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“Section 2(290)”

Section References (mined)Section 2Section 2(290)5 judgments

The decision most relied on for Section 2(290) is CIT v. Mukundray K. Shah (290 ITR 433), cited in 99 judgments on BharatTax.

Leading authorities on Section 2(290)

CIT v. Mukundray K. Shah
290 ITR 433 · 2007 · Supreme Court
99
citing judgments

For Section 2(22)(e) to apply, a payment by a company must be in the nature of a loan or advance, and the company must have accumulated profits. Such payments to a concern in which a shareholder, holding more than 10% voting power, has a substantial interest are deemed dividends if the shareholder ultimately benefits, even if routed through different modes or concerns.

DCIT v. Bank of Bahrain & Kuwait
41 SOT 290 · 2010 · ITAT
81
citing judgments

Mark-to-Market (MTM) losses on forward contracts and forex derivatives are allowable as a revenue deduction under Section 37(1) where a binding obligation is created against the assessee. This is provided the assessee consistently follows the same accounting method for both profits and losses.

Mahavir Spinning MHIs Ltd. v. Commissioner of Income Tax
270 ITR 290 · High Court
16
citing judgments

Reassessment beyond four years after an assessment under Section 143(3) is not permissible unless the Assessing Officer specifies the assessee's failure to disclose all material facts.

CIT v. V. Pradeep Kumar
290 ITR 90 · 2007 · High Court
10
citing judgments

Construction of a residential house for claiming deduction under section 54F must be a real construction and not merely symbolic. The intention behind section 54F is to promote housing construction, not the destruction of existing residential buildings.

Judgments citing Section 2(290)

Bhagirathi Enterprise, Vile Parle West Mumbai vs. Income Tax Officer Ward 34(1)(1), Bandra East Mumbai

In the result, the appeal filed by the assessee for the AY

ITA 3130/MUM/2025[2023-24]Status: DisposedITAT Mumbai27 Jun 2025AY 2023-24

Bench: Shri Vikram Singh Yadav & Ms. Kavitha Rajagopal

For Appellant: Shri Anant N. Pai, CAFor Respondent: Shri Leyaqat Ali Aafaqui
Section 143Section 143(1)Section 154Section 167BSection 2

Income Tax Act, 1961, as the AOP's member shares were indeterminate, necessitating taxation at the MMR. The MMR, as defined under Section 2(290), includes a 37% surcharge as per the Finance Act, 2020, irrespective of the AOP's actual income. Judicial precedents from ITAT Bangalore and Mumbai affirm ... under the Income Tax Act, 1961 is discussed in the ensuing paras. 9.1 Maximum marginal rate (MMR) is defined as per provisions of Section 2(290) of the Income Tax Act, 1961 as under: "Maximum marginal rate" means the rate of income-tax (including surcharge on income

Bhagirathi Enterprise, Vile Parle West Mumbai vs. Income Tax Officer, Ward 34(1)(1), Mumbai Bandra East

In the result, the appeal filed by the assessee for the AY

ITA 3129/MUM/2025[2022-23]Status: DisposedITAT Mumbai27 Jun 2025AY 2022-23

Bench: Shri Vikram Singh Yadav & Ms. Kavitha Rajagopal

For Appellant: Shri Anant N. Pai, CAFor Respondent: Shri Leyaqat Ali Aafaqui
Section 143Section 143(1)Section 154Section 167BSection 2

Income Tax Act, 1961, as the AOP's member shares were indeterminate, necessitating taxation at the MMR. The MMR, as defined under Section 2(290), includes a 37% surcharge as per the Finance Act, 2020, irrespective of the AOP's actual income. Judicial precedents from ITAT Bangalore and Mumbai affirm ... under the Income Tax Act, 1961 is discussed in the ensuing paras. 9.1 Maximum marginal rate (MMR) is defined as per provisions of Section 2(290) of the Income Tax Act, 1961 as under: "Maximum marginal rate" means the rate of income-tax (including surcharge on income

Bhagirathi Enterprise, Vile Parle West Mumbai vs. ITO Ward 34(1)(1), Bandra East Mumbai

ITA 3128/MUM/2025[2021-22]Status: DisposedITAT Mumbai27 Jun 2025AY 2021-22

Bench: Shri Vikram Singh Yadav & Ms. Kavitha Rajagopal

For Appellant: Shri Anant N. Pai, CAFor Respondent: Shri Leyaqat Ali Aafaqui
Section 143Section 143(1)Section 154Section 167BSection 2

Income Tax Act, 1961, as the AOP's member shares were indeterminate, necessitating taxation at the MMR. The MMR, as defined under Section 2(290), includes a 37% surcharge as per the Finance Act, 2020, irrespective of the AOP's actual income. Judicial precedents from ITAT Bangalore and Mumbai affirm ... under the Income Tax Act, 1961 is discussed in the ensuing paras. 9.1 Maximum marginal rate (MMR) is defined as per provisions of Section 2(290) of the Income Tax Act, 1961 as under

Hreyansh Vasundhara Family Trust, Pune vs. Income Tax Officer, Ward-7(1), Pune

In the result, the appeal of the assessee is allowed

ITA 1795/PUN/2024[2023-24]Status: DisposedITAT Pune29 May 2025AY 2023-24

Bench: Shri R.K. Panda & Ms. Astha Chandra

For Appellant: Shri Kiran SanmaneFor Respondent: Shri Ramnath P. Murkunde
Section 111ASection 112Section 112ASection 143(1)Section 167Section 167BSection 2(290)Section 234C

nature of income. 4. In not appreciating that the words "rate of income-tax (including surcharge on income-tax, if any)" in section 2(290) denotes two separate levies and hence MMR does not automatically include higher rate of surcharge. 5. In not appreciating that the total income

Hreyansh Vasundhara Family Trust, Pune vs. Income Tax Officer, Ward-7(1), Pune

In the result, the appeal of the assessee is allowed

ITA 1794/PUN/2024[2022-23]Status: DisposedITAT Pune29 May 2025AY 2022-23

Bench: Shri R.K. Panda & Ms. Astha Chandra

For Appellant: Shri Kiran SanmaneFor Respondent: Shri Ramnath P. Murkunde
Section 111ASection 112Section 112ASection 143(1)Section 167Section 167BSection 2(290)Section 234C

nature of income. 4. In not appreciating that the words "rate of income-tax (including surcharge on income-tax, if any)" in section 2(290) denotes two separate levies and hence MMR does not automatically include higher rate of surcharge. 5. In not appreciating that the total income