Search Results for "escaped income"

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Search Results for "escaped income"

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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...

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 ...

Supreme Court

Supreme Court Upholds Reassessment Notice Against NDTV in Income Tax Case Due to Failure to Disclose Material Facts. The Court held that the revenue had valid reason to believe that income had escaped assessment based on findings of sham transactions with subsidiaries under Section 147 of the Income Tax Act, 1961.

3 Apr 2020

The appellant, New Delhi Television Limited (NDTV), an Indian company, filed a return for assessment year 2008-09 declaring a loss. The return was pro...

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 Allows Writ Petition Challenging CBDT Circular Denying Adjustment of TDS Against Tax Payable Under Voluntary Disclosure Scheme. Circular No. 755 dated 25-07-1997 Held Ultra Vires as It Imposed Restriction Not Found in Finance Act, 1997 or Income Tax Act, 1961.

10 Mar 2017

The petitioner, Earnest Business Services Pvt. Ltd., a company incorporated under the Companies Act, 1956, and its director, filed a writ petition und...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasonable Belief. Reassessment Based on Borrowed Satisfaction from Investigation Wing Without Independent Application of Mind by Assessing Officer is Invalid.

18 Jan 2016

The Petitioner, Nirmal Bang Securities Pvt. Ltd., challenged a notice dated 30th March 2007 issued under Section 148 of the Income Tax Act, 1961 for r...

High Court

Bombay High Court Allows Revenue's Appeal in Rental Income Classification Case. Rental income from leasing unsold units of a commercial complex constructed by a real estate developer is assessable as business income, not income from house property.

9 Apr 2015

The case involves multiple appeals filed by the Commissioner of Income Tax against the common order of the Income Tax Appellate Tribunal (ITAT) which ...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Reasonable Belief and Change of Opinion. Reassessment Beyond Four Years Invalid Without Allegation of Failure to Disclose Material Facts.

7 Apr 2015

The petitioner, Nivi Trading Limited, a private limited company, filed its return of income for Assessment Year 2010-11 on 15th September 2010 declari...

High Court

Bombay High Court Allows Petition Challenging Reassessment Notice Under Section 148 of Income Tax Act — Reassessment Based on Mere Change of Opinion Invalid as Full Disclosure Was Made During Original Assessment.

25 Mar 2015

The petitioner, Plus Paper Food Pac Ltd., filed a writ petition challenging a notice dated 18.11.2013 issued under Section 148 of the Income Tax Act, ...

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