181 ITR

Section 57, Section 80, Section 80B

S.C : Having regard to the definition of ‘gross total income’ under s. 80B(5) whether, on the facts ‘and in the circumstances of the case, the Tribunal was justified in allowing deduction under s. 80K on the gross dividend income without taking into account deduction for interest paid on moneys borrowed specifically for investment in shares ?

Supreme Court Of India CIT vs. P.K. Jhaveri Sections 57, 57(iii), 80B, 80B(5), 80K S. Ranganathan, N.D. Ojha & J.S.

Sec. 37(1), Section 37

Rajasthan H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the amount of Rs. 7,500 paid as fees to the Registrar of Companies, Jaipur, for bringing about change in the memorandum and articles of association of the company in relation to increase in its authorised capital is allowable as a revenue expenditure ?

High Court Of Rajasthan CIT vs. Aditya Mills Sections 37, 37(1) Asst. Year 1974-75 S.C. Agrawal & I.S. Israni, JJ.

Income Tax Case Laws

Bombay H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in upholding the AAC’s decision that the capital for the purpose of surtax assessment cannot be proportionately taken in accordance with the period of the previous year even though the previous year may consist of less than 12 months and in consequently, directing the ITO to recalculate the surtax payable by taking the capital base at Rs. 8 lakhs instead of Rs. 6 lakhs taken by the ITO ?

High Court Of Bombay CIT vs. May & Baker (India) (P) Ltd. Section SURTAX 2(8), SURTAX SCH. II, SURTAX RULE

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