By Assessee, Not Liable To Tax: Kerala High Court

Live Law

The Kerala High Court stated that financial grants provided to the assessee for covering daily operational expenses do not qualify as payment for any services that the assessee might be providing and are not liable to tax. The Bench of Justice Gopinath P. observed that “The assessee has only received grants to meet its day-to-day expenses including salary, allowances etc. …

Kerala Services Order Goods Ged Assessee Consideration

4 months ago

Not Considering Income Tax Assessee's Request For Personal Hearing Violates Natural Justice: Kerala High Court

Live Law

The Kerala High Court held that the income tax authorities, by not considering a request for personal hearing has violated the principles of natural justice. The fundamental principle is that no one should be condemned unheard.” The Income Tax authority had passed a draft assessment and issued a show cause notice against Federal Bank asking why the assessment should not …

Personal High Court Tax Natural Justice Assessment Income Tax Bank

4 months ago

Recourse To Section 147 Of Income Tax Act Not Barred In Cases Where Assessing Officer Is Empowered To Proceed U/S 153C: Delhi High Court

Live Law

S.153C Income Tax Act doesn't bar AO's jurisdiction to reopen assessment u/S 147 when information against assessee is received from search conducted on another person: Delhi High CourtThe Delhi High Court has held that Section 153C of the Income Tax Act, 1961 does not by itself preclude an Assessing Officer from reopening assessments under Section 147/148 of the Act, on …

Delhi Jurisdiction Tax Court Assessment Income Tax Income Tax Act

4 months ago

Income From Sale Of Immovable Properties To Be Treated As 'Capital Gains,' Not 'Business Income': Kerala High Court

Live Law

The Kerala High Court has stated that income from the sale of immovable properties is to be treated as 'capital gains,' not 'business income' for taxation purposes. Jayakumar observed that “the requirement of ensuring uniformity and consistency in tax assessments cannot be overlooked, especially while categorizing the nature of the activity carried on by an assessee to earn its income …

Business Properties Tax Sale Assessment Income Tax Income

4 months ago

[Deemed Dividend] Accumulated Profits Of Company U/S 2(22)(e) Of Income Tax Act Are Computed After Adjusting Depreciation: Telangana HC

Live Law

The Telangana High Court has held that for purposes of taxation, “accumulated profits” of a company are to be calculated after adjusting depreciation as per the Income Tax Act, 1961. In ruling so, a division bench of Chief Justice Alok Aradhe and Justice J. Sreenivas Rao cited two rulings of the Bombay High Court which held that “depreciation as granted …

High Court Tax Bombay High Court Income Tax Income Tax Act Income Act

4 months, 1 week ago

Expenses Incurred For Payment Of Foreclosure Premium Of Loan Is Allowable As Business Expenditure U/S 37(1): Madras High Court

Live Law

The Madras High Court recently ruled that the expenditure incurred for payment of foreclosure premium for restructuring loan and obtaining fresh loan at a lower rate of interest is allowable as business expenditure u/s 37 of the Income Tax Act. Such ruling came while dealing with a case where scrutiny proceedings were initiated, leading in revisional assessment u/s 263, based …

Business Court Payment Premium Bench Cit Foreclosure Premium

Loss In Derivatives Is Not A Speculative Transaction And Can Be Set Off Against Business Income Of Assessee: Kerala High Court

History of this topic

Loss From Trading In Commodity Derivatives Non-Speculative In Nature, Can Be Set Off Against Regular Business Income: ITAT Lucknow

Loss On Trading In Derivatives Of Securities Not A Speculative Loss, Can Be Set Off Against Business Income: Bombay High Court

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