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Bombay High Court Allows Assessee's Appeal in Income Tax Case Regarding Deduction of Mortgage Repayment Under Section 48(i). The court held that repayment of mortgage debt is an expenditure incurred in connection with transfer of mortgaged asset, allowable under Section 48(i) of Income Tax Act, 1961.

The judgment involves two tax appeals, one by the revenue and one by the assessee, arising from a common issue regarding the allowability of mortgage ...

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High Court of Karnataka Dismisses Appeal in Income Tax Reassessment Case — No Substantial Question of Law Arises. Reassessment notice under Section 148 of Income Tax Act, 1961 upheld as validly issued within four years from end of assessment year.

The appellant, M/s. Kanhaiyalal Dudheria, a partnership firm, filed appeals under Section 260A of the Income Tax Act, 1961, against the orders of the ...

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Bombay High Court Allows Writ Petition Challenging Rejection of Lower TDS Certificate Under Section 195(2) of Income Tax Act, 1961. Court holds that Assessing Officer must consider application on merits and cannot reject it solely because non-resident seller had not filed tax returns.

The petitioner, Rohan Developers Pvt. Ltd., a company engaged in property development, sought to purchase a 1/8th undivided share in a property from M...

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Bombay High Court Dismisses Revenue's Petition Challenging Tribunal's Recall Order in Hawala Income Tax Case. Tribunal's power to recall its ex parte order under Section 254(2) of the Income Tax Act, 1961 is upheld as procedural rectification.

The case involves a writ petition filed by the Commissioner of Income Tax-12, Mumbai (Revenue) under Article 226 of the Constitution of India, challen...

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Supreme Court Allows Revenue's Appeal in Transfer Pricing Case — CBDT Instruction Not Mandatory. Assessing Officer's Power to Determine Arm's Length Price Under Section 92C(3) Upheld Despite Non-Reference to TPO.

The case involves an appeal by the Principal Commissioner of Income Tax-4, Mumbai against the judgment of the Bombay High Court which dismissed the Re...

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Bombay High Court Partially Allows Challenge to SAFEMA Forfeiture Order — Agricultural Land Acquired Prior to Detention Exempt from Forfeiture. Property acquired before the 'illegal' period under Section 2(2)(b) of SAFEMA cannot be forfeited; appellate authority's order partly confirmed.

The petitioner, Ranchhodbhai Bhagwanbhai Tandel (since deceased, through his legal heir Naresh Ranchhodbhai Tandel), filed a criminal writ petition un...