Search Results for "Income Tax Reassessment"

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Search Results for "Income Tax Reassessment"

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High Court

High Court of Bombay Stayed Impugned Re-Assessment Proceedings Under Income Tax Act – Challenge to Section 148 Notice for AY 2009-2010. Petition Filed Against Order Rejecting Objections and Seeking Re-Opening of Assessment Under Section 148 of the Income Tax Act, 1961.

25 Apr 2025

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High Court

Bombay High Court Quashes Reassessment Order for Lack of Proper Opportunity of Hearing and Non-Communication of Section 151 Approval in Income Tax Reopening Proceedings. The court held that the Assessing Officer failed to grant a personal hearing as directed by the earlier order of the High Court and did not communicate the approval under Section 151 of the Income Tax Act, 1961, rendering the reassessment invalid.

20 Dec 2024

The petitioner, Wavy Construction LLP, challenged an order dated 14 October 2021 rejecting its objections against reopening of assessment under Sectio...

Supreme Court

Supreme Court Upholds Validity of Section 29A of the Insolvency and Bankruptcy Code, 2016, Disqualifying Related Parties of Corporate Debtors from Submitting Resolution Plans. The Court holds that the disqualification under Section 29A(c) applies to persons acting jointly or in concert with a disqualified person, and that the provision is not retrospective in operation.

3 Oct 2024

The Supreme Court of India delivered a landmark judgment on the interpretation and validity of Section 29A of the Insolvency and Bankruptcy Code, 2016...

Supreme Court

Supreme Court Upholds Revenue in Income Tax Reassessment Case on Limitation and Computation Grounds. Reassessment under Sections 147 and 148 of Income Tax Act, 1961 Held Valid as Assessee Failed to Disclose Material Facts, and Notice Served on Partnership Firm Was Proper Despite Section 282(2) Argument.

23 Jan 2024

The dispute arose from reassessment proceedings under the Income Tax Act, 1961, involving a partnership firm engaged in publishing newspapers and peri...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Fresh Material. Reopening of Assessment Under Section 147 of Income Tax Act, 1961 Invalid When Based on Same Material Already Considered in Original Assessment.

25 Aug 2023

The petitioner, Siemens Financial Services Pvt Ltd, a Non-Banking Finance Company registered with RBI, filed its return of income for Assessment Year ...

Supreme Court

Supreme Court Allows Revenue Appeals in Section 153A Search Assessment Dispute — Assessing Officer Can Assess Total Income Including Non-Incriminating Material. The Court held that under Section 153A of the Income Tax Act, 1961, the Assessing Officer is competent to assess total income considering all material on record, not limited to incriminating material found during search.

24 Apr 2023

This batch of appeals involves a common question of law regarding the scope of assessment under Section 153A of the Income Tax Act, 1961. The Revenue ...

High Court

Bombay High Court Allows Writ Petition Challenging Form-3 Under Direct Tax Vivad Se Vishwas Act, 2020 for Assessment Year 2003-2004 — Designated Authority Directed to Recompute Amount Payable After Considering Refund Already Paid. The Court held that the Designated Authority must consider refunds paid under Section 244A of the Income Tax Act, 1961 while computing the amount payable under the DTVSV Act, and apply the principle of set off under Section 245 of the IT Act.

25 Aug 2021

The Petitioner, Cooperative Rabobank U.A., a bank established in the Netherlands and part of the Rabobank Group, is a regular assessee under the Incom...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case — Gain on Pre-payment of Deferred VAT/Sales Tax Held as Revenue Receipt. The court held that the benefit arising from prepayment of deferred sales tax liability at a discounted NPV is a revenue receipt taxable under Section 41(1) of the Income Tax Act, 1961, as it represents a remission or cessation of a trading liability.

5 Feb 2020

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) dated...

High Court

Bombay High Court Upholds Reopening of Assessment Under Section 147(a) for Income Tax on Minimum Guarantee Receipts from Film Sale. Assessee's Failure to Disclose Full Consideration for Sale of Movie 'Charas' Justifies Reassessment Despite Partial Acceptance of Addition.

17 Nov 2017

The case involves an income tax reference at the instance of the assessee, who sold a movie titled 'Charas' to M/s. Prakash Pictures on a minimum guar...

High Court

Bombay High Court Quashes Revisional Notice Under Section 263 of Income Tax Act for Lack of Jurisdiction — Limitation Period Expired for Original Assessment Order. Reassessment Order Does Not Extend Limitation for Revising Original Assessment Under Section 263 of Income Tax Act, 1961.

23 Apr 2010

The petitioner, Ashoka Buildcon Ltd., challenged a notice dated 30 April 2009 issued by the Commissioner of Income Tax-I, Nashik under Section 263 of ...

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