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Gujarat High Court Quashes Reassessment Notice in Income Tax Case Due to Non-Application of Mind by AO. Section 148 Notice for AY 2014-15 Set Aside as Reasons Recorded Were Mechanical and Lacked Independent Satisfaction.

The petitioner, Sanvira Holdings, a partnership firm part of the PSY Group engaged in real estate business, filed its return of income for Assessment ...

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Gujarat High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Search Action Under Section 132 Cannot Be Basis for Reopening Beyond Four Years Without New Tangible Evidence.

The petitioner, Mahesh Dharamshi Prajapati, an individual and major partner of PSY Group engaged in real estate business, filed his return of income f...

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Gujarat High Court Quashes Reassessment Notice Under Section 153A of Income-tax Act for Being Time-Barred. Notice issued beyond six-year limitation period from end of assessment year held invalid.

The petitioner, Popular Developers, a partnership firm engaged in real estate business, filed its return of income for Assessment Year 2011-12 on 29.0...

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Supreme Court Clarifies Deduction of Broken Period Interest for Banks Treating Securities as Stock-in-TradeDeduction Allowed as Revenue Expenditure for Banks Holding Securities as Stock-in-Trade

The Supreme Court addressed the treatment of broken period interest for tax purposes. The issue centered on whether broken period interest could be de...

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Bombay High Court Quashes Section 143(2) Notice Issued Beyond Time Limit in Income Tax Reassessment — Notice Issued After Expiry of Statutory Period Under Section 149 of Income Tax Act, 1961 Is Invalid.

The petitioner, AMNS Khopoli Limited (formerly Uttam Galva Steels Limited), challenged a notice dated 31st May 2023 issued by the Assistant Commission...

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Bombay High Court Directs Customs to Consider Reward to Informer's Widow Under Circular 20/2015 — Withholding of Reward Unjustified. The court held that the reward policy must be applied and the widow's representation must be considered within eight weeks.

The petitioner, Jayashree Chandrakant Dhavre, is the widow of a deceased informer who provided specific information to the Marine and Preventive Wing ...

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High Court of Karnataka Appoints Arbitrators in Brewing Agreement Dispute Under Section 11(6) of Arbitration and Conciliation Act, 1996 — Failure of Appointed Arbitrator to Constitute Tribunal Justifies Court Intervention.

The petitioner, Anheuser Busch InBev India Limited, filed a Civil Miscellaneous Petition under Section 11(6) of the Arbitration and Conciliation Act, ...