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Bombay High Court Allows Petitioner in Income Tax Reassessment Case Due to Lack of Fresh Material and No Failure to Disclose. Reopening Beyond Four Years Invalid as Revenue Failed to Allege Non-Disclosure Under Section 147 of Income Tax Act, 1961.

The petitioner, Sun Tan Trading Co. Ltd., is engaged in the business of import and distribution of alcoholic beverages in India. It had entered into a...

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Bombay High Court Quashes Reassessment Notice and Assessment Order in Income Tax Case Due to Lack of Fresh Material. Reassessment under Section 147/148 of Income Tax Act, 1961 invalid as based on same material already considered in original assessment under Section 143(3).

The petitioner, Pushpa Nahata, challenged a notice under section 148 of the Income Tax Act, 1961 dated 30 March 2022 and an assessment order dated 22 ...

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Bombay High Court at Goa Dismisses Tax Appeals in Reassessment Cases Under Section 147 of Income Tax Act, 1961. No Substantial Question of Law Found as Tribunal's Findings Were Based on Appreciation of Evidence.

The judgment pertains to multiple tax appeals filed by individual assessees against the Commissioner of Income Tax, Goa. The appellants, including Sha...

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Special Court at Bombay Delivers Judgment in Securities Fraud Case — Accused Face Charges Under IPC and Prevention of Corruption Act for Cheating, Forgery, and Criminal Conspiracy

This criminal case arises from the 1992 securities scam, which severely impacted India's economy. The prosecution alleged that multiple accused person...

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Bombay High Court Dismisses Petition Challenging Reassessment Notice Under Section 148 of Income Tax Act for AY 2007-2008. Failure to Assess Consideration Under Distribution Agreement Constitutes Income Escaping Assessment.

The petitioner, Sun Tan Trading Co. Ltd., is engaged in the business of import and distribution of alcoholic beverages in India. It entered into a Dis...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Tribunal's Order Upheld for Lack of Substantial Question of Law. Penalty under Section 271(1)(c) of the Income Tax Act, 1961 for alleged concealment of income was deleted by the Tribunal on finding no deliberate concealment.

The case pertains to an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribu...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material — Notice Issued Beyond Four Years Without Allegation of Failure to Disclose Material Facts is Invalid Under Section 148 of the Income Tax Act, 1961.

The petitioner, an individual assessee, filed her return of income for Assessment Year 2014-15 on 28 July 2014. The Assessing Officer completed the as...

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Karnataka High Court Allows Writ Petition; Sets Aside Order of Chief Commissioner of Income Tax Rejecting Condonation of Delay Under Section 119(2)(b) of Income Tax Act. Compensation for Land Acquisition Exempt under RFCTLARR Act Not Considered by Revenue; Matter Remanded for Fresh Decision.

The petitioner, the widow of the deceased assessee, sought condonation of delay in filing the income tax return for the assessment year 2022-23. Her h...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Reopening Based on Change of Opinion on Already Disclosed Loan Transactions is Invalid.

The petitioner, Jainam Investments, a partnership firm engaged in trading of shares and securities, filed its income tax return for Assessment Year 20...