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Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Failure to Disclose Material Facts. Reassessment Beyond Four Years Invalid Without Proof of Non-Disclosure Under Section 147 of Income Tax Act, 1961.

The petitioner, 3i Infotech Limited, challenged a notice dated 18 March 2009 issued by the Assistant Commissioner of Income Tax seeking to reopen the ...

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Supreme Court Allows Assessee's Appeal in Income-tax Act Registration Matter. Cancellation of Firm's Registration Under Rule 6B is Appealable Under Section 30(1) of Income-tax Act, 1922.

The dispute concerned the appealability of an order cancelling the renewal of a firm's registration under the Income-tax Act, 1922. The assessee, Sir ...

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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 Upholds Revenue in Block of Assets Case — Industrial Gala Sale Taxed as Short Term Capital Gain Under Section 50. Non-Use of Asset Does Not Remove It from Block of Assets; Depreciation History Determines Tax Treatment.

The case involves an income tax reference by the Income Tax Appellate Tribunal, Mumbai Bench, at the instance of the assessee, Smt. Meena v. Pamnani, ...

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High Court Reconsiders Land Owner's Cross Objection for Enhanced Compensation After Supreme Court Remand. Reconsideration Limited to Valuation of Trees and Classification of Survey No. 336 as Irrigated or Dry Crop Land Under Land Acquisition Act, 1894.

The land owner filed a cross objection seeking enhancement of compensation awarded by the Reference Court in Land Acquisition Case No.281/2006. The Re...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Proper Sanction. Reassessment proceedings initiated without valid approval under Section 151 of the Income Tax Act, 1961 are invalid.

The petitioner, Vilas Babankrao Kalokhe, challenged a reassessment notice dated 30-03-2022 issued under Section 148 of the Income Tax Act, 1961 for th...

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High Court of Karnataka Dismisses Assessee's Appeal in Income Tax Reassessment Case — No Substantial Question of Law Arises. Reassessment Notice Under Section 148 of Income Tax Act, 1961 Upheld as Properly Issued Within Time and Based on Reasonable Belief of Income Escaping Assessment.

The appellant, Gopal S. Pandit, proprietor of Pandit Developers, filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of ...