Error on part of Auditor is Reasonable Cause for Delay in Claiming Exemption: Bombay HC Condones Delay [Read Order]
The Bombay High Court viewed that the error on the part of the auditor is reasonable cause for delay in claiming exemption and condoned the delay....
![Mere fact that Order is not Acceptable to dept is not a Ground for not Following It: Bombay HC quashes Order under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Bombay-High-Court-Income-Tax-Bombay-HC-Quashes-Order-Quashing-Order-TAXSCAN.jpg "Mere fact that Order is not Acceptable to dept is not a Ground for not Following It: Bombay HC quashes Order under Income Tax Act [Read Order]")
![Mere Variance in Allowable Deductions not Ground to Believe Assessee Furnished Inaccurate Particulars of Income: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Delhi-High-Court-Income-Tax-Delhi-High-Court-tax-deductions-taxscan.jpg "Mere Variance in Allowable Deductions not Ground to Believe Assessee Furnished Inaccurate Particulars of Income: Delhi HC [Read Order]")
Interest paid on borrowed Funds for Investment in Shares hit by Section 14A of Income Tax Act if Dividend received on Shares not part of total Income: Bombay HC [Read Order]
In a recent ruling the Bombay High Court held that the interest paid on borrowed funds for investment in shares hit by Section 14A of the Income Tax Act, 1961 if the dividend received on shares not...
![Interest paid on borrowed Funds for Investment in Shares hit by Section 14A of Income Tax Act if Dividend received on Shares not part of total Income: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Bombay-High-Court-Income-Tax-Interest-on-Borrowed-Funds-Investment-in-Shares-taxscan.jpg "Interest paid on borrowed Funds for Investment in Shares hit by Section 14A of Income Tax Act if Dividend received on Shares not part of total Income: Bombay HC [Read Order]")
Actual Agricultural Operation not necessary condition to qualify as Agricultural Land: Bombay HC directs to pass Fresh Assessment Order under Income Tax Act [Read Order]
The Bombay High Court recently ruled that actual agricultural operation is not necessary condition to qualify as agricultural land and directed to pass fresh assessment order. The Assessing...
![Actual Agricultural Operation not necessary condition to qualify as Agricultural Land: Bombay HC directs to pass Fresh Assessment Order under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Bombay-High-Court-Income-Tax-Assessment-Order-Agricultural-land-assessment-taxscan.jpg "Actual Agricultural Operation not necessary condition to qualify as Agricultural Land: Bombay HC directs to pass Fresh Assessment Order under Income Tax Act [Read Order]")
![Relief to Godrej: Bombay HC quashes Time-Barred Income Tax Reassessment Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Income-Tax-Bombay-High-Court-Income-Tax-Reassessment-Notice-Godrej-taxscan.jpg "Relief to Godrej: Bombay HC quashes Time-Barred Income Tax Reassessment Notice [Read Order]")
TDS Deductible on Storage Charges: Bombay HC Rules Storage Tanks not Classifiable as Land or Building [Read Order]
The Bombay High Court ruled that storage tanks not classifiable as land or building and that TDS is deductible on storage charges. Assessee used to pay storage charges. Therefore, assessee had...
Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]
In a recent ruling, the Bombay High Court has clarified that the share premium received through the issuance of shares is categorized as a capital account transaction and does not attract taxation as...
![Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Bombay-High-Court-Share-premium-taxation-Capital-account-transactions-Issuance-of-shares-capital-receipts-taxscan.jpg "Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]")
AO cannot Re-open Assessment to Remedy Error Resulting from Oversight in Assessment Proceeding: Bombay HC [Read Order]
In a recent decision, the Bombay High Court observed that the Assessing Officer ( AO ) cannot re-open assessment to remedy error resulting from oversight in assessment proceeding. The petitioner...
Bona Fide Banking Business in Mauritius Exempt from Income Tax in India: Bombay HC grants Relief to HSBC Bank [Read Order]
In a major relief to HSBC Bank, the Bombay High Court noted that the bona fide banking business in Mauritius is exempt from income tax in India. Respondent-Assessee is a Limited Liability Company...
![Bona Fide Banking Business in Mauritius Exempt from Income Tax in India: Bombay HC grants Relief to HSBC Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Bombay-HC-Bombay-High-Court-HSBC-Bank-HSBC-Bank-tax-exemption-Bombay-High-Court-HSBC-ruling-Taxscan.webp "Bona Fide Banking Business in Mauritius Exempt from Income Tax in India: Bombay HC grants Relief to HSBC Bank [Read Order]")