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High Court of Karnataka Dismisses Revenue's Appeals in Transfer Pricing and Reassessment Cases — Upholds ITAT Orders on Arm's Length Price and Non-Disclosure of Material Facts.

The judgment pertains to two Income Tax Appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961. ITA No. 55/2024 arises from an o...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Independent Application of Mind — Reopening Based on Borrowed Satisfaction from Investigation Wing Held Invalid

The petitioner, Chhagan Chandrakant Bhujbal, challenged a notice dated 31 March 2019 issued under Section 148 of the Income Tax Act, 1961, for the ass...

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Supreme Court Allows Revenue's Appeal Against Income-tax Appellate Tribunal Order Amalgamating Income of Two Assessment Years. Tribunal's Direction to Reassess for 1952-53 and Allowance for Intangible Additions Held Without Jurisdiction Under Section 33(4) of Income-tax Act, 1922.

The appeal arose from income-tax assessments for the years 1952-53 and 1953-54 of the respondent-firm. For 1952-53, the Income-tax Officer (ITO) asses...

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High Court Quashes Reassessment Notice Against Co-operative Bank for Lack of Fresh Material. Notice under Section 148 of Income Tax Act, 1961 held invalid as Assessing Officer failed to record any new tangible material after completion of original scrutiny assessment.

The petitioner, Gandhibag Sahakari Bank Limited, a co-operative bank, challenged a notice dated 31.03.2021 issued under Section 148 of the Income Tax ...

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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 and Order in Income Tax Case Due to Lack of Full and True Disclosure Finding and Non-Disposal of Objections. Reopening Beyond Four Years Invalid as No Failure to Disclose Material Facts Alleged Under Section 147 First Proviso of Income Tax Act, 1961.

The petitioner, Crystal Pride Developers, a partnership firm engaged in real estate development, filed its original return of income for Assessment Ye...