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Search Results for "taxable business income"

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High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Prior Recording of Reasons. Reopening under Section 148 of Income Tax Act, 1961 Held Invalid as Reasons Not Recorded Before Issuance of Notice.

20 Feb 2025

The petitioner, M/s. Indusind Media & Communications Ltd., filed its return of income for assessment year 2007-08, which was revised and subsequently ...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasons and Non-Application of Mind. The court held that the Assessing Officer failed to provide recorded reasons to the assessee and did not apply his mind to the fact that the transaction was already disclosed and examined during the original assessment under Section 143(3).

5 Sep 2023

The petitioner, Ashraf Chitalwala, an individual resident of India, filed his original return of income for Assessment Year 2015-16 on 27th September ...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Reassessment Based on Same Set of Facts as Original Assessment is Invalid. The court held that where the Assessing Officer had already considered the issue of deduction under section 80IA during the original assessment under section 143(3), reopening on the same ground without any new material amounts to a change of opinion and is not permissible.

27 Jun 2023

The petitioner, Nuclear Power Corporation of India Limited, a Government Corporation engaged in generation of electricity from atomic energy, filed it...

Supreme Court

Supreme Court Allows Assessees' Appeals in Interest Tax Dispute on Hire-Purchase Transactions. The interest component in hire-purchase instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974 as hire-purchase transactions are not loans or advances.

25 Apr 2023

The Supreme Court allowed the appeals filed by M/s Muthoot Leasing and Finance Limited and other assessees, setting aside the judgment of the Kerala H...

Supreme Court

Supreme Court Dismisses Revenue's Appeal in Service Tax Dispute on Gas Connection Charges. Measuring Equipment Installed for Supplier's Billing Purposes Not Taxable Under 'Supply of Tangible Goods Service' as Customer Does Not Use the Equipment.

28 Aug 2020

The appeal arose from a judgment of the Customs, Excise & Service Tax Appellate Tribunal which set aside a demand for service tax on gas connection ch...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Vodafone TDS Case — No Substantial Question of Law Arises. The court upheld the ITAT's order deleting disallowance under Section 40(a)(ia) of the Income Tax Act, 1961 for non-deduction of TDS on roaming and interconnect charges, holding that such payments are not 'fees for technical services' and that the assessee had a bona fide belief that no TDS was deductible.

28 Jul 2016

The case involves appeals filed by the Revenue (Commissioner of Income Tax, TDS and Deputy Commissioner of Income Tax, TDS) against the common order o...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Assessment Reopened Beyond Four Years Without Allegation of Failure to Disclose Material Facts. Reopening Based on Change of Opinion and Audit Objection Held Invalid.

27 Nov 2013

The petitioner, M/s. Lalitha Chem Industries Pvt. Ltd., is engaged in the business of manufacturing chemicals with units at Tarapur and Silvasa. For A...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Reimbursement of Expenses Disclosed in Return and Application Under Section 195(2) Sought, No Failure to Disclose Material Facts.

24 Jan 2012

The petitioner, Monitor India Pvt. Ltd., a subsidiary of a Dutch company, challenged a notice dated 22 March 2011 issued under Section 148 of the Inco...

Supreme Court

Supreme Court Upholds Revenue's Tax Assessment of Contract Transfer Consideration. Transfer of Benefit of Purchase Contract for Parachutes Held to be Venture in the Nature of Trade, Amount Received Taxable as Revenue Receipt.

12 Feb 1969

The appeal before the Supreme Court of India arose from a reference under the Income-tax Act, 1922, concerning the assessment year 1947-48. The appell...

Supreme Court

Supreme Court Dismisses Assessee's Claim to Treat Compensation as Capital Receipt Under Income Tax Act. Lump sum payment received by managing agent for reduction in remuneration held to be revenue receipt as it was in lieu of future profits and not for loss of managing agency.

4 Aug 1959

The assessee firm, M/s. Godrej & Company, was appointed managing agent of a limited company for thirty years from November 9, 1933, under an agreement...

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