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Search Results for "ITAT Bangalore"

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High Court

Bombay High Court Dismisses Petitioner's Challenge to Reopening of Assessment Under Section 147 of Income Tax Act, 1961 — Reopening Based on Tangible Material from Investigation Wing and Not a Mere Change of Opinion. Failure to Disclose Primary Facts During Original Assessment Justifies Reopening Within Four Years.

8 Sep 2023

The petitioner, Vaman Prestressing Co. Pvt. Ltd., filed two writ petitions challenging the reopening of its assessment for the Assessment Year 2006-07...

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

High Court Allows Appeal in Income Tax Case: Consultancy Fees Received Abroad by Non-Resident Not Taxable in India. The court held that the assessee, a non-resident rendering services outside India, was not liable to tax on consultancy fees received abroad under Section 5(2) of the Income Tax Act, 1961.

17 Nov 2015

The appellant-assessee, Sri Salil Punoos, was employed by M/s Best Foods Asia Ltd., Hongkong as Managing Director from 1997. During the relevant perio...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Reopening Case — Notice Under Section 148 Held Invalid as No Reasons Recorded. Assessee's Return Accepted Under Section 143(1) Cannot Be Reopened Without Proper Justification Under Section 147 of the Income Tax Act, 1961.

18 Aug 2015

The case pertains to an appeal filed by the Revenue (Commissioner of Income Tax and Deputy Commissioner of Income Tax) against the order of the Income...

High Court

High Court of Karnataka Dismisses Revenue Appeal in Capital Gains Tax Case — Non-Refundable Deposit for Surrender of Tenancy Rights Held Not Taxable as Capital Gains. The court ruled that the amount received as non-refundable deposit in lieu of surrendering tenancy rights is not chargeable to capital gains tax under the Income Tax Act, 1961.

14 Jul 2015

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), Ben...

High Court

Karnataka High Court Dismisses Revenue Appeal in Income Tax Penalty Case — No Concealment of Facts Found. Tribunal's cancellation of penalty under Section 271(1)(c) of the Income Tax Act, 1961 upheld as assessee had disclosed all material facts and claimed deduction under Section 54F.

10 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITAT) dated 21/03...

High Court

High Court of Karnataka Dismisses Revenue Appeal in Income Tax Penalty Case — No Concealment Found. Tribunal's cancellation of penalty under Section 271(1)(c) of the Income Tax Act, 1961 upheld as assessee had disclosed all material facts and claimed deduction under Section 54F in good faith.

10 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) dated 21/03/...

High Court

High Court of Karnataka Dismisses Revenue Appeal in Income Tax Penalty Case — No Concealment of Facts Found. Tribunal's cancellation of penalty under Section 271(1)(c) of the Income Tax Act, 1961 upheld as assessee had disclosed all material facts regarding property sale and reinvestment.

10 Mar 2015

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) which had cancelled the penalty imposed on the assessee under Secti...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Speed Money Disallowance Upheld. CIT(A) and ITAT correctly deleted addition of 30% of speed money as no evidence of bogus expenditure.

24 Feb 2015

The respondent-assessee, a clearing and forwarding agent at New Mangalore Port Trust (NMPT), declared total income of Rs.1,11,03,920/- for the assessm...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — No Substantial Question of Law Arises. Tribunal's concurrent findings on non-concealment of income and non-furnishing of inaccurate particulars under Section 271(1)(c) of the Income Tax Act, 1961 upheld.

25 Sep 2013

The appeal was filed by the Revenue under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Bangalore,...

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