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Search Results for "assessee company"

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High Court

Bombay High Court Quashes Income Tax Notices Against Company Resolved Under IBC — Clean Slate Principle Applies to Past Tax Claims. The court held that once a resolution plan is approved under Section 31 of the IBC, the corporate debtor cannot be pursued for tax liabilities that arose prior to the CIRP, as the plan is binding on all stakeholders including the Income Tax Department.

28 Aug 2024

The petitioners, Uttam Value Steels Ltd. (a company) and its director, challenged multiple notices and communications issued by the Income Tax Departm...

High Court

Karnataka High Court Dharwad Bench Hears Petitions Filed Under Section 482 Cr.P.C. Seeking Quashing of Criminal Proceedings for Alleged Offence Under Section 50 of Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015. The complaints allege commission of offence under Section 50 of the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015 against family members holding BVI companies.

7 Jun 2024

These eight criminal petitions filed under Section 482 of the Code of Criminal Procedure, 1973 sought quashing of multiple criminal proceedings pendin...

Supreme Court

Supreme Court Allows Revenue's Appeal in Income Tax Case on Bonus Shares - Averaging Original Cost Over All Shares. When Bonus Shares Rank Pari Passu, the Correct Method to Compute Profit or Loss is to Spread the Cost of Original Shares Over Both Original and Bonus Shares.

3 Apr 1969

This case involved the method of computing profit or loss on the sale of bonus shares in the hands of a dealer in shares. The respondent, Gold Mohore ...

Supreme Court

Supreme Court Dismisses State's Appeal in Gujarat Sales Tax Act Case Due to No Breach of Exemption Conditions and Application of Promissory Estoppel. The assessee was entitled to exemption under Entry No.255(2) of Notification dated 05.03.1992 as raw materials were used in the eligible unit, and subsequent amendments did not retroactively impose liabilities, upholding the principle of promissory estoppel under Section 49(2) of the Gujarat Sales Tax Act, 1969.

21 Jan 2022

The dispute arose from the State of Gujarat's appeal against the High Court's dismissal of its tax appeals, which upheld the Gujarat Value Added Tax T...

High Court

Bombay High Court Quashes Reopening of Assessments for Life Insurance Company Due to Change of Opinion and Lack of Full Disclosure. Reassessment notices under Section 147 of Income Tax Act, 1961 for AY 2002-03, 2003-04, and 2004-05 held invalid as the Assessing Officer had already examined the method of computation under Section 44 of Insurance Act, 1938 during original assessment.

8 Mar 2010

The petitioner, ICICI Prudential Life Insurance Company Limited, is a life insurance company registered under the Insurance Act, 1938. It filed its re...

High Court

High Court of Bombay at Goa Allows Revenue's Appeal in Part on Deduction Under Section 80IA and Interest Disallowance Under Section 36(1)(iii) of Income Tax Act. The court upheld ITAT's direction to allow deduction under Section 80IA without deducting depreciation, but reversed the deletion of interest addition for borrowings to sister concern.

28 Jun 2011

The case is a tax appeal filed by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) concerning the assessme...

High Court

High Court of Karnataka Allows Assessee's Appeal in VAT Case — Revisional Authority's Order Set Aside for Lack of Proper Application of Mind. The Court held that the revisional authority under Section 64(1) of the Karnataka Value Added Tax Act, 2003 cannot set aside a first appellate order without recording a finding that the order is erroneous and prejudicial to the interests of revenue.

26 Jun 2018

The appellant, M/s Dhammanagi Property Developers, a partnership firm, filed Sales Tax Appeals under Section 66(1) of the Karnataka Value Added Tax Ac...

High Court

Writ Appeals Filed by Tea and Coffee Plantation Companies Against Denial of Input Tax Credit on Cultivation Inputs under Karnataka Value Added Tax Act, 2003. Issue: Whether Cultivation Inputs Eligible for Tax Credit Under Section 10(2) Read with Section 2(6) and 2(19) of the Act.

28 Feb 2014

The appeals arose from reassessment orders passed under the Karnataka Value Added Tax Act, 2003, denying input tax credit to tea and coffee plantation...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Reopening Based on Mere Change of Opinion on Allowability of Sales Promotion and Physician Sample Expenses is Invalid.

10 Feb 2023

The petitioner, Abbott India Limited (successor of Solvay Pharma India Ltd.), challenged a notice dated 27 March 2015 issued under Section 148 of the ...

High Court

Bombay High Court Upholds Capital Gains Treatment for Land Sale by Estate Administrator — Assessee Not a Trader in Land. Surplus from sale of inherited land held as capital gain, not business income, under Income Tax Act, 1961.

24 Apr 2012

The case involved a reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the Revenue, challenging the Tribunal's decision th...

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