1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
TaxTMI Login
🚀 New: Section-Wise Filter ✕
Just a moment...
1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' to jump to entered page
of Press 'Enter' to jump to entered page
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' to jump to entered page
of Press 'Enter' to jump to entered page
All Case Laws
of Press 'Enter' to jump to entered page
of Press 'Enter' to jump to entered page
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' to jump to entered page
<h1>High Court rules for Industrial Perfumes Ltd. in tax exemption case</h1> The High Court of Bombay ruled in favor of the assessee, M/s. Industrial Perfumes Ltd., in a tax exemption case. The court found the inclusion of average ... New Industrial Undertaking The High Court of Bombay ruled in favor of the assessee, M/s. Industrial Perfumes Ltd., in a case involving the computation of capital employed in a new industrial undertaking for tax exemption. The ITO's rectification order under section 154 of the Indian Income Tax Act was deemed unjustified as the inclusion of average profit in the capital calculation was debatable. The Tribunal upheld the assessee's view, citing a previous case involving Tata Engineering & Locomotive Co. Ltd. The High Court held that no mistake was apparent in the original order, leading to the cancellation of the rectification order. The High Court concluded that the rectification order was not valid in law for the assessment year 1962-63.
TaxTMI 
TaxTMI 
