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High Court of Bombay at Goa Dismisses Revenue Appeal in Income Tax Case — Valuation of Low Grade Iron Ore Closing Stock Upheld. Tribunal justified in relying on coordinate bench order for consistent valuation method under Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax, Goa, under Section 260A of the Income Tax Act, 1961, challenging the order of the In...

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Bombay High Court Allows Assessee's Appeal in Bogus Purchases Case — Disallowance of 10% Purchases Set Aside. ITAT's finding that AO's order was not based on cogent evidence required full deletion of addition, not partial disallowance.

The case involves three Income Tax Appeals filed by the Assessee, Ashok Kumar Rungta, challenging the ITAT's order dated August 9, 2017, which upheld ...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Reason to Believe. Section 148 Notice Set Aside as Reopening Based on Mere Change of Opinion Without Fresh Tangible Material.

The petitioner, Asian Paints Ltd., a public limited company engaged in manufacturing and selling paints, challenged a notice dated 31st March 2021 iss...

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Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Failure to Disclose Material Facts. Reassessment Beyond Four Years Invalid Without Proof of Non-Disclosure Under Section 147 of Income Tax Act, 1961.

The petitioner, 3i Infotech Limited, challenged a notice dated 18 March 2009 issued by the Assistant Commissioner of Income Tax seeking to reopen the ...

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Bombay High Court Quashes Reopening Notice Under Section 148 for Lack of Fresh Material. Reassessment Based on Mere Change of Opinion on Exemption Under Section 10(38) of Income Tax Act, 1961 is Invalid.

The Petitioner, General Insurance Corporation of India, a public sector general insurance company, filed a return of income for Assessment Year 2006-0...

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Bombay High Court Dismisses Writ Petition Challenging Revisional Order in Sales Tax Exemption Dispute. Revisional Authority Under Section 57 of Bombay Sales Tax Act, 1959 Has Power to Set Aside Refund Orders Granted Under Section 62 When Exemption Notification Does Not Apply.

The petitioner, M/s. Shiv Shyam Sales Enterprises, a partnership firm dealing in gas hot plates as importer and retailer, filed a writ petition under ...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasonable Belief and Change of Opinion. Reassessment Beyond Four Years Invalid Without Proof of Failure to Disclose Material Facts.

The petitioner, Vedanta Limited (formerly Sterlite Opportunities and Ventures Limited), challenged a notice dated 28 March 2008 issued under Section 1...

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Bombay High Court Dismisses Revenue Appeal for Lack of Territorial Jurisdiction in Income Tax Matter. Jurisdiction lies with High Court where Assessing Officer is located, not where ITAT Bench sits.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal (ITAT), Panaji Bench, which had ru...