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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Notice Issued Beyond Four Years Based on Same Material as Original Assessment Held Invalid.

The petitioner, Vibrant Securities Private Limited, a company engaged in stock broking and proprietary trading, challenged a notice under section 148 ...

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Bombay High Court Quashes Reopening Notice Under Section 148 Income Tax Act for Mere Change of Opinion. Assessment Completed Under Section 143(3) Cannot Be Reopened Without Fresh Tangible Material.

The petitioner, Sanand Properties Pvt. Ltd., filed a return for Assessment Year 2008-09 declaring income of Rs.20.33 lakhs, later revised to Rs.19.14 ...

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Bombay High Court Allows Assessee's Appeal in Income Tax Case Regarding Deduction of Mortgage Repayment Under Section 48(i). The court held that repayment of mortgage debt is an expenditure incurred in connection with transfer of mortgaged asset, allowable under Section 48(i) of Income Tax Act, 1961.

The judgment involves two tax appeals, one by the revenue and one by the assessee, arising from a common issue regarding the allowability of mortgage ...

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Supreme Court Upholds Municipal Corporation in Water Tax Levy Under UP Water Supply and Sewerage Act, 1975 - Reverses Refund Order. Water and Sewerage Tax Imposed on Premises is Valid as Tax on Lands and Buildings Under Entry 49 of List II, Not a Fee, Under Section 52(1)(a) of the Act.

The dispute arose from a writ petition filed by the first respondent, Pradeshiya Industrial and Investment Corporation, challenging the levy of water ...

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High Court of Madras Considers Interplay of Section 40A(7) and Section 43B for Deduction of Gratuity Provision. The Court Examined Whether Specific Provision Overrides Requirement of Actual Payment, but Final Verdict Not Available in Provided Excerpt.

The case concerned an appeal by the assessee, a manufacturer of specialty chemicals, against the disallowance of a provision for gratuity of Rs.31,24,...

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Bombay High Court Dismisses Revenue Appeal in Income Tax Case — Conditions Under Section 94(7) Are Cumulative. The court held that all three conditions in clauses (a), (b) and (c) of Section 94(7) of the Income Tax Act, 1961 must be satisfied for the loss to be ignored.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITA...

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High Court Allows Appeal and Remands Matter to ITAT Due to Completed Assessments During Pendency. Income Tax Appeal Under Section 260A of Income Tax Act, 1961 Remanded for Fresh Consideration in Light of Completed Assessments.

The appellant, Sri Padamanarayana Asawa, son and legal heir of late Ramvallabh Asawa, filed an appeal under Section 260A of the Income Tax Act, 1961, ...