Search Results for "Section 148 Income Tax Act"

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Bombay High Court Quashes Reassessment Notices in Sales Tax Case Due to Lack of Reasonable Belief — Reopening Based on Mere Suspicion and Incomplete Information Held Invalid Under Section 35 of Bombay Sales Tax Act, 1959 and Rule 9A of Central Sales Tax (Bombay) Rules, 1957.

The petitioners, Shree Venkateshwara Petro Chemicals Pvt. Ltd. and another, filed a writ petition under Article 226 of the Constitution of India chall...

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Madras High Court Dismisses Revenue's Appeal in Capital Gains vs Business Profits Dispute. Profit on Sale of Land Held as Capital Gains Where Assessee Not in Property Development Business.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal for assessment year 2004-05. The a...

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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...

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Bombay High Court Quashes Reopening of Assessment for UK Insurance Company in Income Tax Case — Lack of Fresh Material and Change of Opinion. Reopening under Section 147 of Income Tax Act, 1961 based on mere change of opinion without new tangible material is invalid.

The petitioner, The Prudential Assurance Company Ltd., a UK-incorporated insurance company registered as a sub-account of a Foreign Institutional Inve...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Reassessment based on change of opinion without new tangible material is invalid.

The petitioner, an individual assessee, filed his income tax return for Assessment Year 2010-11 on 30 March 2011 declaring income of ₹1.70 Crore and...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Proper Sanction. Notice Issued Beyond Four Years Requires Approval from Principal Chief Commissioner Under Section 151(1), Not Joint Commissioner.

The petitioner, MA Multi-Infra Development Pvt. Ltd., challenged a notice dated 31st March 2021 issued under Section 148 of the Income Tax Act, 1961 f...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reopening Based on Mere Change of Opinion Without New Tangible Material is Invalid.

The petitioner, Everest Kanto Cylinder Ltd., a public limited company, filed its return of income for Assessment Year 2016-17 on 30 November 2015. The...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Cooperative Society Entitled to Deduction Under Section 80P(2)(e) on Ginning and Pressing Charges. Reopening of Assessment Based on Change of Opinion Not Justified.

The case involves an appeal by the Commissioner of Income Tax-I, Nagpur against the order of the Income Tax Appellate Tribunal (ITAT) which upheld the...