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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Reassessment Case — Tribunal's Order Restoring Assessment Set Aside. Reassessment Notice Under Section 148 Held Invalid as No Failure to Disclose Material Facts Was Established.

22 Jun 2015

The revenue appealed against the order of the Income Tax Appellate Tribunal, Bangalore Bench, which had set aside the reassessment order passed under ...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — ERAF Receipt Not Income of Assessee. Amount Received from Exchange Risk Administration Fund Treated as Advance/Liability Converted to Equity, Not Taxable Income Under Income Tax Act, 1961.

13 Jul 2015

The Revenue filed two appeals under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT) dated ...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Lease Premium Paid by Tenant to Landlord for Surrender of Tenancy Rights is a Capital Expenditure, Not Revenue Expenditure. The premium paid to vacate the premises and surrender tenancy rights is capital in nature, not deductible as business expenditure under Section 37 of the Income Tax Act, 1961.

17 Jul 2015

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed an appeal under Section 260-A of the Income Tax Act, 1961, aga...

High Court

High Court of Karnataka Dismisses Appeal of Society Seeking Continuation of Approval Under Section 80G of Income Tax Act — Failure to Apply for Renewal Within Time Results in Lapse of Approval. The court held that the approval under Section 80G(5)(vi) lapsed on 31.03.2008 and the application filed on 06.03.2008 was within time, but no substantial question of law arose.

14 Jul 2015

The appellant, Sri Narayana Guru Prasaditha Sangha, is a society registered under the Karnataka Societies Registration Act, 1960. It was granted regis...

High Court

High Court of Karnataka Allows Appeal by Tax Recovery Officer in Income Tax Recovery Matter — Notices Under Section 226(3) Upheld. General Power of Attorney Does Not Confer Ownership of Bank Accounts, and Attachment Notices to Banks Are Valid Against the Account Holder.

11 Aug 2015

The case involves an appeal by the Tax Recovery Officer (TRO) and the Commissioner of Income Tax against an order of a Single Judge of the Karnataka H...

High Court

High Court of Karnataka Dismisses Revenue Appeal in Income Tax Penalty Case — Repayment of Loans in Cash Not Violative of Section 269T Where Loans Were Not Taken by Assessee. The court held that Section 269T applies only to repayment of loans taken by the assessee, not to repayment of advances received from others.

18 Aug 2015

The Revenue appealed against the order of the Income Tax Appellate Tribunal, Bangalore, which had set aside the penalty imposed under Section 271E of ...

High Court

High Court of Karnataka Dismisses Assessee's Appeal in Income Tax Reopening Case — Reopening Notice Under Section 148 Held Valid Despite Limitation Argument. The court upheld the Tribunal's order confirming the addition of Rs.4,97,046/- as unexplained investments under Section 69 of the Income Tax Act, 1961.

14 Aug 2015

The appellant, Mrs. Maina Shetty, filed an appeal under Section 260-A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate T...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Reassessment Case — Notice Issued Beyond Four-Year Limit Invalid. Reassessment notice under Section 148 of the Income Tax Act, 1961, issued after expiry of four years from end of relevant assessment year, without alleging failure to disclose material facts, is barred by limitation under Section 149(1)(b).

10 Aug 2015

The case involves appeals filed by the Income Tax Department against an order of a learned Single Judge of the Karnataka High Court, which had quashed...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Not Leviable Where Assessee's Method of Accounting Was Not Accepted but No Concealment or Inaccurate Particulars Found. The court held that mere rejection of the method of accounting does not attract penalty under Section 271(1)(c) of the Income Tax Act, 1961; the Revenue must establish concealment or furnishing of inaccurate particulars.

22 Sep 2015

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) dated 21.11.2014, which had dismissed the Revenue's appeal and uphe...

High Court

High Court of Karnataka Allows Assessee's Appeal in Income Tax Case — Disallowance of Carry Forward of Depreciation and Set Off of Business Losses Set Aside. The Court held that the assessment order was barred by limitation under Section 153 of the Income Tax Act, 1961, as it was passed beyond the prescribed period for the assessment year 1987-88.

17 Nov 2015

The appellant, M/s. Rajeshwari Cotton Ginning and Pressing Industries, a registered firm engaged in the business of purchase and sale of lint, ginning...

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