Search Results for "income escaped assessment"

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Search Results for "income escaped assessment"

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High Court

Madras High Court Allows Revenue's Appeals in Income Tax Block Assessment Case - Upholds Addition of Unexplained Cash Credits Under Section 68 of Income Tax Act, 1961. The court held that the assessee failed to prove the genuineness of cash credits, reversing the Tribunal's order.

29 Jan 2025

The Revenue filed appeals under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, 'B' Bench, Chennai, w...

High Court

Madras High Court Allows Appeal in Income Tax Bad Debt Write-Off Case — Assessee Entitled to Deduction for Debts Written Off in Books Even if Not Recognized by Debtor. The court held that under Section 36(1)(vii) read with Section 36(2) of the Income Tax Act, 1961, the only condition for deduction of bad debts is that the debt must be written off as irrecoverable in the books of the assessee, and there is no requirement of acknowledgment by the debtor.

27 Jan 2025

The appellant, M/s. Citadel Fine Pharmaceuticals Ltd., filed a return of income for assessment year 2009-10 under the Income Tax Act, 1961. The Assess...

High Court

High Court of Karnataka Quashes Reassessment Notice Under Section 148A(b) of Income Tax Act, 1961 for Lack of Proper Application of Mind. Notice and Order Set Aside as Show Cause Notice Did Not Disclose Reasons for Reopening Assessment Beyond Four Years.

27 Sep 2024

The petitioner, Anand Kumar Somasheshekarayya Lonarmath, filed a writ petition under Articles 226 and 227 of the Constitution of India before the High...

Supreme Court

Supreme Court Allows Assessee Banks in Income Tax Act Section 14A Dispute Over Disallowance of Interest Expenditure. Court held that when assessee banks have sufficient interest-free own funds exceeding investments in tax-free bonds and shares, no proportionate disallowance of interest under Section 14A is permissible, as investments are presumed to be made from interest-free funds.

9 Sep 2021

The Supreme Court of India addressed a batch of civil appeals concerning the interpretation of Section 14A of the Income Tax Act, 1961, in the context...

High Court

Bombay High Court Quashes Reassessment Order in Income Tax Case for Non-Compliance with GKN Driveshafts Procedure. Revenue failed to communicate order rejecting objections and passed assessment order within four weeks, violating principles of natural justice.

6 May 2015

The petitioner, Capgemini India Pvt. Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, and the subsequent reassessment order da...

High Court

Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 — Depreciation on Goodwill Not a Valid Reason for Reassessment. The court held that reopening based on change of opinion is impermissible and that depreciation on goodwill is allowable under Section 32(1)(ii) of the Income Tax Act, 1961.

25 Jun 2012

The petitioner, Bedmutha Industries Ltd., challenged a notice dated 29 November 2010 issued under Section 148 of the Income Tax Act, 1961, seeking to ...

High Court

Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material — Interest on Refund Net of Interest Paid Under Section 220 Was Fully Disclosed During Original Assessment

19 Mar 2010

The petitioner, Arthur Anderson & Co., filed a writ petition under Article 226 of the Constitution challenging a notice dated 4 February 2009 issued b...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Held Invalid as There Was No Failure to Disclose Material Facts and No New Tangible Material.

17 Feb 2010

The petitioner, Multiscreen Media Private Limited, a company engaged in providing audiovisual television software and related activities, filed return...

High Court

Bombay High Court Quashes Reassessment Notices for HUF Assessee in Income Tax Case — Lack of Reasonable Belief of Income Escaping Assessment. Notices under Section 148 of Income Tax Act, 1961 set aside as reasons for reopening were based on mere change of opinion and not on fresh tangible material.

5 Sep 2006

The petitioner, a Hindu Undivided Family (HUF) carrying on cotton ginning and pressing business, challenged four notices dated 30 March 2004 issued un...

High Court

Bombay High Court Quashes Reassessment Notice for Lack of Reasonable Belief of Income Escapement — Section 148 Income Tax Act, 1961. Reassessment Cannot Be Based on Mere Change of Opinion on Same Facts Already Considered During Original Assessment.

13 Jun 2006

The petitioners, M/s. Devidayal Rolling Mills and its partner Sumanbala Aggarwal, challenged a notice dated 26th March 1992 issued under Section 148 o...

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