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Search Results for "reopening after four years"

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High Court

Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 — No Fresh Tangible Material to Justify Reopening Beyond Four Years. The court held that the Assessing Officer must have reason to believe that income escaped assessment based on tangible material, and mere change of opinion does not justify reopening.

11 Mar 2024

The petitioner, BIC Cello (India) Private Limited, filed a writ petition challenging the reopening of its income tax assessment for Assessment Year 20...

High Court

Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Fresh Material. Reopening of Assessment Under Section 147 of Income Tax Act, 1961 Invalid When Based on Same Material Already Considered in Original Assessment.

25 Aug 2023

The petitioner, Siemens Financial Services Pvt Ltd, a Non-Banking Finance Company registered with RBI, filed its return of income for Assessment Year ...

High Court

Bombay High Court Quashes Reassessment Notice for Banking Company Due to Lack of New Material. Section 148 Notice Under Income Tax Act, 1961 Set Aside as Reasons for Reopening Were Based on Same Material Already Considered in Original Assessment.

1 Aug 2023

The petitioner, DCB Bank Ltd., challenged a notice dated 24 March 2021 issued under Section 148 of the Income Tax Act, 1961 for reopening the assessme...

High Court

Bombay High Court Allows Writ Petition Challenging Reassessment Notice and Assessment Order Under Income Tax Act — Set Off of Long-Term Capital Loss Against Long-Term Capital Gain Permitted. The court held that the reassessment notice under Section 148 was based on a change of opinion and the assessment order rejecting set off under Section 70(3) was unsustainable.

8 Mar 2023

The petitioner, Noshir Darabshaw Talati, challenged a notice under Section 148 of the Income Tax Act, 1961 dated 31 March 2021 for Assessment Year 201...

High Court

Bombay High Court Allows CSR Expenditure Deduction Under Section 37(1) of Income Tax Act, 1961 — CSR Expenditure Held to Be Incurred Wholly and Exclusively for Business Purposes. Reassessment Notice Under Section 148 Quashed as Based on Change of Opinion.

5 Apr 2022

The petitioner, Voltas Limited, a company engaged in air conditioning and refrigeration business, filed its return of income for Assessment Year 2015-...

High Court

Bombay High Court Quashes Reopening Notice in HDFC Bank Bad Debts Case — No Failure to Disclose Material Facts. Section 148 notice under Income Tax Act, 1961 set aside as reassessment based on change of opinion and lack of tangible material.

1 Mar 2022

The petitioner, HDFC Bank Ltd., a scheduled bank registered with RBI, filed its return of income for assessment year 2006-07 and claimed deductions un...

High Court

Karnataka High Court Allows Appeal in Income Tax Reassessment Case — Reassessment Invalid When Original Reasons Do Not Survive and Additions Made on New Grounds Without Proper Notice. The court held that under Section 147 of the Income Tax Act, 1961, the Assessing Officer cannot make additions on grounds different from those recorded in the Section 148 notice if the original reasons fail.

1 Jul 2015

The appellant, Sri N Govindaraju, an individual assessee with income from house property, transport business, capital gains, and other sources, filed ...

High Court

Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Unabsorbed Depreciation Set-Off and Book Profit Adjustments Under Section 115JB of Income Tax Act, 1961 Not Justified for Reopening.

15 Feb 2012

The petitioner, Voltas Limited, filed a writ petition challenging a notice dated 30 March 2011 issued under Section 148 of the Income Tax Act, 1961, s...

High Court

Bombay High Court Quashes Reopening of Assessment Under Section 147 of Income Tax Act, 1961 — Survey Material Not Sufficient for Reasonable Belief of Escapement of Income. The court held that a survey under Section 133A does not provide 'information' for reopening, and the reasons recorded must show a live link between the material and the belief of escapement.

17 Oct 2011

The petitioner, Yash Raj Films Private Limited, challenged the reopening of its income tax assessments for Assessment Years 2005-06 and 2006-07 under ...

High Court

Bombay High Court Quashes Reopening of Assessments Under Section 148 for Lack of Fresh Material — Deduction Under Section 80IB Allowed After Scrutiny in Original Assessment. Reopening Based on Same Facts Already Examined Under Section 143(3) Amounts to Change of Opinion and Is Invalid.

8 Feb 2010

The petitioner, Purity Techtextile Private Limited, challenged the reopening of its income tax assessments for Assessment Years 2003-2004 and 2004-200...

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