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Gujarat High Court Quashes Reassessment Notice in Income Tax Case Due to Non-Application of Mind by AO. Section 148 Notice for AY 2014-15 Set Aside as Reasons Recorded Were Mechanical and Lacked Independent Satisfaction.

The petitioner, Sanvira Holdings, a partnership firm part of the PSY Group engaged in real estate business, filed its return of income for Assessment ...

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High Court of Karnataka Dharwad Bench Examines Motor Accident Claims Appeals Involving Exoneration of Insurer. The case turns on whether non-renewal of transport endorsement on a driving licence constitutes absence of valid licence, affecting insurer's liability under Motor Vehicles Act, 1988.

These appeals arose from motor accident claims following a collision on 05.04.2012 between a Tata Ace vehicle (KA-35/A-7411) and a lorry (KA-16/A-4378...

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Bombay High Court Allows Revenue's Appeal in Income Tax Case on Section 43B Disallowance — Co-operative Bank Held to be Scheduled Bank. Interest Payment to Co-operative Bank Attracts Section 43B Disallowance for Lack of Evidence of Payment Before Filing Return.

The case involves an appeal by the Commissioner of Income Tax-2 against an order of the Income Tax Appellate Tribunal (Tribunal) dated 26/10/2009 for ...

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High Court of Bombay at Goa Allows Tax Appeal on Valuation of Work in Progress in Real Estate — Accounting Standard AS-7 Must Be Followed for Correct Profit Computation. Tribunal's Reliance on Precedent Without Notice Violates Natural Justice.

The appellant, Kayji Real Estate Pvt. Ltd., a company incorporated under the Companies Act, 1956, filed an appeal under the Income Tax Act, 1961, chal...

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Supreme Court Dismisses Revenue Appeals in Wealth Tax Matter, Upholding Balance Sheet Valuation Absent Assessee's Proof. Fixed Assets Valuation Under Section 7(2)(a) of the Wealth Tax Act, 1957, Confirmed Where Assessee Failed to Show Written Down Value Was True Value.

The case arose from wealth tax assessments of Tungabhadra Industries Ltd. for the years 1957-58, 1958-59, and 1959-60 under the Wealth Tax Act, 1957. ...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Independent Application of Mind. Reopening Based on Borrowed Satisfaction from Search Action Without Proper Inquiry Held Invalid Under Section 148A of Income Tax Act, 1961.

The petitioner, Anurag Gupta, an individual, filed his return of income for assessment year 2018-19 under Section 139(1) of the Income Tax Act, 1961, ...

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Bombay High Court Allows Revenue Appeal in Gift Tax Case — NRI Gift in Srinagar Held Not Exempt Under Section 5(ii) of Gift Tax Act, 1958. Court finds transaction colourable as gift was made by NRI in Srinagar where Gift Tax Act was not applicable, but donor was not resident of Jammu and Kashmir.

The Revenue appealed against the order of the Income Tax Appellate Tribunal which had allowed the assessee's claim for exemption from Gift Tax under S...