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Supreme Court Allows Revenue's Appeal in Income Tax Case — Upholds Addition Under Section 68 for Unexplained Share Capital. Assessee Failed to Prove Identity, Creditworthiness, and Genuineness of Investor Companies Despite Receiving Share Premium at Rs. 190 per Share.

The present appeal arises from a judgment of the Delhi High Court in an income tax appeal concerning the assessment year 2009-10. The respondent-asses...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Transaction Charges. Transaction charges paid to stock exchanges are not fees for technical services under Section 194J of the Income Tax Act, 1961, as stock exchanges perform regulatory and administrative functions.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) regarding the assessment y...

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High Court of Karnataka Allows Appeal in Income Tax Case — Disallows Reopening of Assessment Beyond Four Years Without Failure to Disclose Material Facts. Section 147 of Income Tax Act, 1961 Requires Full and True Disclosure for Reopening After Four Years.

The appellant, M/s. Safina Hotels Private Limited, filed its return of income for the assessment year 2001-02. The assessment was completed under Sect...

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Bombay High Court Delivers Judgment on Arbitration Petition Under Section 37 of Arbitration and Conciliation Act, 1996. The Petition Challenged Interim Measures Granted by Arbitral Tribunal in Terminalling Service Agreement Dispute.

The petitioner, Gujarat Chemical Port Terminal Co. Ltd., constructed port terminal facilities at Dahej, Gujarat, including tanks for handling and expo...

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Bombay High Court Upholds Revenue's View on Capital Gains Computation in Amalgamation Case. Assessee Not Entitled to Substitute Fair Market Value as on 1-1-1964 for Shares Acquired Under Sections 47 and 49 of Income Tax Act, 1961.

The case pertains to a reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the assessee, M/s. Madhura Coats Ltd., arising f...

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Bombay High Court Allows Stay of Demand for Slum Rehabilitation Authority in Income Tax Exemption Case — Prima Facie Case Established for Section 11 Exemption Despite Section 2(15) Proviso. Statutory Authority's Non-Profit Slum Rehabilitation Activities Held Charitable, Not Commercial.

The Petitioner, Slum Rehabilitation Authority, a statutory body established under the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment...

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Bombay High Court Dismisses Revenue's Appeal in Capital Gains Indexation Case. Assessee Allowed Indexation on Sale of Shares Other Than Bonus Shares Under Section 112(1) of Income Tax Act, 1961.

The Revenue appealed against the order of the Income Tax Appellate Tribunal which allowed the assessee's claim of indexation on long term capital gain...

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Gujarat High Court Allows Petition Challenging Rejection of NA Permission Under Section 65 Bombay Land Revenue Code. Collector's Rejection Based on Pending Revision Before Revenue Tribunal Set Aside as Revision Was Subsequently Dismissed.

The petitioner, Kanabhai Jakhrabhai Dangar, filed a Special Civil Application under Article 226 of the Constitution before the Gujarat High Court chal...