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High Court of Karnataka Dismisses Revenue's Appeals in Transfer Pricing and Reassessment Cases — Upholds ITAT Orders on Arm's Length Price and Non-Disclosure of Material Facts.

The judgment pertains to two Income Tax Appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961. ITA No. 55/2024 arises from an o...

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Supreme Court Allows Appeal, Upholds Arbitral Award Holding Husband Jointly and Severally Liable for Wife's Debit Balance in Stock Trading Account — Oral Contract for Joint Liability Falls Within Scope of BSE Bye-law 248(a) Arbitration Clause.

The Supreme Court allowed the appeal filed by AC Chokshi Share Broker Private Limited against the order of the Bombay High Court's division bench, whi...

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Supreme Court Dismisses NHAI Appeal in Highway Construction Contract Dispute. Arbitral Award for Additional Costs and Embankment Work Upheld as Not Patently Illegal.

The appellant, National Highways Authority of India (NHAI), awarded a contract to the respondent for construction of the Allahabad Bypass Project. Dis...

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Bombay High Court Quashes Reassessment Notices in Income Tax Case Due to Lack of Independent Application of Mind by AO. Dividend Stripping Provision Under Section 94(7) of Income Tax Act, 1961 Not Applicable Where Assessee Suffered Net Loss on Sale of Mutual Fund Units Exceeding Dividend Received.

The petitioner, Karan Maheshwari, an individual investor in shares, stocks, securities, and mutual funds, challenged a show cause notice dated 20 Augu...

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Supreme Court Upholds Pre-emptive Purchase Order Under Income Tax Act for Undervalued Property. Appropriate Authority's Valuation Based on Comparable Sales Upheld as Reasonable.

The Supreme Court dismissed appeals by prospective buyers (Krishna Kumar Rawat & Ors.) and partly allowed the appeal by the Union of India against a H...

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High Court of Karnataka Dismisses Revenue's Appeal in Transfer Pricing Case for Acer India Pvt. Ltd. — No Substantial Question of Law Arises. Tribunal's deletion of TP adjustment upheld as consistent with earlier assessment year order.

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 29.11....

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High Court of Karnataka Dismisses Revenue's Appeal in Transfer Pricing Adjustment Case — Held that ITAT Correctly Deleted Addition for Non-Compete Fee Paid to AE Without Adequate Justification. The court found no substantial question of law as the Tribunal's findings were factual and not perverse.

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed appeals under Section 260A of the Income Tax Act, 1961 against...

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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.

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