Search Results for "Section 148 Income Tax Act"

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Gujarat High Court Quashes Reassessment Notice for AY 2015-2016 Due to Non-Compliance with Section 148A and Invalid Sanction. Notice under Section 148 of Income Tax Act, 1961 issued after 01.04.2021 must follow new procedure under Section 148A and obtain valid sanction under Section 151.

The petitioner, Nova Dye Stuff Industries Pvt. Ltd., filed a Special Civil Application under Article 226 of the Constitution of India challenging a no...

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Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

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High Court of Bombay Dismisses Arbitration Petition in Interest on Security Deposit Dispute. Contractual Bar on Interest and Non-Applicability of Section 31(7)(a) Arbitration Act Renders Claim Unsustainable; Arbitrator’s Finding on Evidence Upheld.

The dispute arose from an agreement dated 30 December 1996 between the petitioner, M/s. Mascon Multiservices & Consultants Pvt. Ltd., and the responde...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Reasonable Belief of Income Escapement. Notice under Section 148 of Income Tax Act, 1961 set aside as reasons recorded were based on mere change of opinion and not on fresh material.

The petitioner, Asian Paints Ltd., a public limited company engaged in manufacturing and selling paints, challenged a notice dated 31st March 2021 iss...

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Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Unabsorbed Depreciation Set-Off and Book Profit Adjustments Under Section 115JB of Income Tax Act, 1961 Not Justified for Reopening.

The petitioner, Voltas Limited, filed a writ petition challenging a notice dated 30 March 2011 issued under Section 148 of the Income Tax Act, 1961, s...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Reason to Believe. Section 148 Notice Set Aside as Reopening Based on Mere Change of Opinion Without Fresh Tangible Material.

The petitioner, Asian Paints Ltd., a public limited company engaged in manufacturing and selling paints, challenged a notice dated 31st March 2021 iss...

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Bombay High Court Allows Revenue's Appeal on Employees' Contribution Deduction in Income Tax Case. Employees' contribution to PF/ESI/pension fund is deductible under Section 36(1)(va) only if paid before due date, not under Section 43B.

The case involves two appeals filed by the Commissioner of Income Tax under Section 260A of the Income Tax Act, 1961, against the common order of the ...

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Bombay High Court Allows Revenue's Appeal in Part on Deduction Under Section 80HHC of Income Tax Act, 1961 — Insurance Claim and Sundry Receipts Held Not Directly Related to Business Profits, Rental Income Treated as Business Income, Retrenchment Compensation Held Revenue Expenditure.

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