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Bombay High Court Dismisses Revenue Appeal in Income Tax Case Due to Non-Compliance with Section 144C Procedure. Tribunal's Order Upheld as Draft Assessment Order Not Served to Assessee, Violating Mandatory Requirement.

The case involves an appeal by the Principal Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal, Panaji, dated 21 Januar...

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Bombay High Court Allows Appeal in Income Tax Case — Disallowance of Business Expenditure Set Aside. Tribunal erred in disallowing Rs.11,76,540/- as business expenditure under Income Tax Act, 1961 without proper appreciation of evidence.

The appellant-assessee, Indian Galvanics Cyrium Foils Ltd., a closely held industrial company engaged in manufacturing copper foils at Gandhi Nagar, f...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasons to Believe Income Escaped Assessment. Reassessment Based on Change of Opinion Regarding Cost of Acquisition Under Section 55(2)(b)(ii) is Invalid.

The petitioner, J.B. Amin & Brothers (HUF), owned land at Aurangpura, Aurangabad, purchased by late Balubhai Amin for Rs.1,80,000. After his death in ...