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Bombay High Court Upholds Assessee in Income Tax Reference on Subsidy and Section 35CC Deduction. Central Government Subsidy Not to Reduce Actual Cost for Depreciation Under Section 43(1) of Income-tax Act, 1961; Deduction Under Section 35CC(1) Not Denied for Non-Filing of Statement of Expenditure.

This is a reference under section 256(1) of the Income-tax Act, 1961, by the Income Tax Appellate Tribunal to the Bombay High Court. The reference ari...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Tribunal's Deletion of Rental Income Addition Upheld. Rental income from property held as stock-in-trade is assessable under 'Income from House Property' and not 'Business Income' as per Section 22 of the Income Tax Act, 1961.

The present appeal was filed by the Revenue under Section 260-A of the Income Tax Act, 1961, against the order dated 27.02.2015 passed by the Income T...

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Bombay High Court Quashes Reassessment Notice for Lack of Jurisdiction and Limitation — Income Tax Act, 1961 Sections 147, 148, 148A, 149, 151. Reassessment notice issued beyond limitation period and without fresh information under Explanation 1 to Section 148 is invalid.

The petitioner, Godrej Industries Ltd., challenged a show cause notice dated 24th May 2022 under Section 148A(b), an order dated 31st July 2022 under ...

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Supreme Court Allows Promotee Appeal in Seniority Dispute with Direct Recruits in Income Tax Department — Direct Recruits Not Entitled to Seniority from Vacancy Year When Recruitment Process Not Initiated in That Year.

The Supreme Court allowed the appeal filed by promotees (appellants) against the judgment of the Gujarat High Court which had quashed the seniority li...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reassessment based on mere change of opinion on share premium addition under Section 68 is invalid as all material was disclosed during original assessment.

The petitioner, Rajshree Realtors Private Limited, a real estate company, filed its return of income for Assessment Year 2012-2013 declaring income of...

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High Court of Bombay at Goa Dismisses Petition Challenging Labour Commissioner's Order Under Section 33C(1) of Industrial Disputes Act, 1947 — Recovery Certificate for Backwages Upheld Despite Bank's Claim of Limitation and Set-Off

The petitioner, The Goa Urban Co-operative Bank Ltd., challenged an order dated 24/03/2017 passed by the Labour Commissioner under Section 33C(1) of t...

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Bombay High Court Dismisses Petitions Challenging Income Tax Search and Seizure Action Under Section 132 of the Income Tax Act, 1961. Court Holds That Formation of Reason to Believe by the Authorizing Officer Is Based on Material on Record and Not Open to Challenge Unless Malafide or No Material Exists.

The petitioners, a private limited company and its directors and their relatives, challenged the search and seizure action conducted on 9th and 10th J...

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Supreme Court Dismisses Revenue Appeal in Income Tax Case; Arrear Dividends on Shares Held Not Taxable as Income. Purchase of Shares Cum-Dividend Implied Price Included Dividend Amount, Which Was Not Income of the Purchaser but Capital Receipt Under Income-tax Act, 1922.

The case involved a tax dispute regarding the treatment of arrear dividends received by the respondent, India Discount Co. Ltd., a dealer in shares an...