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Bombay High Court Quashes Assessment Orders for Violation of Natural Justice in Transfer Pricing Adjustment. Failure to Provide TPO's Draft Order and Opportunity of Hearing Renders Proceedings Void Ab Initio Under Sections 144C and 92CA of Income Tax Act, 1961.

The petitioner, Undercarriage and Tractor Parts Pvt. Ltd., filed its return of income for Assessment Year 2015-2016 on 30 September 2015 declaring a l...

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Bombay High Court Upholds Disallowance of Medical Expenditure on Foreign Tour for Eye Treatment as Personal Expenditure Under Section 37(1) of Income Tax Act, 1961. Expenditure incurred for pre-operation investigation of eyes held to be personal in nature, not allowable as business expenditure.

The case pertains to a reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal to the Bombay High Court. The ...

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Bombay High Court Allows Appeal Against Tribunal's Stay Order in Cenvat Credit Dispute. Tribunal's Detailed Findings at Stay Stage Prejudge the Appeal and Are Impermissible.

The appellant, CEAT Limited, filed an appeal before the Bombay High Court challenging an order dated 12th June 2014 passed by the Customs, Excise and ...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Derivative Transaction Case. Exchange Traded Derivatives Held Not Speculative Under Section 43(5) of Income Tax Act, 1961, with Retrospective Application of Clause (d) of Proviso.

The case involves an appeal by the Commissioner of Income-tax, Central-IV against the order of the Income Tax Appellate Tribunal (ITAT) in favor of th...

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Bombay High Court Allows Revenue's Appeal in Part on Deduction Under Section 80HHC of Income Tax Act, 1961 — Insurance Claim and Sundry Receipts Held Not Directly Related to Business Profits, Rental Income Treated as Business Income, Retrenchment Compensation Held Revenue Expenditure.

The case pertains to an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material. Section 148 Notice for AY 2002-03 Set Aside as Assessing Officer Failed to Disclose Any New Information or Change of Opinion After Original Assessment Under Section 143(3).

The petitioner, M/s Bhavesh Developers, a firm engaged in the business of developing and constructing buildings, filed its return of income for Assess...