Bombay High Court sets aside an order refusing to condone a 27-day delay in a trust’s filing of Form 10B, citing a need for a justice-oriented approach.
Bombay High Court held that if municipal rateable value doesn’t depict correct annual value, AO can make independent enquiry under section 23(1)(a) of the Income Tax Act and determine the sum which the property is reasonably expected to fetch for purpose of determining annual value u/s. 22.
Expired bank guarantee couldn’t be enforced post CIRP (corporate insolvency resolution process) as no claim was lodged by authority during the validity period of the guarantee.
The Bombay High Court allows a company to set off interest expenses against interest income, ruling that a business can be considered commenced from its preparatory stage.
The Bombay High Court has quashed a reassessment notice for AY 2018-19, ruling the sanction was improperly granted by a lower authority, the PCIT.
Bombay High Court acquits an accused in a POCSO case, highlighting that DNA reports alone are not sufficient for conviction if the chain of custody is flawed.
Once it was held that there was an independent and separate sale of the HDPE bags in which the cement was sold, there was no question of levying any sales tax at the same rate as that levied on cement.
Bombay High Court held that secured creditors have a clear priority over the dues of the State as per Section 26E of the SARFAESI Act. Thus, clear title must pass to auction purchaser and State cannot be allowed to continue its encumbrance upon secured asset sold.
Sale proceeds of vintage car was taxable unless assessee proved that the car was used as a personal asset. Tribunal had rightly reversed the order passed by CIT (A), which had applied irrelevant considerations of wealth tax returns and non-claiming of depreciation in respect of the car by assessee.
Bombay High Court held that Section 194C and Section 194LA of the Income Tax Act would not apply when TDR Certificates are issued in lieu of compensation. Accordingly, order passed u/s. 201 and 201(1A) stayed.
