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Search Results for "assessment error"

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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Transfer Pricing Adjustment Case — No Substantial Question of Law Arises. The court upheld the ITAT's decision to delete the transfer pricing adjustment made by the Revenue, finding that the comparable selection and benchmarking analysis were correctly applied under Section 92C of the Income Tax Act, 1961.

12 Sep 2025

The Revenue filed appeals under Section 260A of the Income Tax Act, 1961, against a common order dated 08.11.2024 passed by the Income Tax Appellate T...

High Court

High Court of Bombay at Goa Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Reopening Beyond Four Years Invalid as No Failure to Disclose Material Facts. The court held that the Assessing Officer cannot reopen assessment on the same material already examined during scrutiny, as it amounts to a change of opinion.

6 Mar 2018

The petitioner, Dempo Brothers Private Limited, a company incorporated under the Companies Act, filed its return of income for Assessment Year 2010-11...

High Court

High Court of Karnataka Allows Appeal in Income Tax Case Due to Non-Application of Mind by ITAT — Reassessment Based on Revised Return Under Immunity Scheme Held Invalid Without Proper Examination of Section 143(1) Acceptance. The court held that the Assessing Officer must have independent reasons to believe income escaped assessment, and the revised return under the Immunity Scheme could not be the sole basis for reopening under Section 147 of the Income Tax Act, 1961.

20 Apr 2015

The case pertains to an appeal filed by the assessee, Sri K Nagesh, against the order of the Income Tax Appellate Tribunal (ITAT), Bangalore, dated 29...

High Court

Bombay High Court Delivers Judgment on Validity of Reopening of Assessment for Charitable Trust Under Section 148 of Income Tax Act. The court examined whether the notice under Section 148A(b) and order under Section 148A(d) based on audit objection regarding specification of purpose for accumulation under Section 11(2) was sustainable when the issue had been earlier examined in scrutiny.

7 Nov 2025

The petitioner, Sir Jamsetjee Jejeebhoy Charity Fund, a charitable trust registered under Section 12A of the Income Tax Act, 1961, filed a writ petiti...

High Court

Bombay High Court Allows Assessee's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Set Aside as Surrender of Income Was to Buy Peace, Not Concealment. Stock Difference Detected During Survey Was Not Deliberately Concealed and Related to Earlier Assessment Year.

17 Mar 2017

The appellant-assessee, a partnership firm running a bar and restaurant, was subjected to a survey under Section 133A of the Income Tax Act, 1961 on 1...

High Court

Bombay High Court Quashes Reassessment Notice and Order Against Co-operative Credit Society for Lack of Reasonable Belief of Income Escapement. Reopening under Section 148 of Income Tax Act, 1961 held invalid as notice was based on borrowed satisfaction and non-application of mind.

20 Feb 2023

The petitioner, Mumbai Postal Employees Co-operative Credit Society Ltd., a co-operative credit society registered under the Maharashtra Co-operative ...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Valid Sanction Under Section 151. Reassessment Notice Issued Beyond Three Years Held Invalid as No Approval from Specified Authority Was Obtained.

6 Feb 2024

The petitioner, Emkay Global Financial Services Limited, a company engaged in shares and stock broking, challenged a reassessment notice dated 31st Ma...

High Court

High Court of Karnataka Allows Appeal in Income Tax Case — Assessee's Carried Forward Loss from House Property Cannot Be Set Off Against Salary Income Under Section 71(3A) of Income Tax Act, 1961. The court held that the amendment to Section 71(3A) with effect from 1.4.2003 prohibits set-off of loss from house property against income from other heads except as provided.

3 Jul 2015

The assessee, K.S. Venkatesh, filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (...

Supreme Court

Supreme Court Dismisses Revenue's Appeal Against Quashing of Reassessment Notice Under Income Tax Act Due to Lack of Tangible Material and Improper Reliance on Income Declaration Scheme. Reassessment Initiated Based on Accommodation Entries and Declaration Under Section 183 of Finance Act, 2016 Held Invalid as AO Failed to Establish 'Reasons to Believe' Income Escaped Assessment for AY 2010-11.

28 Mar 2022

The dispute arose from a reassessment notice issued by the Commissioner of Income Tax under Sections 147/148 of the Income Tax Act, 1961, for the asse...

High Court

Bombay High Court Dismisses Revenue Appeals in Transfer Pricing Adjustment Cases — Holds That Arm's Length Price Determination Must Be Based on Reliable Comparable Data and Functional Analysis. The Tribunal's deletion of adjustments was upheld as it correctly applied functional comparability and permissible adjustments under Section 92C of the Income Tax Act, 1961 and Rule 10B of the Income Tax Rules, 1962.

5 Dec 2014

The judgment involves a batch of appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the orders of the Income Tax...

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