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Search Results for "income tax"

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High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Transfer of Shares as Gift During Internal Restructuring Not Constituting Income Escape Assessment When Full Disclosure Made During Scrutiny.

28 Sep 2020

The petitioner, Asian Satellite Broadcast Pvt. Ltd., a private limited company engaged in trading, investment, and finance, filed its return of income...

High Court

Bombay High Court Allows Writ Petition Against Illegal Appropriation Under Kar Vivad Samadhan Scheme — Petitioner Entitled to Benefit of KVSS for A.Y. 1987-88 Despite Prior Deposit Under Court Order. The court held that the appropriation of Rs.3,11,206/- by the Tax Recovery Officer towards tax demand for Assessment Year 1987-88 out of Rs.6,00,000/- deposited under High Court order was illegal, and the petitioner is entitled to benefit of Kar Vivad Samadhan Scheme, 1998 for the tax arrears of A.Y. 1987-88.

26 Jun 2020

The petitioner, M/s. Kuber Builders, a registered partnership firm, filed a writ petition under Article 226 of the Constitution of India before the Bo...

High Court

Bombay High Court Dismisses Revenue's Petition Challenging Tribunal's Recall Order in Hawala Income Tax Case. Tribunal's power to recall its ex parte order under Section 254(2) of the Income Tax Act, 1961 is upheld as procedural rectification.

2 Mar 2020

The case involves a writ petition filed by the Commissioner of Income Tax-12, Mumbai (Revenue) under Article 226 of the Constitution of India, challen...

Supreme Court

Supreme Court Allows Appeal in Insolvency Case: Income Tax Demands Not Raised Before Resolution Plan Approval Stand Extinguished. Claims for Assessment Years 2012-13 and 2013-14 Not Part of Approved Resolution Plan Cannot Be Enforced Under Section 31 of Insolvency and Bankruptcy Code, 2016.

15 Mar 2022

The appeal arose from the approval of a Resolution Plan for M/s. Tehri Iron and Steel Casting Ltd. under the Insolvency and Bankruptcy Code, 2016. The...

High Court

High Court of Bombay at Goa Allows Tax Appeal in Part on Demurrage Disallowance and Education Cess Deduction — Demurrage paid to non-resident buyers not taxable under section 172 of Income Tax Act, 1961 as occasional shipping; Education Cess allowable as deduction in year of payment.

28 Feb 2020

The judgment concerns two tax appeals filed by Sesa Goa Limited against the Joint Commissioner of Income Tax, Range 1, Panaji Goa, arising from assess...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Block Assessment Case — Upholds Tribunal's Deletion of Additions. No substantial question of law arose as the Tribunal's findings of fact were based on appreciation of evidence under Section 158BC of the Income Tax Act, 1961.

11 Feb 2020

The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Mumbai, dated 05 Ju...

High Court

Bombay High Court Quashes Reassessment Notice Against Corporate Debtor Under Insolvency Resolution — Income Tax Department Cannot Issue Section 148 Notice After Approval of Resolution Plan Under IBC, 2016. The court held that the moratorium under Section 14 IBC and the binding nature of the resolution plan under Section 31 IBC bar the Income Tax Department from reopening assessments for periods prior to the approval of the plan.

23 Dec 2021

The petitioner, Murli Industries Limited, a corporate debtor undergoing insolvency resolution under the Insolvency and Bankruptcy Code, 2016 (IBC), ch...

High Court

Bombay High Court Quashes Sanction and Complaint in Income Tax Prosecution for Non-Application of Mind. Sanctioning Authority Failed to Consider Petitioner's Explanation and Appeal Pendency Under Section 276C(1) of Income Tax Act, 1961.

7 Dec 2021

The petitioner, Nayan Jayantilal Balu, engaged in trading of ferrous and non-ferrous metals, filed his return of income for Assessment Year 2009-10 on...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Independent Application of Mind by AO. Reassessment based on borrowed satisfaction from investigation wing without forming own belief is invalid.

4 Dec 2021

The petitioner, Skoda Auto Volkswagen India Private Limited, challenged a notice dated 23rd March 2011 issued under Section 148 of the Income Tax Act,...

High Court

Bombay High Court Allows Writ Petitions Challenging Reassessment Notices Under Income Tax Act — Notices Issued Beyond Six-Year Limitation Period Without Proper Sanction Are Invalid. Reassessment notices for assessment years 2008-09, 2009-10, and 2010-11 quashed as time-barred under Section 149 and for lack of proper sanction under Section 151 of the Income Tax Act, 1961.

13 Aug 2021

The petitioner, Mohandas Isardas Chatlani, filed three writ petitions challenging reassessment notices issued under Section 148 of the Income Tax Act,...

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