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Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Fresh Material. Reopening of Assessment Under Section 147 of Income Tax Act, 1961 Invalid When Based on Same Material Already Considered in Original Assessment.

The petitioner, Siemens Financial Services Pvt Ltd, a Non-Banking Finance Company registered with RBI, filed its return of income for Assessment Year ...

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Bombay High Court Holds Reopening Beyond Four Years Requires Specific Disclosure Failure. General Statement of Non-Disclosure Not Sufficient Under Proviso to Section 147 Income Tax Act, 1961.

The petitioner, a real estate developer, challenged a notice dated 27/03/2019 issued under Section 148 of the Income Tax Act, 1961 for reopening the a...

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Bombay High Court Allows Writ Petition Challenging Environment Tax Demand on Unfit Vehicle. Vehicle Owner Not Liable to Pay Environment Tax on a Vehicle That Is Mechanically Unfit and Permanently Unusable, as Tax Is Levied on Use of Vehicle on State Roads.

The petitioner, Ashokkumar Shankarprasad, owned a Premier Padmini car (registration No. MZV5876) which was 33 years old and mechanically unfit for use...

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Madras High Court Quashes Assessment Orders Denying Tax Exemption on Student Notebooks Under TNVAT Act. Exercise Notebooks Exemption Under Government Order Applies to Standard Ruled and Unruled Notebooks Manufactured by Dealer.

ITC Limited, a company registered under the Companies Act, 1956 and a dealer under the Tamil Nadu Value Added Tax Act, 2007, engaged in marketing and ...

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Bombay High Court Hears Writ Petition Challenging Taxation of Alleged Shortfall in Share Premium Under Transfer Pricing Provisions. The Dispute Centers on Whether Chapter X of the Income Tax Act, 1961 Can Apply When No Actual Income Arises from the International Transaction.

The petitioner, Vodafone India Services Pvt. Ltd., a wholly owned subsidiary of a non-resident holding company, issued 2,89,224 equity shares at a pre...

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Supreme Court Dismisses Building Contractors' Appeals Against Purchase Tax Assessment Under M.P. Sales Tax Act. Notice Period Directory, Contractors Held 'Dealers', and Consumption of Materials in Construction Attracts Purchase Tax Under Section 7.

The appellants, a firm of building contractors registered as dealers under the Madhya Pradesh General Sales Tax Act, 1958, purchased taxable building ...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasons to Believe Income Escaped Assessment. Reassessment Based on Change of Opinion Regarding Cost of Acquisition Under Section 55(2)(b)(ii) is Invalid.

The petitioner, J.B. Amin & Brothers (HUF), owned land at Aurangpura, Aurangabad, purchased by late Balubhai Amin for Rs.1,80,000. After his death in ...