Search Results for "income computation"

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Bombay High Court Allows Appeals by Acquiring Body in Land Acquisition Compensat...
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Search Results for "income computation"

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High Court

Bombay High Court Hears Writ Petition Challenging Validity of Reopening Notice Under Section 148 of Income Tax Act for Assessment Year 2015-16. The Reopening Based on Alleged Escaped Income from Capital Reduction Transaction Is Contested on Grounds of Full Disclosure During Original Assessment.

8 Mar 2023

The petitioner, an investment holding company incorporated in Singapore and under creditors' voluntary liquidation, held shares in Lehman Brothers Cap...

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 Petitions by Offshore Drilling Companies Challenging Reassessment Notices Under Income Tax Act, 1961 — Section 147 Reassessment Invalid Due to Lack of Jurisdictional Condition Precedent. The court held that reassessment notices were issued without proper application of mind and without valid reasons to believe that income had escaped assessment, and quashed the notices.

4 Aug 2023

The petitioners, Shelf Drilling Ron Tappmeyer Limited, Shelf Drilling J.T. Angel Limited, and Shelf Drilling Trident XII Limited, are companies incorp...

High Court

Bombay High Court Allows Appeal of Assessee in Income Tax Case — Write-off of Advances and Expenses Held Allowable as Business Loss Under Section 28 of Income Tax Act, 1961. The court held that amounts advanced to a business associate in the course of business dealings and written off as irrecoverable are deductible as business loss.

9 Jun 2023

The appellant, Mahindra and Mahindra Ltd., a public limited company engaged in manufacturing and trading, filed an appeal under Section 206A of the In...

High Court

High Court of Karnataka Reserves Judgment on Challenge to Fringe Benefit Tax Provisions. Petitions question constitutional validity of Chapter XII-H of Income Tax Act, 1961 as violative of Article 14 and beyond legislative competence.

6 Dec 2019

The High Court of Karnataka at Bengaluru heard three writ petitions filed by M/s T.T.K. Prestige Ltd. and another, M/s N. Rangarao & Sons, and Karnata...

High Court

Bombay High Court Allows Assessee in Income Tax Reference Under Section 256(1) of Income Tax Act, 1961 — Profits on Sale of Machinery Not Taxable Under Section 41(2) as Depreciation Was Claimed by Dissolved Firm, Not by Assessee.

21 Jul 2005

The case involves a reference under Section 256(1) of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal, Mumbai, for the opinion of the Bo...

High Court

High Court of Karnataka Allows Writ Petitions Declaring Income Tax Exemption Under Section 96 of RFCTLARR Act, 2013 Applicable to Land Acquisitions Under KIAD Act, 1966. Compensation for Land Acquisition Under State Act Entitled to Same Tax Exemption as Under Central Act.

21 Apr 2022

The petitioners, M/s Sri Balaji Corporate Services and NCC Urban Infrastructure Limited, along with individual landowners, challenged the denial of in...

High Court

Bombay High Court Holds Reopening Beyond Four Years Requires Specific Disclosure Failure. General Statement of Non-Disclosure Not Sufficient Under Proviso to Section 147 Income Tax Act, 1961.

30 Sep 2021

The petitioner, a real estate developer, challenged a notice dated 27/03/2019 issued under Section 148 of the Income Tax Act, 1961 for reopening the a...

High Court

Bombay High Court Allows Appeal of Assessee in Income Tax Refund Interest Case — Refund Arising from Appellate Order Reducing Income Below Returned Income Qualifies for Interest Under Section 244A(1)(a) Irrespective of 10% Threshold. The court held that the ITAT erred in applying Section 244A(1)(b) to a refund resulting from an order giving effect to the CIT(A)'s order, and directed computation of interest from the date of payment of excess tax.

9 Feb 2024

The appellant, Ceat Limited, filed an appeal under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal (ITA...

High Court

Bombay High Court Considers Challenge to Revision Order in FCCB Capital Gains Case; Cost of Acquisition Dispute Between FCCB Scheme and Section 49(2A) of Income-tax Act Examined. Revenue Relied on Section 49(2A) While Petitioner Invoked Clause 7(4) of the 1993 Scheme.

27 Mar 2019

The writ petition under Article 226 was filed before the Bombay High Court challenging an order dated 29 March 2018 passed by the Commissioner of Inco...

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