Search Results for "CIT Powers"

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Search Results for "CIT Powers"

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Supreme Court

Supreme Court Upholds Validity of Section 29A of the Insolvency and Bankruptcy Code, 2016, Disqualifying Related Parties of Corporate Debtors from Submitting Resolution Plans. The Court holds that the disqualification under Section 29A(c) applies to persons acting jointly or in concert with a disqualified person, and that the provision is not retrospective in operation.

3 Oct 2024

The Supreme Court of India delivered a landmark judgment on the interpretation and validity of Section 29A of the Insolvency and Bankruptcy Code, 2016...

Supreme Court

Supreme Court Upholds Revenue in Income Tax Reassessment Case on Limitation and Computation Grounds. Reassessment under Sections 147 and 148 of Income Tax Act, 1961 Held Valid as Assessee Failed to Disclose Material Facts, and Notice Served on Partnership Firm Was Proper Despite Section 282(2) Argument.

23 Jan 2024

The dispute arose from reassessment proceedings under the Income Tax Act, 1961, involving a partnership firm engaged in publishing newspapers and peri...

High Court

Bombay High Court Allows Revision Petition Under Section 264 of Income Tax Act, 1961 for Non-Grant of Indexed Cost of Improvement in Capital Gains Computation. The Principal Commissioner's rejection of the revision application was set aside as the claim for indexed cost of renovation expenses incurred in 1990 was a lawful claim that ought to have been considered.

13 Oct 2023

The petitioner, an individual resident, filed his return of income for Assessment Year 2007-08 on 21 August 2007 declaring total income of Rs.8,49,118...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Deductions Under Sections 36(1)(vii) and 36(1)(iii) of the Income Tax Act, 1961. Tribunal's order setting aside Commissioner's revision under Section 263 upheld as Assessing Officer had made proper inquiries and formed an opinion.

5 Aug 2022

The appeal was filed by the Pr. Commissioner of Income Tax-14, Mumbai (appellant-revenue) under Section 260-A of the Income Tax Act, 1961, against the...

High Court

High Court of Bombay at Goa Allows Assessee's Tax Appeal in Income Tax Revision Case — CIT's Revision Under Section 263 Set Aside. The Court held that revisionary jurisdiction cannot be exercised to validate a void assessment order and directing de novo assessment would extend limitation under Section 153.

19 Oct 2020

The case involves two Tax Appeals filed by Gigabyte Technology (India) Private Ltd (the Assessee) against the Commissioner of Income Tax (the Revenue)...

Supreme Court

Supreme Court Upholds High Court in Capital Gains Tax Case — Accrual Occurs on Date of Award, Not Notification. Transfer of Capital Asset Under Section 45 of Income-tax Act, 1961 Is Complete Only When Compensation Is Determined by Collector's Award, Even if Possession Taken Earlier.

25 Aug 2020

The case concerns the assessment year 1971-1972 for the assessee Amrik Singh HUF, whose land was acquired by the Haryana Government for a college play...

High Court

High Court of Karnataka Dismisses Appeal in Income Tax Reassessment Case — No Substantial Question of Law Arises. Reassessment notice under Section 148 of Income Tax Act, 1961 upheld as validly issued within four years from end of assessment year.

31 Jul 2019

The appellant, M/s. Kanhaiyalal Dudheria, a partnership firm, filed appeals under Section 260A of the Income Tax Act, 1961, against the orders of the ...

High Court

Bombay High Court Allows Unconditional Stay of Tax Demand for Statutory Authority in Income Tax Exemption Case — Strong Prima Facie Case Based on Consistent Appellate History. Section 220(6) of Income Tax Act, 1961 invoked to stay demand of Rs.961.92 Crores pending appeal before CIT(A).

29 Oct 2014

The Petitioner, Mumbai Metropolitan Region Development Authority (MMRDA), a statutory authority established under the Mumbai Metropolitan Region Devel...

High Court

Bombay High Court Dismisses Revenue's Appeals in LIC Housing Finance Ltd. Tax Case — Tribunal's Order Quashing Revision Under Section 263 Upheld. Two Views Possible on Applicability of Section 36(1)(viii) Read with Section 41(4A) of Income Tax Act, 1961.

12 Sep 2014

The Revenue filed four appeals under Section 260A of the Income Tax Act, 1961 against a common order of the Income Tax Appellate Tribunal (ITAT) dated...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case, Allows Additional Deduction Claim Without Revised Return. Assessee's claim for deduction under Section 43B of Income Tax Act, 1961, though not made in original return, is admissible before appellate authorities.

21 Jun 2012

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal (ITAT) which upheld the assessee's...

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