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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Full and True Disclosure — Share Premium Valuation Dispute Not a Failure to Disclose Material Facts.

The petitioner, The Suminter Organic and Fair Trade Cotton Ginning Mill Pvt. Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, ...

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Bombay High Court Allows Writ Petitions Challenging Transfer Pricing Adjustments in Income Tax Assessments. Petitioner succeeds as TPO's order was passed without proper opportunity of hearing and without considering relevant material.

The Bombay High Court disposed of two writ petitions concerning assessment years 2010-11 and 2009-10, where the petitioner, M/s. CWT India Private Lim...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material. Section 148 Notice for AY 2002-03 Set Aside as Assessing Officer Failed to Disclose Any New Information or Change of Opinion After Original Assessment Under Section 143(3).

The petitioner, M/s Bhavesh Developers, a firm engaged in the business of developing and constructing buildings, filed its return of income for Assess...

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Bombay High Court Quashes Reopening of Assessment Under Section 147 of Income Tax Act, 1961 for Lack of Full and True Disclosure. Deduction Under Section 80M Allowed Based on Dividend Distributed Before Due Date.

The petitioner, Godrej Agrovet Limited, a domestic company, filed its return of income for Assessment Year 2003-04 on 27th November, 2003 declaring an...

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Bombay High Court Allows Assessee's Petition in Income Tax Reassessment Case Due to Change of Opinion. Reopening of Assessment Under Section 147 of Income Tax Act, 1961 Set Aside as No Fresh Tangible Material Existed After Original Assessment Under Section 143(3).

The petitioner, Skol Breweries Ltd., challenged the reopening of its income tax assessment for assessment year 2004-05 by the Deputy Commissioner of I...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Full Disclosure of Waiver of Interest in Original Assessment Precludes Reassessment After Four Years.

The Petitioner, Lok Housing and Construction Limited, challenged a notice dated 29 March 2011 issued under Section 148 of the Income Tax Act, 1961, se...

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Bombay High Court Quashes Reopening of Assessment Under Section 148 of Income Tax Act, 1961 for Lack of Full and True Disclosure. Container Detention Charges Collected as Agent Held Not Income of Assessee Due to Agency Relationship and RBI Circular.

The petitioner, NYK Line (India) Ltd., a wholly owned subsidiary of a non-resident shipping line, acted as its agent under an agency agreement dated 1...