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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Gift of Property by Company to Director's Husband Held Not to be Income, as Assessee's Objections Were Not Properly Considered.

The petitioner, Bakhtawar Construction Co. Pvt. Ltd., a closely held company, challenged a notice dated 30 March 2013 issued under Section 148 of the ...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Deletion Upheld for Bonafide Claims. Claims for deduction under Section 35D and diminution in value of shares were bonafide and not concealment, following CIT vs. Reliance Petroproducts Pvt. Ltd.

The case involves an appeal by the Commissioner of Income Tax under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appel...

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High Court of Karnataka Enhances Compensation in Motor Accident Claim Case — Deceased was a 60-year-old agriculturist earning Rs.6,000 per month; Tribunal's notional income of Rs.4,500 per month enhanced to Rs.6,000 per month with multiplier of 9 and 1/3rd deduction for personal expenses.

The appeal was filed by the claimants (wife and children of the deceased Buddappa) under Section 173(1) of the Motor Vehicles Act, 1988, against the j...

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Bombay High Court Allows Revenue's Appeal in Part on Deduction Under Section 80HHC of Income Tax Act, 1961 — Insurance Claim and Sundry Receipts Held Not Directly Related to Business Profits, Rental Income Treated as Business Income, Retrenchment Compensation Held Revenue Expenditure.

The case pertains to an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (...

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High Court of Bombay at Goa Allows Tax Appeal in Sesa Industries Limited v. Commissioner of Income-tax: Profit from Sale of Slag, a By-product in Pig Iron Manufacture, is Eligible for Deduction Under Section 80-IB of the Income-tax Act, 1961.

The appellant, Sesa Industries Limited, an assessee under the Income-tax Act, 1961, filed a tax appeal under Section 260-A against the order of the In...

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Bombay High Court Hears Petition to Set Aside Arbitral Award Directing Indemnity for Depreciation Disallowance. Petitioners Argue that Clause 14 of Lease Agreement Does Not Cover Income Tax Depreciation Denial and Rely on Identical Clause Interpretation in Prior Judgment.

The dispute arose from a lease agreement executed in 1997 between Borosil Glass Works Limited (lessee/petitioner) and Tata Motors Limited (lessor/resp...