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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Reasonable Belief and Change of Opinion. Reassessment Beyond Four Years Invalid Without Allegation of Failure to Disclose Material Facts.

The petitioner, Nivi Trading Limited, a private limited company, filed its return of income for Assessment Year 2010-11 on 15th September 2010 declari...

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Supreme Court Allows Appeals in TDS Penalty Case — Failure to Deposit TDS Not Attracting Penalty Under Section 271C if Reasonable Cause Shown. Belated Remittance of TDS Due to Financial Constraints and Bona Fide Belief Constitutes Reasonable Cause Under Section 273B of Income Tax Act, 1961.

The appeals arose from a common judgment of the Kerala High Court confirming the levy of penalty under Section 271C of the Income Tax Act, 1961 on the...

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Bombay High Court Allows Revenue's Appeal in Section 50C Valuation Dispute, Remands Case for Fresh Adjudication. ITAT's Rejection of Valuation Officer's Report without Hearing Violated Audi Alteram Partem Under Income Tax Act.

The dispute arose from an income tax appeal filed by the Revenue against an order of the Income Tax Appellate Tribunal (ITAT) dated 3 July 2009. The a...

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Bombay High Court Allows Revenue's Appeal in FII Capital Gains Tax Case — Remands to ITAT for Fresh Consideration of Article 24 DTAA Compliance. Interpretation of Article 24 of India-Singapore DTAA requires examination of whether capital gains were subject to tax in Singapore on receipt basis.

The case involves an appeal by the Commissioner of Income Tax (IT) - 2 against an order of the Income Tax Appellate Tribunal (ITAT) dated 24 March 201...

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High Court of Karnataka Allows Assessee's Appeal in Sales Tax Case — Revisional Order Set Aside for Violation of Natural Justice. Penalty under Section 8(3)(b) of CST Act, 1956 Quashed as Assessee Was Not Given Opportunity to Cross-Examine Driver of Vehicle.

The appellant, M/S Apotex Research Private Limited, an assessee under the Karnataka Value Added Tax Act, 2003, filed a Sales Tax Appeal under Section ...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material and Change of Opinion. Reopening Beyond Four Years Invalid Without Allegation of Failure to Disclose Material Facts Under Section 147/148 of Income Tax Act, 1961.

The petitioner, an advocate by profession, challenged a notice dated 30 March 2011 issued under Section 148 of the Income Tax Act, 1961 seeking to reo...

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Bombay High Court Allows Assessee's Appeal in Income Tax Case on Interest Deduction Under Section 36(1)(iii) — Section 14A Not Applicable When No Exempt Income Earned. Interest on Borrowed Capital Invested in Shares of Own Companies Held Allowable as Business Expenditure.

The appellant, Mahesh K. Mehta, a chartered accountant turned stock broker, acquired membership of the Bombay Stock Exchange in 1987 and the National ...