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Karnataka High Court Dharwad Bench Hears Revenue Appeal Against ITAT Order Deleting Penalty Under Section 271(1)(c) for Assessment Year 2006-07 Due to Defective Notice; Questions Validity of Penalty Initiation Despite Retrospective Amendment to Section 271(1B)

The appeal before the High Court of Karnataka, Dharwad Bench, arose from the order of the Income Tax Appellate Tribunal, Bengaluru, which had allowed ...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Reasonable Belief of Income Escaping Assessment. Reopening Beyond Four Years Without Fresh Material Constitutes Change of Opinion on Same Set of Facts.

The petitioner, Gateway Leasing Pvt. Ltd., a non-banking financial company registered under the Companies Act, 1956, filed a writ petition under Artic...

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Bombay High Court Dismisses Petition Challenging Conditions for Land Conversion — Land Granted on New and Impartible Tenure Remains Occupancy Class II and Subject to Unearned Income Payment Under Section 29 of Maharashtra Land Revenue Code, 1966.

The petitioner, M/s. Niketan Land and Estate Pvt. Ltd., challenged an order dated 24/02/2010 passed by the Collector, Nashik, which allowed the conver...

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Bombay High Court Considers Appeal Against Tribunal's Order Upholding Assessment Under Section 158-BC of Income Tax Act, 1961. Assessee Contended That Notice Was Invalid and Expenditure Deduction Was Wrongly Disallowed Under Section 37.

The appeal arose from a block assessment under Section 158-BC of the Income Tax Act, 1961, following a search and seizure under Section 132 conducted ...

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Bombay High Court Upholds Reopening of Assessment Under Section 147(a) for Income Tax on Minimum Guarantee Receipts from Film Sale. Assessee's Failure to Disclose Full Consideration for Sale of Movie 'Charas' Justifies Reassessment Despite Partial Acceptance of Addition.

The case involves an income tax reference at the instance of the assessee, who sold a movie titled 'Charas' to M/s. Prakash Pictures on a minimum guar...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Valid Sanction Under Section 151. Reassessment Notice Issued Beyond Three Years Held Invalid as No Approval from Specified Authority Was Obtained.

The petitioner, Emkay Global Financial Services Limited, a company engaged in shares and stock broking, challenged a reassessment notice dated 31st Ma...