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Search Results for "income-tax"

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High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act, 1961 for Lack of Valid Reason to Believe. Notice Issued Beyond Four-Year Limit Without Allegation of Failure to Disclose Material Facts Held Invalid.

22 Apr 2024

The petitioner, a partnership firm engaged in government contracts for water supply schemes, filed its return of income for Assessment Year 2016-17 on...

High Court

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.

8 Mar 2024

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

High Court

High Court Quashes Reassessment Notice Against Co-operative Bank for Lack of Fresh Material. Notice under Section 148 of Income Tax Act, 1961 held invalid as Assessing Officer failed to record any new tangible material after completion of original scrutiny assessment.

25 Sep 2023

The petitioner, Gandhibag Sahakari Bank Limited, a co-operative bank, challenged a notice dated 31.03.2021 issued under Section 148 of the Income Tax ...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Full and True Disclosure — Petitioner Had Disclosed All Material Facts in Return of Income. The court held that the reopening was based on a change of opinion and was invalid as the Assessing Officer did not form a reasonable belief of escapement of income.

7 Aug 2023

The petitioner, Astec LifeSciences Ltd., is engaged in the business of manufacturing and trading of agrochemicals and pharmaceutical intermediates. Wi...

High Court

Bombay High Court Allows Writ Petitions Challenging Reassessment Notices Under Section 148 of Income Tax Act, 1961 — Notices Issued Beyond Time Limit and Without Proper Application of Mind Are Invalid. Reassessment notices for AY 2014-15 and 2015-16 quashed as barred by limitation under Section 149, while notice for AY 2016-17 upheld.

16 Feb 2023

The petitioner, Lok Developers, a registered partnership firm, filed three writ petitions challenging reassessment notices issued under Section 148 of...

Supreme Court

Supreme Court Dismisses Appeal of Yum! Restaurants (Marketing) Private Limited in Doctrine of Mutuality Case — Surplus from AMP Activities Held Taxable as Income. Contributions from Non-Beneficiaries and Lack of Complete Identity Between Contributors and Beneficiaries Defeats Claim of Mutuality Under Income Tax Act, 1961.

24 Apr 2020

The appeal arose from a dispute between Yum! Restaurants (Marketing) Private Limited (YRMPL), a wholly owned subsidiary of Yum! Restaurants (India) Pv...

Supreme Court

Supreme Court Upholds Penalty on Managing Director in FEMA Violation Case — Failure to Complete Import Formalities Constitutes Continuing Offence. Liability under Section 10(6) of FEMA, 1999 attaches to person responsible for conduct of business regardless of change in management.

5 Mar 2020

The appeal arose from complaint proceedings initiated by the Enforcement Directorate under Section 16(3) of the Foreign Exchange Management Act, 1999 ...

Supreme Court

Supreme Court Allows Deduction Under Section 80IA for Infrastructure Facility Despite Conversion of Firm to Company. The court held that the assessee-company, formed by conversion of a partnership firm, satisfied the condition of having an agreement with the government under Section 80IA(4)(i)(b) of the Income Tax Act, 1961, as the conversion did not create a new entity but a continuation of the same business.

5 Mar 2020

The case involves an appeal by the Commissioner of Income Tax, Udaipur, against the judgment of the Rajasthan High Court which allowed the deduction u...

Supreme Court

Supreme Court Allows Filing of Revised Income Tax Returns After Due Date in Amalgamation Case — Holds That NCLT-Approved Scheme Overrides Procedural Timelines Under Income Tax Act. Clause 64(c) of the Scheme Permitting Revised Returns Has Statutory Force and Department Cannot Reject Them as Invalid.

18 Dec 2019

The Supreme Court allowed the appeals filed by M/s Dalmia Power Limited and M/s Dalmia Cement (Bharat) Limited against the judgment of the Division Be...

Supreme Court

Supreme Court Dismisses Review Petition in Rafale Deal Case Due to Reliance on Unauthorizedly Removed Secret Documents. Court Holds That Documents Marked Secret Under Official Secrets Act Cannot Be Used to Support Review Petition Without Authorization.

10 Apr 2019

The Supreme Court dealt with a preliminary objection regarding the maintainability of a review petition filed by Yashwant Sinha and others in connecti...

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