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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material. Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Held Invalid When Income Was Already Subject of Block Assessment and Regular Assessment.

The petitioners, Audhut Timblo and Anju Timblo, challenged a notice dated 18.10.2006 issued under Section 148 of the Income Tax Act, 1961 for the asse...

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Supreme Court Dismisses Department's Appeal in Permanent Establishment Tax Dispute Under India-Korea DTAA. Court Upholds ITAT's Finding of Permanent Establishment but Remands Profit Attribution for Fresh Assessment Due to Insufficient Material.

The dispute arose from the taxability of income attributable to a permanent establishment set up in India by Samsung Heavy Industries Co. Ltd., a Sout...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Interest on Government Grants Held as Additional Grant, Not Taxable Income. Interest earned on grants kept in fixed deposits pending utilization is not income from other sources but part of the grant itself.

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) appealed against the order of the Income Tax Appellate Tribunal (ITA...

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Supreme Court Upholds Assessment of Hindu Deities as Individuals under Income-tax Act. Hindu Idol is Juristic Entity and "Individual" in Section 3 Includes Artificial Juridical Persons.

The case arose from income-tax assessment proceedings concerning the income from properties of two Hindu deities. The Income-tax Officer had initially...

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High Court of Karnataka Allows Appeal in Income Tax Case — Capital Gain Not Included in Book Profit Under Section 115JB. Income from capital gain on sale of land held as investment cannot be included in book profit for MAT purposes under Section 115JB of the Income Tax Act, 1961.

The appeal was filed by Sri Hariram Hotels (P) Ltd. against the order of the Income Tax Appellate Tribunal (ITAT), Bangalore Bench, relating to the as...

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Supreme Court Dismisses Appeals of Beneficiaries of Wakf Estate in Wealth Tax Matter, Upholding Assessment as 'Asset'. Right to Receive Income Share from Wakf-alal-aulad is Property Assessable Under Section 2(e) of Wealth Tax Act, 1957.

The Supreme Court of India heard appeals by the beneficiaries of a wakf-alal-aulad against the inclusion of their right to receive a share of the net ...

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High Court of Karnataka Quashes Recovery Order Against State Agency for Exceeding 20% Limit Under Section 220(6) of Income Tax Act, 1961. Recovery of Rs.16,95,48,869/- for multiple assessment years held illegal as it exceeded the statutory limit of 20% pending appeal.

The petitioner, Bidar Nirmiti Kendra, an agency of the State Government, filed writ petitions under Articles 226 and 227 of the Constitution of India ...

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Supreme Court Dismisses Revenue's Appeal on Carry Forward of Losses Under Income-tax Act, 1922. Loss Sustained by Partner in Dissolved Firm Can Be Set Off Against Profit from Another Firm if Same Business Continued by Assessee.

This appeal by the Commissioner of Income-tax arose from a dispute over the carry forward and set-off of business losses under the Income-tax Act, 192...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Prospective Application of Section 234D. Interest Under Section 234D of the Income Tax Act, 1961 Cannot Be Charged for Assessment Year 2002-03 as the Provision Applies Only From Assessment Year 2004-05.

The appeal by the revenue under section 260A of the Income Tax Act, 1961 challenged an order dated 24/11/2010 of the Income Tax Appellate Tribunal in ...