Search Results for "Section 148 Income Tax Act"

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Search Results for "Section 148 Income Tax Act"

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High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Foreign Exchange Fluctuation Gains and Interest on EEFC Account Held Part of Business Income for Section 80HHC Deduction. The Court affirmed that receipts on account of foreign exchange fluctuation on EEFC Account and interest on EEFC Account are includible in business profits for computing deduction under Section 80HHC of the Income Tax Act, 1961.

22 Apr 2010

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITA...

High Court

Bombay High Court Quashes Reassessment Notice for Lack of Reasonable Belief of Income Escapement — Section 148 Income Tax Act, 1961. Reassessment Cannot Be Based on Mere Change of Opinion on Same Facts Already Considered During Original Assessment.

13 Jun 2006

The petitioners, M/s. Devidayal Rolling Mills and its partner Sumanbala Aggarwal, challenged a notice dated 26th March 1992 issued under Section 148 o...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 Income Tax Act for Lack of Fresh Material. Provision for Diminution in Value of Assets Already Disclosed and Considered in Original Assessment Cannot Form Basis for Reopening After Four Years.

21 Jun 2010

The petitioner, IOT Infrastructure & Energy Services Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, seeking to reopen its as...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reason to Believe. Transfer of Development Rights Not Constituting Transfer Under Section 2(47) of Income Tax Act, 1961.

10 Feb 2023

The petitioner, Late Bharat Jayantilal Patel (since deceased through legal heir Smt. Minal Bharat Patel), challenged a notice issued under Section 148...

Supreme Court

Supreme Court Allows Appeal in Motor Accident Claim, Enhancing Compensation for Legal Representatives. The Court held that mother-in-law qualifies as a legal representative under the Motor Vehicles Act, 1988, and rejected split multiplier application, ensuring fair compensation based on dependency and established precedents.

25 Oct 2021

The appeal arose from a motor accident claim where the appellants, legal representatives of the deceased N. Venugopalan Nair, sought compensation afte...

High Court

Bombay High Court Dismisses Revenue's Application in Income Tax Reference — Reassessment Notice Barred by Limitation and Deduction Under Section 80P(2)(a)(i) for Interest on Government Securities Held Against Statutory Reserve Fund by Co-operative Bank is Allowable. The court upheld the Tribunal's finding that the reassessment proceedings initiated under section 148 were time-barred and that the interest income on Government securities is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961.

16 Aug 2005

The Commissioner of Income Tax, Mumbai City III, filed an application under section 256(2) of the Income Tax Act, 1961, seeking a reference to the Hig...

High Court

Gujarat High Court Quashes Income Tax Reassessment Notice Based on Cancelled GST Registration — Reliance on GST Proceedings Without Independent Verification Held Invalid. Reassessment proceedings under Section 148A of Income Tax Act, 1961 cannot be based solely on a GST registration cancellation order that has been set aside in appeal, as the foundation of the notice disappears.

23 Mar 2026

The petitioner, Piyush Mafatlal Shah, is engaged in the business of trading in gold, silver, diamond, and bullion under the proprietary concern M/s Pr...

High Court

Bombay High Court Quashes Sanction and Complaint in Income Tax Prosecution for Non-Application of Mind. Sanctioning Authority Failed to Consider Petitioner's Explanation and Appeal Pendency Under Section 276C(1) of Income Tax Act, 1961.

7 Dec 2021

The petitioner, Nayan Jayantilal Balu, engaged in trading of ferrous and non-ferrous metals, filed his return of income for Assessment Year 2009-10 on...

High Court

Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 — Quashes Notice as Barred by Limitation and Lacking Fresh Material. Reopening beyond four years requires failure to disclose material facts, and reopening on same material as original assessment is impermissible change of opinion.

10 Nov 2023

The petitioner, DCW Limited, challenged a notice dated 30th June 2021 issued under Section 148 of the Income Tax Act, 1961 seeking to reopen its asses...

Supreme Court

Supreme Court Dismisses Revenue's Appeal, Upholds Inclusion of Share Premium in Paid-Up Capital for Super-Tax Rebate under Finance Acts. Share Premium Account Maintained as Identifiable Separate Account within Reserves Qualifies for Inclusion under Explanation to Paragraph D of Part II of Finance Acts 1956 and 1957, Not Barred by Companies Act 1956.

14 Feb 1969

The Allahabad Bank Ltd., a public limited company with paid-up share capital of Rs. 30,50,000, had issued shares at a premium before January 1, 1954, ...

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