Bombay High Court

Release ₹ 833 crore Income Tax Refund to Vodafone in 2 Weeks

Vodafone Idea Limited Vs ACIT (Bombay High Court)

High Court states that, however, insofar as the net refundable amount of Rs. 833,04,88,000/- is concerned, in our view, the respondents already having invoked their powers under Section 245 of the Act which action has ended with passing of the order dated 28th May, 2020, the respondents cannot withheld the admitted refundable amount of Rs...

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No capital gain tax on land transfer to co-op society formed by flat purchasers

J. S. & M. F. Builders Vs A. K. Chauhan and others (Bombay High Court)

Whether the AO is correct in considering that the capital gain will arise in the year when the land is transferred to the co-operative society formed by the flat purchasers and not when flats are sold?...

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No disallowance for Advances given if Assessee have sufficient Interest Free Funds

PCIT Vs B.T. Patil & Sons Belgaum Construction P Ltd (Bombay High Court)

PCIT Vs B.T. Patil & Sons Belgaum Construction P Ltd (Bombay High Court) The issue under consideration is whether the Tribunal is correct in disallowing the deduction of interest expenditure on the ground that the assessee had diverted interest bearing funds for non-business purposes? In the present case, The assessee had outstanding...

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Waiver of loan cannot be brought to tax u/s 28(iv) as Subsidy

Essar Shipping Limited Vs CIT (Bombay High Court)

The issue under consideration is whether the loan given by the Government which was subsequently waived off can be taxed under Section 28(iv) of Income Tax Act?...

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ISKCON is a well-known trade mark & use by others of if it is Misuse: HC

International Society for Krishna Consciousness (ISKCON) Vs. Iskcon Appaeral Pvt. Ltd. & Anr. (Bombay High Court)

At the outset, it is important to note that the claim of the Plaintiff that ISKCON is a well-known trade mark is not disputed by the Defendant. It is clear that ISKCON is a coined trade mark of the Plaintiff, that is to say that the said term ISKCON did not exists prior to the Plaintiff’s adoption and use of the same....

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Advances for purchase of vehicles/plant/machinery allowable as bad debt

PCIT Vs Hybrid Financial Services Ltd (Bombay High Court)

PCIT Vs Hybrid Financial Services Ltd (Bombay High Court) Under Section 36(1)(vii) of the Act, the amount of any bad debt or any part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year is to be allowed as deduction in computing income under Section 28 of the […]...

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Section 148- Revenue cannot travel beyond reasons recorded & same cannot be supplemented at the Later stage

Gateway Leaisng Pvt Ltd Vs ACIT (Bombay High Court)

Gateway Leaisng Pvt Ltd Vs ACIT (Bombay High Court) Section 148- Revenue cannot travel beyond reasons recorded & same cannot be supplemented at the Later stage. Reasons which are recorded by the Assessing Officer for re-opening an assessment are the only reasons which can be considered when the formation of the belief is impugned; suc...

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Penalty cannot be levied for making a claim which may be erroneous or wrong

Ventura Textiles Ltd. Vs CIT (Bombay High Court)

The issue under consideration is whether the levy of penalty u/s.271(1)(c) of the Act is justified in law for for making a claim which may be erroneous or wrong ?...

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Narcotic Drug Seizure by Tax Officers not amounts to Seizure under NDPS Act

Anant Vardhan Pathak Vs Union of India (Bombay High Court)

whether the act of the Income Tax Officers of collecting and keeping the Narcotic Drug found during search in safe custody constitutes a seizure?...

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Education Cess & Higher Secondary Education Cess allowable as a Business Expenses

Sesa Goa Limited Vs JCIT (Bombay High Court)

The issue under consideration is whether the Education Cess and Higher and Secondary Education Cess is allowable as a business expenses?...

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