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Search Results for "assessee company"

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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Unexplained Cash Credit Addition Deleted as Assessee Proved Identity, Creditworthiness, and Genuineness of Transaction Under Section 68 of Income Tax Act, 1961. The court held that once the assessee provides evidence of identity, creditworthiness, and genuineness, the onus shifts to the revenue to prove that the amount represents the assessee's own income.

19 Mar 2015

The revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed appeals under Section 260-A of the Income Tax Act, 1961, chall...

High Court

Bombay High Court Allows Revision Under Section 264 of Income Tax Act for Inadvertent Double Taxation of Bonus Provision. The court held that the Commissioner's revisional powers under Section 264 are wide enough to grant relief even after the time for filing a revised return under Section 139(5) has expired, to correct an inadvertent mistake leading to double taxation of excess bonus provision.

23 Sep 2024

The petitioner, Bahar Infocons Pvt. Ltd., filed three writ petitions challenging orders of the Principal Commissioner of Income Tax (PCIT) rejecting i...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Failure to Disclose Material Facts. Reassessment After Four Years Invalid as Assessee Had Made Full Disclosure During Original Assessment Under Section 143(3).

24 Jan 2022

The petitioner, Glaxosmithkline Pharmaceuticals Ltd., challenged a notice dated 28 March 2019 issued under Section 148 of the Income Tax Act, 1961 for...

High Court

Bombay High Court Quashes Transfer of ITAT Appeals from Bangalore to Mumbai Bench for Lack of Jurisdiction and Violation of Natural Justice. President of ITAT Cannot Delegate Power to Transfer Cases to a Bench; Speaking Order by Bangalore Bench Exceeded Authority Under Section 255(1) of the Income Tax Act, 1961.

21 May 2021

The petitioner, MSPL Limited, challenged two orders: (1) a speaking order dated 19.03.2020 passed by the Income Tax Appellate Tribunal (ITAT), Bangalo...

Supreme Court

Supreme Court Allows Assessee in Income Tax Case — Receipt for Construction of Cinema House Not Advance Rent. Lease Lacked Stipulation for Adjustment of Payment Toward Rent; Premium Prima Facie Capital Not Taxable Under Income Tax Act.

30 Jan 1969

The case involves an assessee who, on July 19, 1945, took a lease of certain premises in Calcutta on monthly rent. He made alterations to convert the ...

High Court

Bombay High Court Upholds Assessment of Private Specific Trust as Association of Persons, Dismissing Assessee’s Appeal. Interest Disallowance under Section 40(ba) of Income Tax Act, 1961 Affirmed as Finding of Fact Not Perverse, Assessee’s Own Declaration as AOP Held Relevant.

3 Apr 2025

The appeal under Section 260A of the Income Tax Act, 1961 arose from the Assessment Year 1998-1999 concerning the status of the assessee, Mehta Jaisin...

High Court

Bombay High Court Rules Share Issue Expenses to Dilute Foreign Equity as Capital Expenditure Under Income Tax Act, 1961. Interest on Share Application Money Cannot Be Adjusted Against Such Capital Expenditure.

8 Sep 2016

The case involves an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal (Tribunal) at the ins...

Supreme Court

Supreme Court Upholds Tax Department's Find that Colliery Sale Profits Are Business Income and Disallows Carry Forward of Ice Factory Loss. Isolated Transaction of Prospecting and Selling a Coal Mine Held to be Business Activity Under Income Tax Act, 1922, and Loss Cannot Be Carried Forward After Cessation of Business.

20 Feb 1969

The assessee, a private limited company, carried on multiple businesses including coal mining and a dry ice factory. It obtained a prospecting licence...

High Court

Bombay High Court Quashes Reassessment Notice for Lack of Jurisdiction and Limitation — Income Tax Act, 1961 Sections 147, 148, 148A, 149, 151. Reassessment notice issued beyond limitation period and without fresh information under Explanation 1 to Section 148 is invalid.

28 Feb 2024

The petitioner, Godrej Industries Ltd., challenged a show cause notice dated 24th May 2022 under Section 148A(b), an order dated 31st July 2022 under ...

Supreme Court

Supreme Court Remands Income Tax Reference to High Court for Improper Conditional Disposal. High Court Erred by Basing Answers on Pending Appeals Instead of Determining Issues of Capital Gains and Dividend on Facts.

21 Aug 1969

The appeal arose from a reference under the Income-tax Act, 1922. The assessee, a shareholder of a company, had received distributions out of land acq...

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