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Bombay High Court Allows Petitioner in Income Tax Reassessment Case — Mushroom Farming Income Held Agricultural. Reassessment Notice Under Section 148 of Income Tax Act, 1961 Quashed as Based on Change of Opinion.

The petitioner, Zuari Foods and Farms Pvt. Ltd., a private limited company engaged in mushroom farming, filed its income tax return for assessment yea...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Notice Issued Beyond Four Years Based on Mere Change of Opinion on Already Scrutinized Transactions is Invalid.

The petitioner, Sterlite Technologies Limited, challenged a notice dated 27 March 2021 issued under Section 148 of the Income Tax Act, 1961 for reasse...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Cooperative Society Entitled to Deduction Under Section 80P(2)(e) on Ginning and Pressing Charges. Reopening of Assessment Based on Change of Opinion Not Justified.

The case involves an appeal by the Commissioner of Income Tax-I, Nagpur against the order of the Income Tax Appellate Tribunal (ITAT) which upheld the...

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Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Based on Change of Opinion. Reassessment Notice and Order Quashed as Assessing Officer Had No Fresh Tangible Material to Justify Reopening.

The petitioner, Aroni Commercials Limited, challenged a notice dated 28 March 2013 under Section 148 of the Income Tax Act, 1961 seeking to reopen its...

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Supreme Court Upholds Constitutional Validity of Section 43B(f) of Income Tax Act — Leave Encashment Deduction Allowed Only on Actual Payment. Clause (f) is not arbitrary or violative of Article 14 as it serves a legitimate purpose of preventing abuse and ensuring employee welfare.

The Supreme Court in this appeal considered the constitutional validity of clause (f) of Section 43B of the Income Tax Act, 1961, which was inserted b...

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Supreme Court Allows Review Petition Filed by Customs Department in Customs Act Case — DRI Officers Held as Proper Officers. The Court overruled earlier decisions and upheld Section 28(11) of the Customs Act, 1962 as constitutionally valid, restoring the Department's power to issue show cause notices.

The Supreme Court, in a batch of petitions led by Review Petition No. 400 of 2021, considered the correctness of its earlier judgment in M/s Canon Ind...