Search Results for "net capital gain"

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Bombay High Court Allows Appeals by Acquiring Body in Land Acquisition Compensat...
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Search Results for "net capital gain"

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High Court

Bombay High Court Quashes Reassessment Notices in Income Tax Case Due to Lack of Independent Application of Mind by AO. Dividend Stripping Provision Under Section 94(7) of Income Tax Act, 1961 Not Applicable Where Assessee Suffered Net Loss on Sale of Mutual Fund Units Exceeding Dividend Received.

8 Mar 2024

The petitioner, Karan Maheshwari, an individual investor in shares, stocks, securities, and mutual funds, challenged a show cause notice dated 20 Augu...

High Court

Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Section 147 of Income Tax Act, 1961 — Reopening Based on Change of Opinion Without Fresh Material Held Invalid. The court held that the Assessing Officer cannot reopen an assessment merely on a change of opinion when all material facts were disclosed and considered in the original assessment under Section 143(3).

1 Feb 2024

The petitioner, Godrej Projects Development Pvt. Ltd., a company engaged in real estate development and assessed to income tax, filed its return of in...

Supreme Court

Supreme Court Upholds Revenue in Income Tax Reassessment Case on Limitation and Computation Grounds. Reassessment under Sections 147 and 148 of Income Tax Act, 1961 Held Valid as Assessee Failed to Disclose Material Facts, and Notice Served on Partnership Firm Was Proper Despite Section 282(2) Argument.

23 Jan 2024

The dispute arose from reassessment proceedings under the Income Tax Act, 1961, involving a partnership firm engaged in publishing newspapers and peri...

High Court

Bombay High Court Allows Deduction for Write-off of Debit Balances and Set-off of Unabsorbed Depreciation in Income Tax Appeal. The Court held that write-off of debit balances in sundry creditors and deposits is allowable as business loss, and unabsorbed depreciation can be set off against short term capital gains even after dissolution of the firm.

27 Sep 2023

The appellant, Bond Safety Belts (Dissolved), was a partnership firm that was dissolved with effect from 6th December 2014. The appeal was filed throu...

Supreme Court

Supreme Court Directs Winding Up of Mutual Fund Schemes and Interprets SEBI Regulations. The Court examined the interrelation and constitutional validity of Regulations 39 to 42 with Regulation 18(15)(c) of the SEBI (Mutual Funds) Regulations, 1996, while deferring final adjudication pending statutory proceedings under the SEBI Act, 1992.

14 Jul 2021

The Supreme Court of India addressed civil appeals concerning the interpretation and application of the Securities and Exchange Board of India (Mutual...

High Court

Bombay High Court Upholds Valuation of Partners' Interest in Firms Based on Market Quotation of Shares as on Assessee's Valuation Date in Wealth Tax Reference. The court held that the valuation date for the assessee's interest in a firm is the assessee's own valuation date, not the firm's accounting year-end, under the Wealth-tax Act, 1957.

29 Jan 2016

This is a reference under the Wealth-tax Act, 1957, arising from eight reference applications by different assessees (members of the Bajaj family) aft...

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 Allows Raymond Limited's Appeals in Central Excise Cenvat Credit Dispute. Cenvat Credit of AED (T&TA) on Inputs Can Be Utilized for Payment of BED on Final Products.

5 Mar 2015

The appellant, Raymond Limited, is a company manufacturing blankets from woollen fibres. The blankets attract only Basic Excise Duty (BED) and not Add...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 for Lack of Fresh Material — Audit Objection Cannot Form Reason to Believe Income Escaped Assessment. The court held that a notice to reopen assessment based solely on an audit objection, without independent application of mind by the Assessing Officer, is invalid as it amounts to a change of opinion.

1 Feb 2013

The petitioner, NTUC Income Insurance Co-operative Ltd., a company incorporated in Singapore and registered with SEBI as a Foreign Institutional Inves...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Full and True Disclosure — Investment in Bonds Prior to Sale of Property Does Not Disentitle Deduction Under Section 54EC. The Court held that the assessee had disclosed all material facts and the reopening was based on a change of opinion, thus invalid.

27 Jun 2012

The petitioner, Mrs. Parveen P. Bharucha, filed a writ petition under Article 226 of the Constitution of India challenging a notice dated 31.03.2011 i...

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