Tag Archives: Income tax

Leave Encashment Deduction on Payment basis u/s 43B is constitutional valid : SC

By | April 28, 2020
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Leave Encashment Deduction on Payment basis u/s 43B is constitutional valid : SC SUPREME COURT OF INDIA Union of India v. Exide Industries Ltd. A. M. KHANWILKAR, HEMANT GUPTA AND DINESH MAHESHWARI, JJ. CIVIL APPEAL NO. 3545 OF 2009 APRIL  24, 2020 JUDGMENT A.M. Khanwilkar. J. – In this appeal, the constitutional validity of clause (f) of Section 43B… Read More »

File ITR in Paper Form as E-filing not allowing set off of Losses : HC

By | March 26, 2020
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  HIGH COURT OF BOMBAY Samir Narain Bhojwani v. Deputy Commissioner of Income-tax, Central Circle 3(4), Mum. M.S. SANKLECHA AND NITIN JAMDAR, JJ. WRIT PETITION NO. 2825 OF 2019 OCTOBER  22, 2019 J.D. Mishtri, Sr. Counsel and Madhur Agarwal for the Petitioner. Sham Walve for the Respondent. ORDER 1. In view of the extraordinary urgency made out by the petitioner as the… Read More »

Exemption can’t be denied merely because profits generated by Assessee during Chartitable Activities : SLP dismissed

By | March 17, 2020
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. The ITAT came to the erroneous conclusion that merely because the Assessee had generated profits out of the activity of publishing and selling of school text books it ceased carrying on the activity of ‘education.’ The ITAT failed to address the issue in the background of the setting up of the Assessee, its control… Read More »

Sec. 80-IA deduction not allowed if area is declared to be backward area u/s 80HH (2) : HC

By | March 13, 2020
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It is pertinent to note here that section 80HH and section 80-IA(2)(iv)(c) are two different and independent provisions. The decision of Hon’ble Rajasthan High Court relied upon by the learned counsel for the respondent is of no assistance to the assessee in the fact situation of the case as the aforesaid decision was based on… Read More »