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Bombay High Court Allows Writ Petition Quashing Reopening of Assessment Under Section 148 of Income Tax Act, 1961 for Assessment Year 2004-05. Mere Change of Opinion Cannot Justify Reopening When All Material Facts Were Disclosed During Original Assessment Under Section 143(3).

The petitioner, Shri Mahila Griha Udyog Lijjat Papad, a society registered under the Societies Registration Act, 1960 and the Bombay Public Trust Act,...

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Supreme Court Dismisses Manufacturer's Appeal in Trade Tax Exemption Case Under U.P. Trade Tax Act. Exemption Denied as New Product Not Considered Different in Nature Under Diversification Scheme Under Section 4-A(5) of U.P. Trade Tax Act, 1948.

The dispute arose from an appeal by a manufacturer against the denial of trade tax exemption under Section 4-A(5) of the U.P. Trade Tax Act, 1948. The...

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Supreme Court Allows Revenue Appeal in Income Tax Matter, Holding Bonus Shares Converted into Stock-in-Trade are Taxable as Business Profits. Bonus Shares Initially Received as Capital Held Converted by Assessee Dealer into Stock-in-Trade, Making Sale Proceeds Taxable Under Income-tax Act, 1922.

The dispute concerned the tax treatment of sale proceeds of bonus shares received by a dealer in shares and securities. The assessee, a firm dealing i...

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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case — Upholds Disallowance of Capital Losses and Business Loss on Guarantee Transactions. Tribunal's findings on sham transactions and lack of commercial substance affirmed under Income Tax Act, 1961.

The appellant, Killick Nixon Limited, filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tri...

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Bombay High Court Hears SEBI's Application to Recall Sanction of Composite Scheme in Fertilizers Merger Case. Securities Regulator Alleges Material Non-Disclosure and Accounting Violations in Scheme Involving Listed and Unlisted Companies Under Companies Act, 1956.

The Securities and Exchange Board of India (SEBI) filed applications on 21.02.2013 seeking recall of orders of the Bombay High Court dated 17.06.2011 ...

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High Court Allows Assessee's Appeal in Modvat Credit Dispute — Capital Goods Credit Denial Set Aside. Rule 57Q of Central Excise Rules, 1944 interpreted to allow credit on capital goods used in manufacture of final products, even if not directly used in the manufacturing process.

The appellant, M/s. Reliance Industries Ltd., is engaged in the manufacture of various chemical products at its Hazira Manufacturing Complex. The comp...

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Bombay High Court Restrains Recovery of Excise Duty from Sick Industrial Company Without BIFR Consent. The court held that Section 22(1) of SICA bars coercive recovery of dues without prior consent of BIFR, protecting the petitioner-company's assets.

The petitioner, Polymermann (ASIA) P. Ltd., is an industrial unit engaged in the manufacture of polymer chemicals, with its factory at MIDC, Ambad, Na...